Musings

Can’t Resist Talking About Balloon Boy

Anyone who has a communication device in the US now knows about Richard and Mayumi Heene, who claimed that their 6-year old son had accidentally climbed into a makeshift balloon that Richard had built and it was floating away out of control and they don’t know what to do. The kid hid in a box in the garage attic, which was why they claimed they thought he had left. So of course when the balloon finally landed and first responders assiduously ripped the thing apart, there was no kid. For 90 minutes a helicopter followed the balloon by video, and the whole country stopped what they were doing (including at the New York Stock Exchange!) and watched in the hope that disaster would not befall the youngster.

So a few days ago Mayumi admitted it was all a hoax after the kid said on a TV interview that “we did it for a show.” She said they did it to make themselves more marketable for reality TV shows. They had already been on the TV show “Wife Swap” several times. I’ve heard they pay about $30,000 each time a family is on there. Do it enough and you can make a living at it!

So what are the economic issues surrounding this? First, the desperation that leads a family in these tough times to pull such a crazy stunt. Second, the instantaneous nature of the ability to deliver breaking news is indeed both extraordinary and risky. In the old days we would not have heard anything about this until it was over. Not sure if that is good or bad. Third is the dramatic growth in our TV world of these reality shows. They are very inexpensive to make, and it seems that, especially now, the only thing that makes us feel good is seeing people even worse off than we are, or some sort of romantic happy ending to feel good about. There remain a number of quality network TV shows, but it’s gone down for sure. This morning I watched an old rerun of the classic “Hogan’s Heroes.” I’d rather watch that all day than the balloon family anytime.

Let Us Not Forget…

I thought I would share with my faithful blogees an email that I sent yesterday to my employees and firm alumni.

All: As the bus taking us to the Ellis Island dinner for a conference last night passed the World Trade Center site, so many thoughts brought back the unspeakable tragedy which befell us now 8 years ago. I’ve forwarded an always updated version of this each year to our staff and alumni who were with us then as we approach the 9/11 anniversary so we will never forget that horrible day and the week that followed…

I was driving my then 11-year old daughter (now a sophomore in college!) and her friend to school on a sunny Tuesday morning when it came over the radio. We thought it was a joke on the top 40 station. “A small plane has hit the World Trade Center.” When we realized it was real, I said, well that’s downtown, my office is midtown, I should be able to still head in. I dropped off my daughter and found myself right next to JFK Airport when they reported the second plane hitting. At that moment, all traffic on this normally busy thoroughfare came to a dead halt. As I sat there very confused about what was happening (although immediately a radio commentator said “we’re being attacked”), I remembered the ’93 Trade Center bombing and immediately called the office and closed it, telling everyone to get home and get safe. After 20 minutes of inability to move, I turned around and went home, worried about my daughter at that point. Her school closed and she came home about an hour later.

The staff first gathered at the restaurant next door to our then office on West 44th Street to watch the TV and then realized they needed to scatter. My assistant at the time walked home to Queens over the 59^th St. bridge. One attorney was worried about his Dad, thinking he was downtown (he was not). Another’s wife, a lawyer who worked downtown, came up out of the subway down there and saw everything (she managed to turn around and get out). Another associate walked up to the upper west side to his mother’s and did not get home to Jersey until the next day. My family and I were worried about my brother-in-law next door to the Trade Center at World Financial Center (we did not hear from him until 2pm telling us he was in the hospital treated for smoke inhalation, he got home around 1 am that night after thinking he was not going to make it as the building fell very close to him).

I spent the day watching the TV and emailing basically every person I knew to see if they were OK (it took 3 scary days to find one friend who was out of the country). The next day, with all bridges and tunnels closed, almost all of us made it in anyway. There was no point, as our phones had gone out. We sent an email to everyone we could with our cell phone numbers and such, but no one was calling. We all went for a very long liquid lunch and then went home. That afternoon I reached an old friend who worked at Marsh & McClennan on the 107^th floor. Thankfully he was in Florida at a conference. He could barely speak. He told me he supervised a team of 12 people, and had ordered all of them to come in early that day, and they were all gone. Another friend was fine – he was supposed to have breakfast at Windows on the World on Tuesday but at 11pm the night before his client suggested they switch it to lunch.

Then Thursday, more people on the streets, but by noon there were over 100 bomb threats in the city and rumors the trains might shut down, stranding everyone in the city. Still no phones. We closed again and said we’d stay closed until Monday. I remember literally running from the office to Penn Station with an associate, stopping only for a moment to pay $2 for a small American flag which still sits in my office. Good thing we stayed closed because hundreds more bomb threats on Friday.

I spent Friday at home wondering what to do. Our phone provider said they had no idea when the phones would be back. Their transformer was at the Trade Center. It wasn’t like you could just call Verizon and ask them to come put new lines in. A law firm without phones is helpless. The city was a mess.

Around noon on Friday just for fun I called the office, and miraculously the phone lines suddenly were working. On Monday we all came back, still shaken up but determined. Clients started calling. That deal we were working on before this, let’s get it done. It took a month or so but then things were back to humming as always.

I allowed employees to volunteer down at the site during work time if they wanted to. I offered space in our suite to attorneys whose offices had been destroyed or inaccessible. We did all we could. But we could not bring back the thousands who perished, including so many who died trying to save others.

If Osama is indeed still with us you can bet he’s determined to do it again. I hope you will take a little time tomorrow, both to remember the bravery of those who died and those who risked illness to work on the Pile for months, and to remember our need to stay vigilant and resolute in our desire to rid the world of this horrific evil. And also, to remember the wonderful things that happened as the city and our nation came together in those difficult days. I worry that a rapidly growing population of kids, including my 7-year old son, either know nothing about the tragedy or will learn about it as part of history- let’s make sure they really understand what we faced.

I will remember two that I knew who did not make it that day, Dave Weiss of Cantor Fitzgerald and Neil Levin, head of the Port Authority.

Take Me Out…

We Lose Two News Biggies

In the last week we have lost 60 Minutes creator Don Hewitt and reporter/commentator Robert Novack. You know it’s a bad week when you need to hear the slow, sad-sounding piano version of the Today show theme as they go into commercial instead of the regular upbeat version.

Don Hewitt was 86 when he died yesterday. He created and produced CBS’ wildly popular 60 Minutes for 36 years. There’s simply no TV show that has withstood the test of time like this (except maybe NBC’s Meet the Press). Yes they were at times accused of ambush journalism and not getting things exactly right, but I always loved when they got a bad guy in his parking lot and asked why he’s stealing money from grandmas and widows and getting that blank stare. Hewitt, who joined CBS TV back in 1948 just when TV was starting, also produced the first televised Presidential debate in 1960. According to Fox News, he also directed the first network television newscast back in 1948, created the idea of using cue cards and is widely credited with coining the term “anchorman.” To me, growing up Sunday nights meant 60 Minutes. In this hectic time of life for me now I have not had as much time to sit down and watch. He will be missed.

Bob Novack was dubbed by the Huffington Post as a “pugilistic debater and proud owner of ‘the Prince of Darkness’ moniker. The New York Times called him “pugnacious.”  He died Tuesday at the age of 78 from a brain tumor. His newspaper columns and TV appearances were both dreaded and welcomed by his liberal opponents. He came to prominence during the Reagan era (the Times noted that his column was considered the “bulletin board of the Reagan administration”) and retained his conservative views right to the end. But he was articulate and made a point in a way that the average person could understand. He became the news in 2003 by outing CIA officer Valerie Plame when her husband was criticizing the Bush administration and suggesting they distorted information about Iraqi weapons to justify the war there. This led to some convictions (including VP Cheney’s chief of staff I. Lewis “Scooter” Libby- convicted of perjury). He ultimately revealed his sources as Carl Rove, Bush’s chief of staff, and Richard Armitage, a former Deputy Secretary of State. A strong voice of the conservative movement, who somehow avoided the sensationalism of others like Rush Limbaugh, I respected him very much. Let’s hope that both left and right have more folks with the passion and yet the reserve of Novak.

China in 2009…Hot!

I am in Guangzhou, China for business meetings. Summer here is quite hot indeed. A good metaphor, as things in China in general remain hot business wise. While some here decry the reduced growth rate to roughly 7% annually from 12% annually (and no question that has caused some economic hardship and layoffs), the environment is very positive, as I reported during my last visit to China in March.

The swine flu, combined with the difficult economy in the rest of the world, has hurt the local tourist industry for sure. Some hotels are really struggling. We had no problem with the flu issue, although a full plane temperature check took place before we deplaned here. We assume that will change once the flu recedes.

A number of simple things here could be good lessons for us in the US. We did not have to remove shoes to go through airport security. Free wifi throughout Hong Kong airport was very nice. The valet stationed 24/7 on my hotel floor adds a very nice touch. My blackberry world edition popped right on when we got here. I have always felt most welcome here, and their focus on service and attention to detail are indeed extraordinary.

No question the trip is long and the 12-hour time difference a real challenge at times. But I remain bullish on China and its growing business relationship with the US, especially in helping Chinese companies go public in the US through reverse mergers and similar alternatives to traditional IPOs.

Two Megastars Leave Us

We all got to take an evening off of hearing about Iran, health care, the arguments about what letter will best represent the recovery (personally I have started calling it a “soup ladle recovery”…think about it)  because two huge figures in entertainment both died yesterday. And no this has not become the entertainment channel, in these cases there are implications for our business and economic world.

It’s sadly ironic as we turn to the passing of Michael Jackson that just the other day after the death of Ed McMahon I wrote about the challenge of making fame and fortune match. The man whose music everyone I know grew up with (he was just a year older than I am), it appears, was not the greatest money manager. His maintenance costs apparently exceeded his income, especially during periods between albums and tours. Many expect that when things are unraveled he will be sadly deeply in debt, something many were hoping he would reverse with his upcoming tour, which some estimated could have brought him as much as $400 million. Even more serious were the multiple accusations of child abuse against him. While he was never convicted of any, there are many who still  believe he was probably  guilty. But there is literally no one of my era who didn’t love or at least enjoy the man’s music and style, even if it did morph to the eccentric over time. He sold 750 million records in his short life. Maybe he will now find the peace that seems to have so eluded him in life. It is, unfortunately, still unclear exactly how he died. Let the lawyers start fighting. Even my daughter’s alternative music station was playing Fall Out Boy’s cover version of “Beat It” last night.

Another star of my childhood was Farrah Fawcett. Her pinup poster from 1976, originally printed in Life magazine, is still the best-selling ever, with over 12 million sold. Her contribution to society, besides helping start what is now the Charlie’s Angels franchise, is being at the forefront of a genre of television then known as “T&A” shows. The stars defended the show as showing strong women possibly for the first time, and that was true. But they still answered to Charlie, and managed to find bathing suits or slow running scenes in mostly every episode. But the image of strong and yet still attractive women had until that point somewhat eluded the women’s liberation movement. She made more headlines recently when her bout with cancer became a reality TV show.

Promise: back to other stuff next!

Where’s Your Disney World?

I am headed to China next week on business as much of my family heads to Disney World in Orlando for several weeks. Often places are referred to as “Disney World for…” For example, people talk about Las Vegas as Disney World for adults. The annual NY boat show is Disney World for boaters. And so on. But there is nothing like the real thing.

I must admit that as an adult, Disney World is not really for me. Disney is a surreal world that is totally for the kids. Sure they have tried to add attractions to draw in young adults (and even older ones) and some do come. But let’s face it, Disney is for kids as much as Las Vegas is not.

I do believe our kids are overprogrammed, overcoddled, and too much disrespect is tolerated than when I was a kid. I remember spending time with friends laying on the grass, looking into the sky and just wondering about things. Kids today do not have a single minute free. Those that try to cut back feel pressure because all the other kids are doing it.

Then there is the frustrating political correctness these days. In my day (gosh I really sound old) there was the “smart” class in elementary school and then the “regular” classes. You had to actually try out to be in little league, and you found out if you won or lost your league, shockingly.

I am no expert on parenting certainly. But somewhere between the parents who live 100% for the kids (and I’m including parents who still do this when their kids become adults) and the parents whose kids are expected to abide by their convenience is probably the right way. And it’s OK for your kids to understand what their strengths are, and even what they may not be so great at.

And don’t forget to take the time to find your Disney World, where you can decompress and get extra enjoyment out of our fragile earthly existence.

RIP Mr. McMahon

We learned Tuesday morning that legendary Tonight Show sidekick Ed McMahon died at the age of 86, having been sick for a number of months. He is most remembered for being Johnny Carson’s announcer for over 30 years on the venerable show. But he also had a successful run hosting Star Search, and of course those classic Publisher’s Clearinghouse $10 million door knocks, and he helped host Jerry Lewis’ Muscular Dystrophy Telethon for many years.

I have so many memories of watching Carson and McMahon night after night. While some felt Carson was mean and vindictive, on the air he was just downright funny. It was truly the end of an era, and maybe of a time in our nation’s life that was simpler, when Johnny retired in the early 1990s.

Ed also spawned one of the great spoofs when character Hank Kingsley (played by Jeffrey Tambor) on Garry Shandling’s great HBO series It’s Garry Shandling’s Show copied Ed’s famous “Hi-ooo” with his own “Hey now” catch phrase. Radio legend Howard Stern still greets almost all the callers to his show with “hey now.”

He is also unfortunately known for publicly announcing in 2008 that his Beverly Hills house was going into mortgage foreclosure. Donald Trump came forward and helped saved the house for him.

Starting as a circus clown in 1951, he first joined Carson in the late 1950s’ Who Do You Trust? That team continued until Carson left Tonight in the early 1990s. He had married his third wife in 1992. He had four children of his own from his first marriage.

What’s the business angle of this? The fact that fame and fortune do not always go together. Very, very few entertainers or sports figures (who are also entertainers) manage to rise to the level of earning sufficient money to ensure a comfortable retirement, and many have to continue to work, get help from old friends, or rely on pension money from their union.

In other cases, millions are frittered away with the expectation that more are to come. At my alma mater, the Wharton School, the executive education program has offered a program for a number of years that brings National Football League players to campus for a week-long training in money management. The players’ working lives are limited, and they cannot be assured of gainful employment thereafter. Therefore, they have to ensure that they save at least some of the millions they earn for the future. Too often greedy managers and agents simply do not offer this kind of advice.

So rest in peace Ed. Super-talented straight man.

Here’s What Happens in Vegas…

As the travelogue part of Crisis Post continues, I thought I would get into the top 10 things I loved about Las Vegas, where I just attended the Reverse Merger Conference and stole a few extra days with the family.

1. My 7-year old son telling one of the conference attendees, “What happens in Vegas…well you know the rest.” Then later stumping me when he asked, “Dad, why does what happens in Vegas stay in Vegas?”

2. The great equalizer of a town, where four 20-somethings sharing a room for $89 enjoy it as much as the high rollers with their limos.

3. The ability to entertain clients and friends  in a fun, relaxing atmosphere.

4. The improved smoke removal devices that make the casino easier to breathe, if not easier to come away a winner.

5. The cruise ship atmosphere with great shows and restaurants at every turn.

6. The ability to go there with kids and all really have a great time.

7. The little pool at the Venetian where chaise lounges are waiting for you in the pool.

8. Posing with the President (he’s really tall), well, the wax one, at Madame Tussaud’s.

9. The slot machines at the airport. Oh yeah, and the great 7 minute ride from the strip to your plane.

10. Again, like London, however, just not great bagels and not great pizza. Guess I’m just a New York snob at times, sorry.

Great fun time and great business done. Thanks LV.

London: Brilliant!

I spent the last few days on a business trip in London. Thought I’d convey the cool things I like about this amazing town:

1. I love how they gather outside bars and drink, something not allowed in the US.

2. I love how plastic watter bottles at office meetings have been replaced by glass bottles refilled over and over with chilled fresh H2O.

3. It’s nice t0 be in a city where office building security is not an obsession.

4. I love at the airport that they call it “baggage reclaim.” I also love the loo, the lift and the telly of course.

5. I love how they say “brilliant” the way we say “cool” (I use “groovy” probably a little too much).

6. I love the towel warming rack in the hotel next to the deepest, hardest to get into bathtub like ever.

7. I love that they pronounce the President’s first name as ba-rack, like stack.

8. I love the giant rotating ferris wheel type thing that goes super high in the air where you can see Big Ben, the Parliament, etc.

9. I will always love Monty Python, Fawlty Towers and Benny Hill. Even got my 7-year old to love the Ministry of Silly Walks.

10. I do not love London bagels. Sorry.

Thanks for a groovy time London!

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