POLITICS & PREJUDICES
Michigan Republican Watch
Tea Party Candidates are Bat-shit Crazy
Published: September 25, 2013
Then, a decade ago, long before Dan Gilbert was on the scene, he pioneered the revitalization of Detroit by building a glittering new headquarters and moving thousands of workers downtown. That was long before that was seen as cool.
Yes, Pete can be somewhat of a bull in a china shop. And yes, he has raised a few eyebrows with his flamboyant and pretty young wife, and the fact that, at age 70, he is the proud father of four little boys with names right out of ancient Greece.
Far as I am concerned, he can father a legion and send them to conquer Sparta if he wants to. What Karmanos understands is what many new billionaires have forgotten: Successful ethical businesses are supposed to be about more than making money. They are supposed to be about giving added value, taking care of customers and their community.
Karmanos doesn’t think much of hedge funds or sharp-elbowed merger-and-acquisitions-types who buy companies, run up the stock price, then strip and sell them piecemeal.
That’s what he fears may happen to Compuware. Months ago, he said he feared someone would acquire the firm and “make as much money as they can as fast as they can … if that means breaking it up, throwing the pieces into the wind and eliminating a company in Detroit, they don’t mind that.”
No wonder he got so much heat for saying what he did. I don’t know anything about the folks running Compuware today.
But you need not have gone to the Wharton Business School to know that everything Pete said about business today, in general, and Wall Street in particular, is absolutely, completely true.
Jack Lessenberry opines weekly forMetro Times. Send comments to firstname.lastname@example.org.
> Email Jack Lessenberry