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  1. Rubin’s selflessness, whether in economic policy or the day-to-day management of the Treasury, is a frequent theme of his admirers. Sheryl Sandberg, the chief operating officer of Facebook, worked at Treasury after she graduated from Harvard Business School in 1995. In her first meeting with Rubin and a dozen senior staffers, she hid in the back of the room, hoping to turn invisible. “I’m young and brand new at Treasury, and I did not know much,” says Sandberg, now 43. Rubin called on her anyway. “He said, ‘You’re new. You may see things we’re missing.’ And it was a really powerful lesson, because he was showing everyone that you take opinions and you get feedback from everyone. He wasn’t going to be curtailed by hierarchy or titles.”
    Peter Orszag, another Rubin protege who later became President Obama’s director of the Office of Management and Budget (and is now a managing director at Citigroup and a contributor to Bloomberg View), had a similar experience as a junior White House staffer. In a meeting with Rubin, the Secretary bungled a calculation, transposing a billion dollars for a trillion. Orszag scribbled a correction on a note in an attempt to help Rubin save face. A week later, Orszag’s phone rang. “[Rubin] was abroad, like in Italy or somewhere,” Orszag says. “He called to tell me he was going through his briefcase and he came upon my note, and I was right. He just wanted to tell me that I was right. Most Treasury Secretaries would not do that.”
  2. the Chinese proverb “Zhu Chao Yin Feng” -- build a nest before attracting the phoenix

    “Coming together is a beginning. Keeping together is progress. Working together is success” – Henry Ford.
    What’s true for the part is not necessarily true for the whole. While a single family can get its finances back on track by spending less than it earns, it’s impossible for everyone to do that simultaneously. When the plumber skips a haircut, the barber can’t afford to have his drains cleared.
  3. If you can't stand the heat don't go into the kitchen. Christie made it a public issue by talking about it so much. Doctors have a right to comment on what he says.
    It's hard to swing a cat around without hitting someone from California who's moved here or is at least looking.

    This is the start of a new bubble or the dead cat bounce where it falls so hard, it has to bounce up.
  4. It's too late to take action when the accident already occured. (eqv) closing the barn door after the cows have gotten out. (eqv) he's a day late and a dollar short .
    Different strokes for different folks: we disagree Different people like different things.; Different people live in different ways.

    A product that nobody uses is like a tree falling in the forest when no one is around to hear it. Maybe it makes a sound, maybe not – but really, who even cares? This also goes for your product. It could be the coolest idea ever, but if no one is around to use it, who cares?
  5. When the only leverage you have left is hanging by a thread, you don’t reach for the scissors.

    Another common, often misguided, assumption that ARM applicants make is that their income will be higher by the end of the loan’s fixed period, so they can handle bigger monthly payments if they cannot sell, says Henry Savage, president of PMC Mortgage. “When you start making those calculations, you’re playing golf in the dark,” he says.
    There is a “negative feedback loop” which causes the effect of the foreclosed home to linger or negatively contribute to the value of the subject property even after the foreclosure has been resold in the marketplace. It’s like dropping a stone into a calm body of water. Long after the stone is gone, the ripple still moves across the water’s surface.
  6. Dumb questions are easier to handle than stupid mistakes.

    The difference between a minor glitch and a full-blown catastrophe often hinges on how much goes by before somebody notices it. The best control flag potential trouble before serious damage is done.
    People aren’t likely to evaluate their own performance objectively. It’s like someone who tells a friend, “According to the scales my weight is fine, but the chart says I’m six inches too short.”
  7. Nobody is ever useless – he can always serve as a bad example.

    When you’re trying to define a problem, don’t be fooled by symptoms. If you find a flat tire on your car tomorrow morning, the flat tire is merely a symptom. Pumping up the tire is a quick fix but not a genuine solution because the tire will only go flat again sooner or later. What caused the air to leak out is the real problem, and you (or a service station attendant) need to identify and fix it before your troubles will be over.
    Group members may negotiate, distort, and compromise a solution almost beyond recognition. This accounts for the wisecrack, “A camel is a horse that’s been designed by a group.” Although negotiation and compromise are often necessary, it’s important not to let a group rob exceptional ideas and suggestions of their originality, spice and fire.
  8. “That just isn’t possible”
    Always speak to your boss in terms of what can be done. For instance, rather than saying “We can’t get this done by Friday,” say “We could definitely get this done by Monday, or if we brought in some freelance help, we could meet the Friday deadline.” When you talk to your boss, think in terms of solving problems for her, not in terms of putting problems on her plate.
  9. “It’s not my fault.”
    Are you a whiny 8-year-old or a take-charge professional? Assume responsibility and take steps to fix a problem that you did, in fact, create. And if you are being wrongly blamed for a problem, saying “Let’s get to the bottom of this” or “What can we do to make it right?” is much more effective than saying “It’s not my fault.”
  10. “But we’ve always done it this way”
    You may find yourself with a new boss who wants to try new things – and the best way to prevent yourself as a workplace relic is to meet change with a “we do it this way because this is the way we do it” attitude. When a brainstorming session takes place, be part of it and stay open to new ideas. If you have concerns about a new idea’s feasibility, say “I think for this to work, we will have to …” Don’t kill new ideas with negativity.
  11. Managers approached me slicker than butter and meaner than snake
    The past is history

    The future is a mystery

    Today is a gift

    That is why we call it the present

    I cannot remember a prouder moment in my life than tonight
  12. An organization without differences is like a superhighway crossing a flat plain: smooth and boring. An organization that welcomes differences is like a road that twists through a mountain range: difficult to traverse, but exhilarating and varied.
    We don’t pretend that we can make people eat their vegetables when there’re potato chips on the table. But we want to provide an alternative for those who want some diversity in their diet.

    Everyone is motivated by one of the two things: to make a gain or avoid a pain.
  13. The squeaking wheel always gets the grease.
    You cannot dry today’s wash in yesterday’s sun. A solution that was perfect for yesterday’s problem might be completely worthless today.

    It's the classic lesson of once bitten, twice shy
  14. It’s like banging my head against a brick wall. No matter how hard I try, I never seem to get anywhere.
    What’s causing so much disharmony among the nations is the fact that some want to beat the big drum, few are wiling to face the music, and none will play second fiddle.

    Trust is built one block at a time, but when it is violated, the entire wall comes crashing down.
  15. In The Autobiography of Harry Golden, the author wrote, “The arrogance of the young is a direct result of not having known enough consequences. The turkey that every day greedily approaches the farmer who tosses him grain is not wrong. It is just that no one ever told him about Thanksgiving.”
    Humorist Arnold Glasow said, “The key to everything is patience. You get the chicken by hatching the egg – not smashing it.”

    Like the old saying goes, it takes nine months to produce a baby – no matter how many people you put on the job.
  16. Everyone may have the right to speak, but not everyone has earned the right to be heard.
    The old proverb is true: if you chase two rabbits, both will escape.

    A Chinese proverb says, “Those who drink the water must remember those who dug the well.”  Gratitude is one of the most attractive of all personal attributes.
  17. When you light another’s candle, you lose nothing of your own.
    I love the joke about the rooster who dragged an ostrich egg into the henhouse. He laid it down for all the hens to see and said, “I don’t want to intimidate you girls, but I just want to show you what they’re doing up the road.” Competition can definitely help motivate a team to get going.

    Getting the job done makes you a success. Getting the job done through others make you a leader.
  18. Don’t try to conquer the world until you’ve taken care of things in your own backyard.
    Good leaders cut through the clutter to see the real issue. They know what really matters. There’s an old saying that a smart person believes only half of what he hears, but a really smart person knows which half to believe.

    I love the story of Karl, who enjoyed a good laugh at his office after he attached a small sign to his door – “I’m the boss!” The laughter was even louder when he returned from lunch and saw that someone had made an addition to his sign. Next to it was a yellow Post-it note on which someone had scribbled, “Your wife called and said she wants her sign back.”
  19. McDonald lauded Dimon for unloading huge volumes of subprime mortgages JPMorgan originated. That struck me as similar to “praising a corporate polluter for trucking his poisonous sludge into the next state. It doesn’t solve the problem; it merely moves it elsewhere.”
    It is easier to get up the hill when you climb it together.

    You did a hell of a job, but sometimes your job is hell.
  20. The general consensus is that if the government defaults it will be on debt coming due in late October. But not necessarily. And that has some traders concerned. Why? Hot dogs.

    Strategists at RBC Capital markets, in a report last week, said Wall Street's trading systems are not set up to sort out defaulted Treasury bonds from the rest. This is what Wall Streeters call the hot dog dilemma: Even if a small portion of the meat going into a frank is funky, you won't eat it.
    The once mighty Facebook may be about as cool to teenagers as Bob Newhart in Fonzie’s leather jacket. (We’re dating ourselves with that reference, aren’t we?).

    Lynch also called a manager who was organizing an annual sales meeting last January, and asked to participate. When she said, “I’ve got it handled,” he pressed the point, “Even if there’s a small part, I’d love to do it.”
  21. Did everything they could for the Iraqi people and Fallujah was the exclamation point on the whole effort.

    “You have to learn the rules of the game,” Albert Einstein reputedly said, “And then you have to play better than anyone else.”
    Even as the Great Recession recedes from memory, its ravages are visible.
  22. The world financial system had become like an electrical grid in which a single tree falling across a high-tension line could cause blackouts of homes and businesses hundreds of miles away.
    In the US, trekking to the local video rental store is seen as a throwback to a bygone era only missed by the aging or uncool.

    These could certainly be huge events for the individual countries, but on a global scale, we’re making a mountain out of a molehill.
  23. I brush my teeth every day, twice a day. That doesn’t mean I’m ready to perform a root canal on somebody.
    The road is littered with people who have been chewed up and spit out.

    What would you attempt to do if you knew you could not fail?
  24. Think until it hurts, until you can see what others cannot see so you can do what others cannot do.

    Mission statement: to create an endless reflection of hope, inspiration, passion, and love that will ignite the human spirit and change the world (Home Furniture Store).
    I want to close by thanking each of you around the world for your contributions toward our success in 2013. The test of a great company is whether it has the ability to consistently meet and exceed its stated commitments – that is meet the expectations of our clients, shareholders, communities, and associates. We have embraced this challenge through transformation, innovation and investment in our people. We should be proud of what we have achieved so far and also recognize that there is much work to do to meet the aggressive goals we've set for ourselves. We have demonstrated the capacity and the will to lead. Your confidence, commitment and engagement will take our shared success to the next level. By working together to achieve our strategic imperatives, we will certainly reach new heights.
  25. Management should keep an open mind. Your adviers are telling you to light the torches, grab the pitchforks, man the perimeter, it is time to get new advisers.

    As far as Arps being old, the wheel was invented a long time ago, but it still comes in handy.
    Even if someone gives your ridiculous feedback, treat it as valid. His pain is real, even if his issue makes no sense.
  26. When you start pushing big boys around, people may not get mad, but they’ll get even.

    Renewables for oil companies are sort of like the coffee shop inside Bloomingdale’s. On their list of priorities, it will always at the bottom.
    When you are chided for your naivete, remind your critics that an amateur built the ark and experts built the Titanic.
  27. Oil trains are like elephants tiptoeing through tulip fields. They are already out in the open. Keeping them secret is a fantasy.
    MBS Tranches

    This way of apportioning the cash has been linked to a bartender pouring a pitcher of beer into a number of mugs lined up on a bar. The beer in the pitcher is the cash generated from the mortgage payments the bank receives each month from the borrowers whose loans were placed in the pool, and the mugs represent the different tranches of bonds (we’ll use five here, but in reality the mortgage-back securities had far more tranches). The bartender fills the highest-ranked mug first, then the second highest, and so on down the line until either all five mugs are full or the pitcher runs out of beer, which would happen only if a number of borrowers in the pool stopped making their monthly mortgage payments. If there are enough defaults, the fifth, fourth, third, or even second mug might go dry, and if a housing catastrophe strikes, even the first mug might not get filled.

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Author:
wl5f
ID:
336288
Filename:
Part2
Updated:
2017-11-26 19:09:07
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