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Forum Post: Ayn Rand-loving CEO destroys his empire

Posted 8 months ago on Dec. 11, 2013, 3:34 p.m. EST by GirlFriday (17435)
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Once upon a time, hedge fund manager Eddie Lampert was living a Wall Street fairy tale. His fairy godmother was Ayn Rand, the dashing diva of free-market ideology whose quirky economic notions would transform him into a glamorous business hero.

For a while, it seemed to work like a charm. Pundits called him the “Steve Jobs of the investment world.” The new Warren Buffett. By 2006 he was flying high, the richest man in Connecticut, managing over $15 billion thorough his hedge fund, ESL Investments.

Stoked by his Wall Street success, Lampert plunged headlong into the retail world. Undaunted by his lack of industry experience and hailed a genius, Lampert boldly pushed to merge Kmart and Sears with a layoff and cost-cutting strategy that would, he promised, send profits into the stratosphere. Meanwhile the hotshot threw cash around like an oil sheikh, buying a $40 million pad in Florida’s Biscayne Bay, a record even for that star-studded county.

Fast-forward to 2013: The fairy tale has become a nightmare.

Lampert is now known as one of the worst CEOs in America — the man who flushed Sears down the toilet with his demented management style and harebrained approach to retail. Sears stock is tanking. His hedge fun is down 40 percent, and the business press has turned from praising Lampert’s genius towatching gleefully as his ship sinks. Investors are running from “Crazy Eddie” like the plague.

That’s what happens when Ayn Rand is the basis for your business plan.

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11 Comments

11 Comments


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[-] 1 points by DKAtoday (28461) from Coon Rapids, MN 8 months ago
[-] 0 points by GirlFriday (17435) 8 months ago

True

[-] 1 points by DKAtoday (28461) from Coon Rapids, MN 8 months ago

( to the caps lock filter = FUCK YOU ) SECURITY

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[-] 0 points by GirlFriday (17435) 8 months ago

That's so sad. Tries to kill himself and kills two others and then goes home with an ankle monitor. The whole damn thing is jacked.

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[-] 0 points by GirlFriday (17435) 8 months ago

He might just do that given the opportunity. Mayhap he will be diagnosed with affluenza and get off free.

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[-] 1 points by MattLHolck (16833) from San Diego, CA 8 months ago

we need content

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[-] 1 points by MattLHolck (16833) from San Diego, CA 8 months ago

actually, I like the content team here

shadz, shoots, lao, friday, DK

I am tired of churning out decks