Money for Nothing
Apr 22, 2010
from 06:00 PM to 08:00 PM
|Where||151 E. 25th St. Room 750 (between Lex. and 3rd Aves.), Rm 750|
|Contact Name||Matthew LePere|
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About the Book
Money for Nothing – How the Failure of Corporate Boards Is Ruining American Business and Costing Us Trillions (January 12, 2010; $27.00) is the first book ever written for general readers about the weakest yet most important link in our capitalist system: the place where we own stock, but lose our voice and our control over the destiny of our companies, and consequently our economy and our future.
This is the story of America's most powerful elite, a cloistered group seemingly elected by everyone but accountable to no one, charged with protecting our interests, but in reality perpetuating a system that has literally brought us to the brink of ruin.
Stripped of the jargon and legalese, the work of corporate directors is a study in pure, if misdirected, power. Too frequently they defer to CEOs instead of overseeing them. Directors are supposed to be the conscience of corporations, our voices in the boardroom, but they have presided over the decline of entire industries, the alienation of investors, excessive payouts, the corruption of government, loss of faith in the American Dream, and a falling standard of living for everyone, save those at the very top.
About the Program
Author John Gillespie will discuss
How and why corporate boards have become so dysfunctional
Some of the most egregious examples of the failures of corporate boards, as well as which boards and directors have been setting good examples
How the failure of corporate boards has contributed to our current economic crisis
How our life-savings are being skimmed and siphoned away
The bi-partisan revolving door connecting bad governance and bad government
How the legislative and regulatory proposals currently under consideration fail to deal with the fundamental structural and cultural problems of boards
Comprehensive recommendations for the reforms that are needed to transform boards into the effective advisors and watchdogs that they should be before yet another round of devastating losses occurs
About John Gillespie
John Gillespie was an investment banker for 18 years with Lehman Brothers, Morgan Stanley and Bear Stearns and served as the Executive Vice President and CFO for a nationwide human services company with 24,000 employees. Prior to his career in business, he worked in Massachusetts state government and as a speechwriter. He graduated from Harvard College where he studied American history and literature and was an editor of the Harvard Lampoon. He has an MBA from the Harvard Business School.