Thursday, August 14, 2008
Let's see--your company is in the toilet. In fact, it's now being bailed out at the taxpayer's expense. So, what conclusion, as an objective observer, can you possibly come to?
Well, if you're Joel Klein, Chancellor of New York City schools, you decide that this is the kind of expertise you sorely lack, so you tap the managing director to be your new chief financial officer. After all, how many people are there who've been so instrumental at running a company into the ground?
It's tough to say whether Mr. George Raab, the person in question, will be able to rise to the standard set by Alvarez and Marsal, who managed to leave city kids on street corners freezing to death on the coldest days of the year, but the utter collapse of Mr. Raab's company certainly suggests he's in the ballpark.
And he won't need to share those ballpark seats with those nasty public school students, either, since city-subsidized ballpark seats can now run 495 bucks a pop. But when it comes to trailers and closets, it's still Children First in Mayor Bloomberg's New York.
Thanks to Annie