So the “why” behind the Reimagined strategy has been shared as changing while we’re in a position of strength…but then 4:37 into today’s video from Penny, she admits that “she’s accountable for where we are today and for these decisions”.
Which is it?
@OP... she's accountable for bringing in outsider like Chubak and other partners from outside the firm than from within.
Other then the above statement, she thinks all is well and we are "one Ej."
It wasn’t Doug Hill’s mistake. He just happened to be in the MP position when it all came down and he had to take the fall to save the firm.
These people have influential friends. When they sc--w up and get caught the worst part of their punishment is public humiliation. They take care of each other and give each other speaking gigs. I have never made $75 million let alone cost the firm that much.
When a company needs to lay off thousands of people, especially in a non-market-turmoil type of scenario, is most definitely a result of mismanagement that led to that point. Her acknowledging it was probably just a PR to appease those who will remain.
In the early 2000’s EJ was slapped with a $75 million fine for taking payments to place mutual funds on a preferred list. As part of the settlement with the SEC Doug Hill agreed to step down as managing partner and personally pay $3 million of the imposed fine. Of course, the personal fine could be made up by an increase in future compensation.
What mistake is that referring to for Doug Hill - just out of curiosity.
Doug Hill was held accountable for someone else’s mistake and had to take the fall for it, but he understood the risks when he stepped into that role. Still, it’s the associates who are bearing the brunt of the consequences for this colossal mistake.
Yeah, I don't quite understand her saying she's accountable. Accountable to who? It's just words. She doesn't care. She was given a raise, and not just the 3% like we all get. Doug Hill was held accountable for his mistake.