Cayne, on CNBC, via
"It’s unbelievable. The phones are ringing off the hook, and everyone
wants to play golf with me now."
I’m glad it seems to have worked out this way. There are good reasons for a
CEO to be ousted and there are bad reasons, and if Cayne fell as a result of
story, that would definitely be a bad reason. The fetish of the hard-working
CEO, where your quality as a leader is judged by the number of all-nighters
you pull, is idiotic and deserves to die. Let’s just hope that Cayne himself
remembers that, next time he’s minded to fire someone for being "away from
the office" during a period of crisis.
Oh, and the pot smoking? A clear miscalculation by the WSJ. In a country where
Barack Obama’s admission of cocaine use has done no
damage at all to his prospects of becoming president, an unproven allegation
that a banker occasionally smokes a joint is going to have no repercussions
at all, beyond making the journalist look sleazy.