Jim Collins, the author of "Built to last" and "Good to great", has now written "How the mighty fall" which amply attempts to correct the unwarranted optimism of earlier books. His categorical observation in the new book that "Whether you prevail or fail, endure or die, depends more on what you do to yourself than on what the world does to you" indicates that he is into oriental literature of late.
He diagnoses five stages in deep descent of companies from glory to shambles. The stages are hubris, undisciplined growth, denial of risk and peril, urge for transformational acquisitions and finally death. Is the author trying to preempt criticism of his earlier works? Good tactics ! I believe that the new book's title best describes the predicament of the author also.
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Economist magazine reports in its issue dated 8th Aug that General Electric known for beating analysts' expectations every quarter and for producing world class leaders has been accused by SEC of "bending accounting rules beyond breaking point" in order to avoid disappointing results on four occasions in 2002 and 2003. The company has agreed to pay fine without admitting or denying the charges.Even supposedly good companies care two hoots for ethical behaviour !
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