Terror in Mumbai

Best wishes to all my friends and colleagues in Mumbai who have had to live through the ordeal of the recent terrorist attacks. I am happy to hear that all are safe. 

I have been a frequent visitor to the Oberoi hotel over the last 10 years. I am particularly saddened to hear of the losses among hotel staff, but also moved by the many who worked so hard to protect their guests from attack. 

Here is a picture of my room at the Oberoi-Trident from just a few months ago. It is example of the quality of service and attention to detail delivered every day by the hotel staff there. And it pales in comparison to the sacrifice of those who lost their lives this week. 

 

The war on islamofundamentalist terror is not yet won. If anything we must redouble our efforts. They cannot be allowed to succeed. 

Macau

I visited Macau last weekend. For nearly 500 years it was a Portuguese colony. Now it is a Special Administrative Region in China (much like Hong Kong) and home to a number of casinos. Here is inside the MGM Grand. I am happy to report that I won enough to pay for my trip and then some! 

Here is Rossio, a restaurant in the MGM Grand. The interior designer is Super Potato from Japan, famous for use of wood and stone. The food and wine was pretty good too! 

I didn't stop at the Venetian, but it looks way over the top! 

And here's a view from the Westin Resort Macau where I did stay overnight. Nice to find a place so idyllic so close yet so far from the hustle and bustle of Hong Kong and the casinos in Macao. 

Citigroup

At this writing Citigroup's share price is about 3.70. When I left Citigroup at the end of 2006 it was 57. What happened? 

First and foremost is something I've said before: Citigroup has never unlocked the value of being one company. Despite a lot of hard work to integrate back-office functions, encourage cross-selling in the front-office, and the like, insiders tell me that it remains a collection of fiefdoms that often work at cross purposes. 

Fortunately, times like these are the times to get it right. Deadwood that gets in the way can now be eliminated. Will that happen? Citigroup is full of survivors - much like cockroaches who scatter when the light goes on. I remain hopeful, but only if the real dead wood goes. 

I know a number of expats who were posted to Asia basically as a way of moving them out of an important job in the US. Fortunately many of these people are now gone, and the real talent is rising to the top. 

I wish my many friends and colleagues at Citigroup well. 

And, as much as I hate to say it,  I am happy that I am no longer there! 

Congratulations (Suckers!)

I haven't posted for a while, and no it is not because I am deep depression about Obama's election to the US Presidency! I was actually in New York City during the election. There is something deeply moving about the US election process where every voter gets to choose who he or she feels will be the best president. Obama won and he will be President. McCain conceded graciously and Bush is doing his duty to ensure a smooth transition. That's part of what makes America great. 

First, how did Obama win? I think Charles Krauthammer nailed it:

1) The financial crisis put the previous administration and party in a no-win position. McCain had almost no chance at recovering from that regardless of the objective facts. 

2) The choice of Palin for VP, while it energized the base, completely undermined the argument that Obama had no experience. Although personally I would say that Palin had more executive experience than Obama, Biden, and McCain combined, the fact that McCain is in that list proves the point. 

3) Obama ran a brilliant campaign. Just ask Hillary! Obama used tried and true basic organizing techniques to put together a coalition that put him well over the edge in key battleground states. That's how a 6 point lead in the popular vote turns into a nearly 2 to 1 electoral college victory. 

But now what? First the party, not the hangover. The other part of Obama's victory is that he let voters project their hopes and dreams on him without agreeing or committing to the position. There will now be a lot of disappointment, especially on the far left. Already the foreign policy team is looking somewhat hawkish. After all, both Hillary and Biden voted for the Iraq war, and Hillary was always the tougher one on Iran. On the economic front, Greithner looks like a seasoned Treasury veteran who could even make Paulson look like an amateur (and by the way, he certainly looks amateurish now!) And can you imagine if Omaba actually keeps Gates on at Defense?

Rahm Emanuel will keep the left in Congress in check. It's almost if Obama knows instinctively that his biggest challenge will not be a weakend Republican party, but rather senior Democrats in Congress who still see him as the new guy. Talented for sure, but nowhere near as astute and experienced as all of them! 

Is this a good thing? Well I hope Obama does well. I for one will certainly try to avoid Obama derangement syndrome. But equally, I will treat him first as someone whose words cannot be trusted. I will judge him on his actions. As well we all should.