Employees Transfer Quotes

Page 142: "When a spouse says to the alcoholic, "you need to go to AA," that is obviously not true. The addict feels no need to do that at all, and isn't. But when she says, "I am moving out and will be open to getting back together when you are getting treatment for your addiction," then all of a sudden the addict feels "I need to get some help or I am going to lose my marriage." The need has been transferred. It is the same with any kind of problematic behavior of a person who is not taking feedback and ownership. The need and drive to do something about it must be transferred to that person, and that is done through having consequences that finally make him feel the pain instead of others. When he feels the pain, he will feel the need to change...A plan that has hope is one that limits your exposure to the foolish person's issues and forces him to feel the consequences of his performance so that he might have hope of waking up and changing.

After the New Deal, economists began referring to America’s retirement-finance model as a “three-legged stool.” This sturdy tripod was composed of Social Security, private pensions, and combined investments and savings. In recent years, of course, two of those legs have been kicked out. Many Americans saw their assets destroyed by the Great Recession; even before the economic collapse, many had been saving less and less. And since the 1980s, employers have been replacing defined-benefit pensions that are funded by employers and guarantee a monthly sum in perpetuity with 401(k) plans, which often rely on employee contributions and can run dry before death. Marketed as instruments of financial liberation that would allow workers to make their own investment choices, 401(k)s were part of a larger cultural drift in America away from shared responsibilities toward a more precarious individualism. Translation: 401(k)s are vastly cheaper for companies than pension plans. “Over the last generation, we have witnessed a massive transfer of economic risk from broad structures of insurance, including those sponsored by the corporate sector as well as by government, onto the fragile balance sheets of American families,” Yale political scientist Jacob S. Hacker writes in his book The Great Risk Shift. The overarching message: “You are on your own.

One day in September 2015, FBI agent Adrian Hawkins placed a call to the Democratic National Committee headquarters in Washington, D.C., and asked to speak to the person in charge of technology. He was routed to the DNC help desk, which transferred the call to Yared Tamene, a young IT specialist with The MIS Department, a consulting firm hired by the DNC. After identifying himself, Hawkins told Tamene that he had reason to believe that at least one computer on the DNC’s network was compromised. He asked if the DNC was aware of this and what it was doing. Tamene had nothing to do with cybersecurity and knew little about the subject. He was a mid-level network administrator; his basic IT duties for the DNC were to set up computer accounts for employees and be on call to deal with any problems. When he got the call, Tamene was wary. Was this a joke or, worse, a dirty trick? He asked Hawkins if he could prove he was an FBI agent, and, as Tamene later wrote in a memo, “he did not provide me with an adequate response.… At this point, I had no way of differentiating the call I received from a prank call.” Hawkins, though, was real. He was a well-regarded agent in the FBI’s cyber squad. And he was following a legitimate lead in a case that would come to affect a presidential election. Earlier in the year, U.S. cyber warriors intercepted a target list of about thirty U.S. government agencies, think tanks, and several political organizations designated for cyberattacks by a group of hackers known as APT 29. APT stood for Advanced Persistent Threat—technojargon for a sophisticated set of actors who penetrate networks, insert viruses, and extract data over prolonged periods of time.

A 1997 study of the consumer product design firm IDEO found that most of the company’s biggest successes originated as “combinations of existing knowledge from disparate industries.” IDEO’s designers created a top-selling water bottle, for example, by mixing a standard water carafe with the leak-proof nozzle of a shampoo container. The power of combining old ideas in new ways also extends to finance, where the prices of stock derivatives are calculated by mixing formulas originally developed to describe the motion of dust particles with gambling techniques. Modern bike helmets exist because a designer wondered if he could take a boat’s hull, which can withstand nearly any collision, and design it in the shape of a hat. It even reaches to parenting, where one of the most popular baby books—Benjamin Spock’s The Common Sense Book of Baby and Child Care, first published in 1946—combined Freudian psychotherapy with traditional child-rearing techniques. “A lot of the people we think of as exceptionally creative are essentially intellectual middlemen,” said Uzzi. “They’ve learned how to transfer knowledge between different industries or groups. They’ve seen a lot of different people attack the same problems in different settings, and so they know which kinds of ideas are more likely to work.” Within sociology, these middlemen are often referred to as idea or innovation brokers. In one study published in 2004, a sociologist named Ronald Burt studied 673 managers at a large electronics company and found that ideas that were most consistently ranked as “creative” came from people who were particularly talented at taking concepts from one division of the company and explaining them to employees in other departments. “People connected across groups are more familiar with alternative ways of thinking and behaving,” Burt wrote. “The between-group brokers are more likely to express ideas, less likely to have ideas dismissed, and more likely to have ideas evaluated as valuable.” They were more credible when they made suggestions, Burt said, because they could say which ideas had already succeeded somewhere else.

For years, Britain operated a research facility called the Common Cold Unit, but it closed in 1989 without ever finding a cure. It did, however, conduct some interesting experiments. In one, a volunteer was fitted with a device that leaked a thin fluid at his nostrils at the same rate that a runny nose would. The volunteer then socialized with other volunteers, as if at a cocktail party. Unknown to any of them, the fluid contained a dye visible only under ultraviolet light. When that was switched on after they had been mingling for a while, the participants were astounded to discover that the dye was everywhere—on the hands, head, and upper body of every participant and on glasses, doorknobs, sofa cushions, bowls of nuts, you name it. The average adult touches his face sixteen times an hour, and each of those touches transferred the pretend pathogen from nose to snack bowl to innocent third party to doorknob to innocent fourth party and so on until pretty much everyone and everything bore a festive glow of imaginary snot. In a similar study at the University of Arizona, researchers infected the metal door handle to an office building and found it took only about four hours for the “virus” to spread through the entire building, infecting over half of employees and turning up on virtually every shared device like photocopiers and coffee machines. In the real world, such infestations can stay active for up to three days. Surprisingly, the least effective way to spread germs (according to yet another study) is kissing. It proved almost wholly ineffective among volunteers at the University of Wisconsin who had been successfully infected with cold virus. Sneezes and coughs weren’t much better. The only really reliable way to transfer cold germs is physically by touch. A survey of subway trains in Boston found that metal poles are a fairly hostile environment for microbes. Where microbes thrive is in the fabrics on seats and on plastic handgrips. The most efficient method of transfer for germs, it seems, is a combination of folding money and nasal mucus. A study in Switzerland in 2008 found that flu virus can survive on paper money for two and a half weeks if it is accompanied by a microdot of snot. Without snot, most cold viruses could survive on folding money for no more than a few hours.

My assignment as the post’s adjutant and personnel officer (I ended the war a captain) put me in close contact with the civilian bureaucrats and it didn’t take long for me to decide I didn’t think much of the inefficiency, empire building, and business-as-usual attitude that existed in wartime under the civil service system. If I suggested that an employee might be expendable, his supervisor would look at me as if I were crazy. He didn’t want to reduce the size of his department; his salary was based to a large extent on the number of people he supervised. He wanted to increase it, not decrease it. I discovered it was almost impossible to remove an incompetent or lazy worker and that one of the most popular methods supervisors used in dealing with an incompetent was to transfer him or her out of his department to a higher-paying job in another department. We had a warehouse filled with cabinets containing old records that had no use or historic value. They were totally obsolete. Well, with a war on, there was a need for the warehouse and the filing cabinets, so a request was sent up through channels requesting permission to destroy the obsolete papers. Back came a reply—permission granted provided copies are made of each paper destroyed.

It did, however, conduct some interesting experiments. In one, a volunteer was fitted with a device that leaked a thin fluid at his nostrils at the same rate that a runny nose would. The volunteer then socialized with other volunteers, as if at a cocktail party. Unknown to any of them, the fluid contained a dye visible only under ultraviolet light. When that was switched on after they had been mingling for a while, the participants were astounded to discover that the dye was everywhere—on the hands, head, and upper body of every participant and on glasses, doorknobs, sofa cushions, bowls of nuts, you name it. The average adult touches his face sixteen times an hour, and each of those touches transferred the pretend pathogen from nose to snack bowl to innocent third party to doorknob to innocent fourth party and so on until pretty much everyone and everything bore a festive glow of imaginary snot. In a similar study at the University of Arizona, researchers infected the metal door handle to an office building and found it took only about four hours for the “virus” to spread through the entire building, infecting over half of employees and turning up on virtually every shared device like photocopiers and coffee machines. In the real world, such infestations can stay active for up to three days. Surprisingly,

For years, Britain operated a research facility called the Common Cold Unit, but it closed in 1989 without ever finding a cure. It did, however, conduct some interesting experiments. In one, a volunteer was fitted with a device that leaked a thin fluid at his nostrils at the same rate that a runny nose would. The volunteer then socialized with other volunteers, as if at a cocktail party. Unknown to any of them, the fluid contained a dye visible only under ultraviolet light. When that was switched on after they had been mingling for a while, the participants were astounded to discover that the dye was everywhere—on the hands, head, and upper body of every participant and on glasses, doorknobs, sofa cushions, bowls of nuts, you name it. The average adult touches his face sixteen times an hour, and each of those touches transferred the pretend pathogen from nose to snack bowl to innocent third party to doorknob to innocent fourth party and so on until pretty much everyone and everything bore a festive glow of imaginary snot. In a similar study at the University of Arizona, researchers infected the metal door handle to an office building and found it took only about four hours for the “virus” to spread through the entire building, infecting over half of employees and turning up on virtually every shared device like photocopiers and coffee machines. In the real world, such infestations can stay active for up to three days.

Yes,” Andy said. “But I’ll be hiring a lawyer, you know.” “What in God’s name for?” “I think we can put it together,” Andy said. “With Tommy Williams and with my testimony and corroborative testimony from records and employees at the country club, I think we can put it together.” “Tommy Williams is no longer an inmate of this facility.” “What?” “He’s been transferred.” “Transferred where?” “Cashman.” At that, Andy fell silent. He was an intelligent man, but it would have taken an extraordinarily stupid man not to smell deal all over that. Cashman was a minimum-security prison far up north in Aroostook County. The inmates pick a lot of potatoes, and that’s hard work, but they are paid a decent wage for their labor and they can attend classes at CVI, a pretty decent vocational-technical institute, if they so desire. More important to a fellow like Tommy, a fellow with a young wife and a child, Cashman had a furlough program . . . which meant a chance to live like a normal man, at least on the weekends. A chance to build a model plane with his kid, have sex with his wife, maybe go on a picnic. Norton had almost surely dangled all of that under Tommy’s nose with only one string attached: not one more word about Elwood Blatch, not now, not ever. Or you’ll end up doing hard time in Thomaston down there on scenic Route 1 with the real hard guys, and instead of having sex with your wife you’ll be having it with some old bull queer. “But why?” Andy said. “Why would—” “As a favor to you,” Norton said calmly, “I checked with Rhode Island. They did have an inmate named Elwood Blatch. He was given what they call a PP—provisional parole, another one of these crazy liberal programs to put criminals out on the streets. He’s since disappeared.” Andy said: “The warden down there . . . is he a friend of yours?” Sam Norton gave Andy a smile as cold as a deacon’s watchchain. “We are acquainted,” he said.

Beginning in 2011, SpaceX won a series of contracts from NASA to develop rockets that could take humans to the International Space Station, a task made crucial by the retirement of the Space Shuttle. To fulfill that mission, it needed to add to its facilities at Cape Canaveral’s Pad 40, and Musk set his sights on leasing the most storied launch facility there, Pad 39A. Pad 39A had been center stage for America’s Space Age dreams, burned into the memories of a television generation that held its collective breath when the countdowns got to “Ten, nine, eight…” Neil Armstrong’s mission to the moon that Bezos watched as a kid blasted off from Pad 39A in 1969, as did the last manned moon mission, in 1972. So did the first Space Shuttle mission, in 1981, and the last, in 2011. But by 2013, with the Shuttle program grounded and America’s half-century of space aspirations ending with bangs and whimpers, Pad 39A was rusting away and vines were sprouting through its flame trench. NASA was eager to lease it. The obvious customer was Musk, whose Falcon 9 rockets had already launched on cargo missions from the nearby Pad 40, where Obama had visited. But when the lease was put out for bids, Jeff Bezos—for both sentimental and practical reasons—decided to compete for it. When NASA ended up awarding the lease to SpaceX, Bezos sued. Musk was furious, declaring that it was ridiculous for Blue Origin to contest the lease “when they haven’t even gotten so much as a toothpick to orbit.” He ridiculed Bezos’s rockets, pointing out that they were capable only of popping up to the edge of space and then falling back; they lacked the far greater thrust necessary to break the Earth’s gravity and go into orbit. “If they do somehow show up in the next five years with a vehicle qualified to NASA’s human rating standards that can dock with the Space Station, which is what Pad 39A is meant to do, we will gladly accommodate their needs,” Musk said. “Frankly, I think we are more likely to discover unicorns dancing in the flame duct.” The battle of the sci-fi barons had blasted off. One SpaceX employee bought dozens of inflatable toy unicorns and photographed them in the pad’s flame duct. Bezos was eventually able to lease a nearby launch complex at Cape Canaveral, Pad 36, which had been the origin of missions to Mars and Venus. So the competition of the boyish billionaires was set to continue. The transfer of these hallowed pads represented, both symbolically and in practice, John F. Kennedy’s torch of space exploration being passed from government to the private sector—from a once-glorious but now sclerotic NASA to a new breed of mission-driven pioneers.

NBC News reporter David Gregory was on a tear. Lecturing the NRA president—and the rest of the world—on the need for gun restrictions, the D.C. media darling and host of NBC’s boring Sunday morning gabfest, Meet the Press, Gregory displayed a thirty-round magazine during an interview. This was a violation of District of Columbia law, which specifically makes it illegal to own, transfer, or sell “high-capacity ammunition.” Conservatives demanded the Mr. Gregory, a proponent of strict gun control laws, be arrested and charged for his clear violation of the laws he supports. Instead the District of Columbia’s attorney general, Irv Nathan, gave Gregory a pass: Having carefully reviewed all of the facts and circumstances of this matter, as it does in every case involving firearms-related offenses or any other potential violation of D.C. law within our criminal jurisdiction, OAG has determined to exercise its prosecutorial discretion to decline to bring criminal charges against Mr. Gregory, who has no criminal record, or any other NBC employee based on the events associated with the December 23, 2012 broadcast. What irked people even more was the attorney general admitted that NBC had willfully violated D.C. law. As he noted: No specific intent is required for this violation, and ignorance of the law or even confusion about it is no defense. We therefore did not rely in making our judgment on the feeble and unsatisfactory efforts that NBC made to determine whether or not it was lawful to possess, display and broadcast this large capacity magazine as a means of fostering the public policy debate. Although there appears to have been some misinformation provided initially, NBC was clearly and timely advised by an MPD employee that its plans to exhibit on the broadcast a high capacity-magazine would violate D.C. law. David Gregory gets a pass, but not Mark Witaschek. Witaschek was the subject of not one but two raids on his home by D.C. police. The second time that police raided Witaschek’s home, they did so with a SWAT team and even pulled his terrified teenage son out of the shower. They found inoperable muzzleloader bullets (replicas, not live ammunition, no primer) and an inoperable shotgun shell, a tchotchke from a hunting trip. Witaschek, in compliance with D.C. laws, kept his guns out of D.C. and at a family member’s home in Virginia. It wasn’t good enough for the courts, who tangled him up in a two-year court battle that he fought on principle but eventually lost. As punishment, the court forced him to register as a gun offender, even though he never had a firearm in the city. Witaschek is listed as a “gun offender”—not to be confused with “sex offender,” though that’s exactly the intent: to draw some sort of correlation, to make possession of a common firearm seem as perverse as sexual offenses. If only Mark Witaschek got the break that David Gregory received.

My father was a renowned chef, who had learned his trade as an apprentice in Europe. During the depression with work hard to find, he accepted employment at Mafia run speakeasies “The Top Hat” and the “Gay Haven,” along with some other similar places, were roughshod, working class nightclubs in Union City, New Jersey, that hosted top performers. Ultimately, being recognized for his abilities, my father was offered the position of “Sous Chef” at the famous Lindy’s Restaurant in New York City, referred to as “Mindy’s” in Damon Runyon’s Broadway play “Guys and Dolls.” Being a loyal employee, he worked at Lindy’s for over three decades until his retirement. Union City, New Jersey, now has the second largest Cuban population concentration in the United States. But in earlier times it was known for having the rowdy “Hudson Burlesque,” as well as gathering places at the “Transfer Station,” where “men of means” could connect with “ladies of the night” and buy them a drink at one of the classy watering holes, such as the “Key Hole Bar and Grill.” I guess that it all came under the heading of “Entertainment.

David and Neil were MBA students at the Wharton School when the cash-strapped David lost his eyeglasses and had to pay $700 for replacements. That got them thinking: Could there be a better way? Neil had previously worked for a nonprofit, VisionSpring, that trained poor women in the developing world to start businesses offering eye exams and selling glasses that were affordable to people making less than four dollars a day. He had helped expand the nonprofit’s presence to ten countries, supporting thousands of female entrepreneurs and boosting the organization’s staff from two to thirty. At the time, it hadn’t occurred to Neil that an idea birthed in the nonprofit sector could be transferred to the private sector. But later at Wharton, as he and David considered entering the eyeglass business, after being shocked by the high cost of replacing David’s glasses, they decided they were out to build more than a company—they were on a social mission as well. They asked a simple question: Why had no one ever sold eyeglasses online? Well, because some believed it was impossible. For one thing, the eyeglass industry operated under a near monopoly that controlled the sales pipeline and price points. That these high prices would be passed on to consumers went unquestioned, even if that meant some people would go without glasses altogether. For another, people didn’t really want to buy a product as carefully calibrated and individualized as glasses online. Besides, how could an online company even work? David and Neil would have to be able to offer stylish frames, a perfect fit, and various options for prescriptions. With a $2,500 seed investment from Wharton’s Venture Initiation Program, David and Neil launched their company in 2010 with a selection of styles, a low price of $95, and a hip marketing program. (They named the company Warby Parker after two characters in a Jack Kerouac novel.) Within a month, they’d sold out all their stock and had a 20,000-person waiting list. Within a year, they’d received serious funding. They kept perfecting their concept, offering an innovative home try-on program, a collection of boutique retail outlets, and an eye test app for distance vision. Today Warby Parker is valued at $1.75 billion, with 1,400 employees and 65 retail stores. It’s no surprise that Neil and David continued to use Warby Parker’s success to deliver eyeglasses to those in need. The company’s Buy a Pair, Give a Pair program is unique: instead of simply providing free eyeglasses, Warby Parker trains and equips entrepreneurs in developing countries to sell the glasses they’re given. To date, 4 million pairs of glasses have been distributed through Warby Parker’s program. This dual commitment to inexpensive eyewear for all, paired with a program to improve access to eyewear for the global poor, makes Warby Parker an exemplary assumption-busting social enterprise.

Toyota has a rather unusual production process. If anybody on the production line is having a problem or observes an error, that person pulls a cord that halts production across the plant. Senior executives rush over to see what has gone wrong and, if an employee is having difficulty performing her job, she is helped as needed by executives. The error is then assessed, lessons learned, and the system adapted. It is called the Toyota Production System, or TPS, and is one of the most successful techniques in industrial history. “The system was about cars, which are very different from people,” Kaplan says when we meet for an interview. “But the underlying principle is transferable. If a culture is open and honest about mistakes, the entire system can learn from them. That is the way you gain improvements.

It will be a matter of great regret if the friendly spirit which characterised the relations between the Jewish employer in the P.I.C.A. villages and his Arab employees, to which reference has already been made, were to disappear. Unless there is some change of spirit in the policy of the Zionist Organisation it seems inevitable that the General Federation of Jewish Labour, which dominates that policy, will succeed in extending its principles to all the Jewish colonies in Palestine. The present position, precluding any employment of Arabs in the Zionist colonies, is undesirable, from the point of view both of justice and of the good government of the country. As long as these provisions exist in the Constitution of the Zionist Organisation, in the lease of the Keren-Kayemeth and in the agreement of the Keren-Hayesod it cannot be regarded as desirable that large areas of land should be transferred to the Jewish National Fund. It is impossible to view with equanimity the extension of an enclave in Palestine from which all Arabs are excluded. The Arab population already regards the transfer of lands to Zionist hands with dismay and alarm. These cannot be dismissed as baseless in the light of the Zionist policy which is described above.

But employee ownership is not just about sharing. It is also, in practice, often about giving. Such schemes depend on someone, usually the proprietor, deciding at some point to transfer ownership of some or all of a company to its employees. And it is this aspect of the ideal, I think, that has the greatest significance for my story. Of all the things I have given, it is arguable that the shares in my company that I gave away had the greatest financial value. In fact, I have rarely thought of this transfer of ownership as a gift, and I would be wrong if I did. The staff had a right to share in the company. Without them, the company would not have been so prosperous (and I am certain that Xansa would never have reached anything like the financial heights it eventually did if it hadn’t been powered by the fuel of staff ownership). But while I never doubted that aspect of the transfer, I did sometimes struggle with a more abstract issue: the fact that transferring ownership also means, ultimately, transferring control. That was the real challenge: surrendering power. Anyone can adjust to having a bit less money; ceding control of an enterprise that really matters to you is, by contrast, painfully counterintuitive. Who in their right mind would entrust an organisation that they have built up against all the odds, through years of tears, toil and sweat, to someone else? What if they mess it up? What if they don’t really understand what it is that you have created? What if they take it in some dangerous new direction, or manage it in a less idealistic way? Yet without that surrender, the most important part of the transaction is lost. A feudal grandee can be as generous as he likes with his wealth and property, but as long as he remains the grandee then his dependants are not empowered: they are merely well-fed. Empowering them means letting go: in other words, ceasing to be the grandee. I have struggled all my life with an instinct to hang on to the things that matter most to me, to control and protect them myself. Yet the art of surrender is, I am convinced, a key to many kinds of success - and fulfilment. And many lives are limited by a failure to master it.

H. Srikrishnan, then head of transactional banking and operations, gave me an example, ‘We looked at funds transfer—which was manual—such as MTs (mail transfers) and TTs (telegraphic transfers). When we implemented a centralized banking solution, the key things we could do were to sweep across multiple locations and get the balances of customers or transfer funds from one location to another using core banking. Those were big problems we solved.’ HDFC Bank was thus the first among Indian banks to have a centralized system. Whilst foreign banks like Citibank had centralized systems, they lacked the branch strength to fully leverage them. It is worth remembering that in the mid-1990s, banking didn’t really exist in the form that we know of today. Customers could open bank accounts, but the whole gamut of products (home loan, car loan, etc.) and services (Internet banking) was just not available. Salaries would still be paid by cheque and employees would have to take time off from their jobs to go to the bank, write a deposit slip, hand it over to the teller and then wait for the cheque to get cleared. Also, the employer would have to take time off to sit and sign numerous salary cheques to be given to all the employees. Compare this to the instant, online credit of salary today and a notification by SMS and email at the end of every month! HDFC Bank’s centralized technology platform allowed it to kick-off a revolution in how employees were paid their salaries.

In 2009, Zeke and I decided to entertain suitors, in large part because Zeke’s charter school, the Equity Project, was in full swing.* It wasn’t an easy decision, but we felt that having a well-resourced parent would ensure that the company would thrive in the long term. After a competitive bidding process, we agreed to be acquired by Kaplan and the Washington Post Company in December of that year. I remember the day vividly. After all the documents were signed, I sat there and waited for the transfer to clear. I was sitting at my web browser, hitting refresh over and over again until it cleared in the late afternoon. And there it was. I let out a “Yeah!” and emerged from my office. I walked around dispensing checks to employees, as we had set aside a bonus pool for both staff and instructors. It’s a lot of fun giving away money. I was Asian Santa Claus for a day. I went home for the holidays the following week. At this point my parents were quite pleased with me; my assuming the mortgage on their apartment likely had something to do with that. I zeroed out my student loans that week too. I’d gone from scrapping and scrimping for almost a decade to being a thirty-four-year-old millionaire.

It was while at the Toyota plant that he had a revelation. Toyota has a rather unusual production process. If anybody on the production line is having a problem or observes an error, that person pulls a cord that halts production across the plant. Senior executives rush over to see what has gone wrong and, if an employee is having difficulty performing her job, she is helped as needed by executives. The error is then assessed, lessons learned, and the system adapted. It is called the Toyota Production System, or TPS, and is one of the most successful techniques in industrial history. “The system was about cars, which are very different from people,” Kaplan says when we meet for an interview. “But the underlying principle is transferable. If a culture is open and honest about mistakes, the entire system can learn from them. That is the way you gain improvements.

Flexible benefits are just becoming an option for some workers. But more creativity is needed to take benefits to their natural end in organizations looking for self-determination and self-management. Employees should be able to customize their health plans, pension fund contributions, insurance, meal tickets, and even health club or collective purchasing programs. By letting the employees make their own calculations and freely choose their own health benefits, we transfer responsibility to our people. We hand them their freedom.

The charges rested on the testimonies of some former runners and some bank employees who claimed they had personally seen me arrange transfers and make pickups, which was impossible. I never once did a pickup and always worked alone while organizing transfers. The witnesses were either lying or confused.

As Volkswagen shares plummeted, Porsche’s obligations to Maple Bank began piling up on an almost hourly basis. At 8:14 a.m. on October 21, for example, Maple Bank confirmed in an e-mail to executives in Porsche’s finance department that it had received €300 million ($420 million) in security.15 At a few minutes after noon, a bank employee sent another e-mail to the Porsche executives advising them of their obligation to transfer another 243 million ($340 million). Porsche obliged forty minutes later. Then, at 2:10 p.m., Maple Bank asked for another €417 million ($584 million). And on it went.

Transferring market pressure to every process and every employee to inspire passion across the organization

Free at last to admit what many employees and observers had long known, Nadella declared publicly that one of Microsoft’s biggest mistakes had been “to think of the PC as the hub for everything for all time to come.” Acting on this conviction, Nadella scaled back the influence of the Windows division and redirected investment toward Azure, Microsoft’s fast-growing cloud business. In 2018, the Windows group was reorganized out of existence, with its staff transferred into the Azure and Microsoft Office teams.

Net wages: “It’s not what you make, but what you net” after paying the FIRE sector, basic utilities and taxes. The usual measure of disposable personal income (DPI) refers to how much employees take home after income-tax withholding (designed in part by Milton Friedman during World War II) and over 15% for FICA (Federal Insurance Contributions Act) to produce a budget surplus for Social Security and health care (half of which are paid by the employer). This forced saving is lent to the U.S. Treasury, enabling it to cut taxes on the higher income brackets. Also deducted from paychecks may be employee withholding for private health insurance and pensions. What is left is by no means freely available for discretionary spending. Wage earners have to pay a monthly financial and real estate “nut” off the top, headed by mortgage debt or rent to the landlord, plus credit card debt, student loans and other bank loans. Electricity, gas and phone bills must be paid, often by automatic bank transfer – and usually cable TV and Internet service as well. If these utility bills are not paid, banks increase the interest rate owed on credit card debt (typically to 29%). Not much is left to spend on goods and services after paying the FIRE sector and basic monopolies, so it is no wonder that markets are shrinking. (See Hudson Bubble Model later in this book.) A similar set of subtrahends occurs with net corporate cash flow (see ebitda). After paying interest and dividends – and using about half their revenue for stock buybacks – not much is left for capital investment in new plant and equipment, research or development to expand production.

Two dreams – to make the best possible products for our customers and to create the best quality of work life for our employees.  They must go hand and hand!