How do compensation programs differ in public vs. private companies?
Federal: It’s not just an obligation to shareholders. And in my opinion this is one of the giant flaws in our publicly traded financial company system. And that is that you have individuals on Wall Street who pass on company’s financials one month over the next month or one quarter over the next quarter and one year over the last year and they then either lambast the organization and cause or recommend people not to buy the stock or hold it or whatever without really understanding what that company is doing long term. The way I tell my clients is that you’ve got a 28-year-old MBA in New York who’s never operated anything other than a calculator trying to pass on companies that are intricate with manufacturing and sales and product development, finance, that are very intricately balanced, and sometimes companies have to retrench and reinvent and they get beat up when they do that, and to me, they ought to be applauded. In a privately held firm, you have that ability very easily to do th
