A Quote by Dalai Lama
The egotistical ambition to always want to earn more money harms both the company and the individual himself. That is the biggest weakness of many managers - the financial crisis has proven this.
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The financial time frame always has been short-term. Projects with long-term paybacks are cut back, because CEOs and financial managers simply want to take their money and run. That is the financial mentality.
Contemporaneous with the financial crisis we have an ecological crisis and a health crisis. They are intimately interlinked. We cannot convert much more of the earth into money, or much more of our health into money, before the basis of life itself is threatened.
Do you want a successful career or a close relationship with your family? Both! Do you want a focus on business or have fun and play? Both! Do you want money or meaning in your life? Both! Do you want to earn a fortune or do the work you love? Both! Poor people always choose one, rich people choose both.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
There's always an opportunity with crisis. Just as it forces an individual to look inside himself, it forces a company to reexamine its policies and practices.
How to find joy? Let your ambition disappear; ambition is the barrier. Ambition means an ego trip: "I want to be this, I want to be that - more money, more power, more prestige."
We continue to recognize the greater ability of some to earn more than others. But we do assert that the ambition of the individual to obtain for him a proper security is an ambition to be preferred to the appetite for great wealth and great power.
When you buy enough stocks to give you control of a target company, that's called mergers and acquisitions or corporate raiding. Hedge funds have been doing this, as well as corporate financial managers. With borrowed money you can take over or raid a foreign company too. So, you're having a monopolistic consolidation process that's pushed up the market, because in order to buy a company or arrange a merger, you have to offer more than the going stock-market price. You have to convince existing holders of a stock to sell out to you by paying them more than they'd otherwise get.
Possibly the biggest issue, however, is that performance appraisals focus managers attention on precisely the wrong thing: individual people. As W. Edwards Deming, the father of the quality movement, taught a long time ago, company performance often results more from variations in systems than from the individuals doing the work.
There has been a banking crisis, a financial crisis, an economic crisis, a social crisis, a geostrategic crisis and an environmental crisis. That's considerable in a country that's used to being protected.
The single biggest difference between financial success and financial failure is how well you manage your money. It's simple: to master money, you must manage money.
The biggest ambition in my career is still to win the European Cup. I want to have a picture of that to look at later; I want to have that medal. You can have a contract that is better than your friends, but no player looks back and says: 'I won more money.'
Here's the pay paradox that Why Men Earn More explains: Men earn more money, therefore men have more power; and men earn more money, therefore men have less power (earning more money as an obligation, not an option). The opposite is true for women: Women earn less money, therefore women have less power; and women earn less money, therefore women have more power (the option to raise children, or to not take a hazardous job).
The industry financial advisers, on average about 85% male, tends to be a more mature financial adviser - so I think in their 50s, really. For so many companies, in their 60s. In fact, there is one company that was telling me they had more financial advisers over the age of 80 than under the age of 30.
No financial man will ever understand business because financial people think a company makes money. A company makes shoes, and no financial man understands that. They think money is real. Shoes are real.
Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that shovels sand from a river and sells it. This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world.
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