I'm reading Andrew Sorkin's Too Big To Fail (which is good). And two things come to mind. Although they are really two demonstrations of the same thing. Anyway:
Companies that are management driven are doomed to fail.
Or require rescuing.
It relates to the Peter Principle I suppose. You are great on the trading floor, sales desk, development team, whatever. You work your way up the ranks and end up in management. Your company is successful, it grows, management booms. All of a sudden it has been years since you have stepped in the mêlée of actual production, or any work closely associated with the product (or service) involved.
Put briefly: you are detached from reality.
The book is also a good reminder of the incompetence of Congress.
Ok, I exaggerate for the sake effect. But the point is: no one person can have so much specialised knowledge as to make the decisions required of congress. The great scene where congress is being briefed by Paulson and Bernanke, to ultimately make a decision on TARP. *sigh*
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