Bob Lutz had a great little story in his book “Bean Counters vs. Car Guys” where he talked about the shock the Mercedes head-brass had after purchasing/bailing Chrysler. They could not understand how the Chrysler executives could justify their salary and benefits given their dismal performance at running a car company.
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bj,
That is up there with Bayer buying Monsanto. You can not make worse moves. Talk about ego that anything can be straightened out.
This is why Buffett is wealthy. He is not usually in it to 'straighten it out". A fool’s errand and even bigger waste of time when all anyone has to do is stay safe.
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I was at a minor award presentation for Lutz several years ago. In his acceptance speech he moaned about how people in the audience were not all dressed in suit and tie. Fact check, we were there for a historical lecture, had no idea he would be around. I didn’t think much of Lutz before that evening. Thought even less of him after, given his apparent concern for appearances, above purpose.
I interviewed for a job at a plastics company. The CEO, who interviewed me, was German. I remember thinking, as he spoke about how he ran the company “this guy is a socialist”, as opposed to the typical Shiny JC I worked for over the years.
Another German out of his element story: When Daimer controlled Chrysler, Dieter Zetsche was sent over to run Chrysler. His wife hosted a party for some high school aged kids. Beer flowed. There was a huge scandal about the Zetsches serving alcohol to minors. The Zetsches were somewhat at a loss what all the fuss was about.
The Germans didn’t understand that, in Shiny-land, the corruption is covered up with moral signaling.
Steve
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Yeah I was drinking in Ireland at age 10. Mind you only one beer per night in a pub.
At age 18 it was a great night out.
Not having a beer must have totally confused Zetsches.
When Americans make cultural mistakes in other countries they are called out for it and called ugly Americans.
Mike
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A POTUS several years ago, would simply dismiss criticism with “they hate America”.
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