Overheard in the C-Suite: What CEOs said in May
In May, the SEC stepped up its regulatory role, bringing unwelcome attention to some companies on Wall Street. The added attention also meant financial services execs had to monitor their reputations more closely.
Although they engaged in a PR battle in May, hoping to win over the public and Washington, CEOs weren't always successful in biting their tongues. With June underway, let’s revisit some of the most outrageous--and possibly unintended--statements from major executives last month.
Steve Eisman
"Until recently, I thought that there would never again be an opportunity to be involved with an industry as socially destructive and morally bankrupt as the subprime mortgage industry. I was wrong. The for-profit education industry has proven equal to the task."
The hedge fund manager of FrontPoint Partners presented this assertion at the Ira Sohn Research Conference on May 26, 2010.
Howard Lindzon
"Heading to dentist to have my gold fillings replaced with wood. I can live with the pain."
The co-founder and CEO of the real-time stock trading information site stocktwits.com used Twitter to comment on the escalating price of gold on May 14 (via smartmoney.com).
Bill Gross
"Owing your soul to the company store is more than descriptive of not only today’s households, but of sovereign nations as well. The burden of debt can take decades to accumulate, but only a few short months to change course into crisis."
On May 26, PIMCO’s co-founder and co-chief investment officer included this proclamation as part of his June 2010 Investment Outlook.
Unknown CEO of one of the nation’s biggest banks
"And for a lot of Wall Street people, it was like, OK, first you slap us in the face, now you kick us in the balls."
The anonymous bank CEO was quoted in New York Magazine on May 22 in an article discussing the relationship between Wall Street and the U.S. government.
Jeff Matthews
"He's been complaining about that Cadbury deal like a kindergartener who can't get over the fact that someone stole his bicycle."
The man who founded the hedge fund Ram Partners LP offered his take on Warren Buffett criticizing Kraft’s pursuit of Cadbury in a May 18 Wall Street Journal article.
Jeffrey Smisek
"I didn't want him to marry the ugly girl; I wanted him to marry the pretty one, and I'm much prettier."
In a phone conference on May 3, Continental’s CEO made reference to United Airlines CEO Glenn Tilton, who was in merger discussions with US Airways.
Tony Hayward
"The Gulf of Mexico is a very big ocean. The amount of volume of oil and dispersant we are putting into it is tiny in relation to the total water volume."
"The environmental impact of this disaster is likely to be very, very modest."
The CEO of BP spoke with the Guardian and Sky News about the effects of the Gulf oil spill on May 14 and May 18, respectively.
Carol Bartz
"I don't want to hear any crap about something magical that the fine people at Yahoo are supposed to do in this short time, so f*** off!"
Yahoo’s CEO complained that media experts expect too much from the company during an interview with TechCrunch on May 24.