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| 2002 News and Press Releases |
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HEADLINE:
Coming Up Roses In 2002
By: Michael Oneal
NYTimes.com. December 29, 2002
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EXCERPT: THE year 2002 will surely go down as one of the worst in business history. Scandal rocked corporate suites and Washington offices, jobs evaporated, the American economy muddled along and Europe and Latin America reeled. Rogues at companies like WorldCom and Enron were bad enough, but even superstar executives like Jack Welch contributed to the staining of corporate America. Payment was coming due, it seemed, for the hubris and excess of the late 1990's. This was not just a down year. The troubles seemed biblical. The truth, of course, was much less dire. The economy grew a bit and the stock market, while down over all, provided many opportunities for investors willing to take a risk. Low interest rates led to a refinancing boom that kept consumers in the malls. Some people in the business world, in fact, had an exceptionally good year, often thriving on the troubles of others. Many of them were lawyers - working on bankruptcies, defending those accused of corporate malfeasance and filing class-action suits on behalf of shareholders. Among investment bankers, those advising bankrupt companies obviously racked up business.
Other executives, operating under tough conditions, managed to have a good year, too, avoiding the storms in their industry or harnessing them to their advantage. Money & Business selected about a dozen people who made 2002 a winning year - or just happened to have fortune smile upon them. Many, though, may find 2003 to be a challenge.
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