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Repeat: the Great Creator has gifted us with creativity. Our gift back is our use of it. Do not let friends squander your time.
The Artist's Way
Julia Cameron
Discipline #4: Create a Cadence of Accountability The 4DX authors elaborate that the final step to help maintain a focus on lead measures is to put in place “a rhythm of regular and frequent meetings of any team that owns a wildly important goal.” During these meetings, the team members must confront their scoreboard, commit to specific actions to help improve the score before the next meeting, and describe what happened with the commitments they made at the last meeting. They note that this review can be condensed to only a few minutes, but it must be regular for its effect to be felt. The authors argue that it’s this discipline where “execution really happens.”
The first problem I saw was one of adverse selection. The truth is, there were only three major institutions at that time that were clearly insolvent with no options for accessing capital from nongovernment sources: Merrill Lynch, Citi, and AIG. Morgan Stanley and Goldman Sachs were having problems, but they had been able to access additional capital from “deep pockets” (Warren Buffett for Goldman Sachs and the giant Japanese bank Mitsubishi for Morgan Stanley) and probably could have bumbled through. I was starting to worry more about BofA, but the other major financial institutions—JPMorgan Chase, Wells Fargo, Bank of New York, and State Street—were in reasonably good shape. All had remained profitable, even though everyone’s funding costs had spiked after Lehman’s collapse. But if we made the fees too punitive, those healthy institutions would not participate. Thus we would be stuck insuring the high-risk institutions without benefit of fee revenue from the healthy institutions to protect us against losses. But the other, more important reason for not making the fee structure too punitive was that we were trying to get funding costs down to minimize disruptions to the credit flows supporting the real economy.
Bull by the Horns
Sheila Bair
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