Corporate-finance

James M. Day (Professor at the Washington College of Law at American University and an attorney who has specialized in oil and gas law for over 35 years), draws upon his extensive expertise in The Black Giant: A History Of The East Texas Oil Field And Oil Industry Skulduggery & Trivia to provide the reader with an eye-opening history and trivia guide to the Texas oil fields strikes since the discovery of the "Black Giant" in 1930. Filled with greed, treachery, amazing true incidents, colorful characters, surveys of how Texas oil affected America's performance in World War II and therefore world history, and much more, The Black Giant offers an amazing and informative "window through time" to a very specialized area of American history.

This book is timeless. I first read it in the late eighties and the subject matter still applies today. A must read for all African Americans who want to succeed in business.

This book is a must for all blacks entering corporate America. Being in corporate america in this day and age(2000). I feel the same mores and stigmas white america has portrayed blacks as in the 1800's still in this new millineum. This book is truly enlightening and is a source of light to let me know that the struggle is far from over. ALL BLACKS PLEASE READ THIS BOOK! FIND A COPY YOU MUST BE ENLIGHTENED.

This is a book of African American business success stories. Until now, the eleven self-made black business leaders featured-The Titans of the Black Enterprise 100s-were virtually unknown outside the United States, and even to American business students. Yet, they run America's largest black-owned companies and have been the vanguard of an entrepreneurial revolution. Achieving success despite lack of capital, diminished access, and outright racism, they used inspiration and drive to seize opportunities and break barriers. They are black America's wealthiest and most powerful players, providing employment, training, and advancement for large numbers of African Americans.

The eleven chapters of this book each tell the untold story of these titans and the contributions they and their companies have made to American industry and life.

Their stories and ideas will instruct, inspire, illuminate and motivate the reader to build on their success. This book is a source of inspiration and motivation to the next generation of captains of industry of all races and both genders the world over.

Derek T. Dingle is an editor-at-large for Black Enterprise magazine. For more than a decade, he has covered the B.E. 100s, which profile the 100 largest black-owned businesses, and he recently served as writer for B.E. 100s Exclusive, a newsletter for CEOs of these companies. In addition to his role as the managing editor of BE several years ago, he served as president and CEO of Milestone Media, Inc., which was America's largest black-owned comic book company.

Reviewed by Azlan Adnan. Formerly Business Development Manager with KPMG, Azlan is currently managing partner of Azlan & Koh Knowledge and Professional Management Group, an education and management consulting practice based in Kota Kinabalu. He holds a Master's degree in International Business and Management.

Since this book was first published in 1996, there has been at least some progress in terms of what Vernon Jordan calls "signs of new opportunities" as indicated by the appointment as CEOs of Kenneth Chenault (by American Express) and Richard Parsons (by AOL Time Warner). However, obviously, much more remains to be achieved in a society which still relies so heavily on gender-specific adjectives (e.g. female jockey) and hyphenated descriptives (e.g. Lilliputian-Americans). Let us all hope that Chenault and Parsons were selected wholly because they were best-qualified to provide the organizational leadership needed. Period.

The subtitle of Collins' book ("The Making and Breaking of a Black Middle Class") implies -- to me, at least -- initiatives which were consciously and deliberately expedient. That is to say, in response to various pressures (especially from the federal government) on many corporations in the late-1960s to create access to career opportunities previously denied to black executives. These same corporations then "racialized" the positions many black executives occupied by limiting their responsibilities to supervising Affirmative Action programs, cultivating "special markets", and solidifying relationships with minority customers. In almost every instance, this eliminated them from the "fast track" to positions at higher levels within their respective organizations. Their income permitted what Dick Gregory once referred to as an "Oreo lifestyle" but job security was tenuous. I was curious to know: Was the emergence of a Black Middle Class, throughout the 1980s and into the 1990s, more a perception than a reality?

In an e-mail from her, she responds to that question. "I really don't think the emergence of the middle class was illusionary at all. I think the socioeconomic gains were/are real but they are grounded in different sets of conditions than those that prop up whites. I think that its emergence and growth was, and still is, dependent on the continued support of public policies and social pressure. When I look at the Ken Chenaults and Richard Parsons of the world I see them as anomalies rather than as symbols of a a trend. In other words, I don't think these companies are going to integrate their power structures in a sustained way unless there's some type of external nonmarket pressure to do so. Of course, I could be wrong and, if so, I'll have to rethink my understanding of race relations in the business world."

I was also curious to know to what the extent (if any) the demographics of black executives (male and female) have changed since 1996 when her book was first published. In the same e-mail, Collins observes: "The demographic trends associated with the number of black executives is almost impossible to measure for several reasons. One, the best source (EEO1 data that surveys private employers) groups managers so that rank is obscured. Managers counted here could be the manager of a 7-11 food store or a CFO of a Fortune 500 company. Census data does have an "administrator" category, but that probably relates more to public than to private sector employment. This problem has been my nemesis and probably will continue to be so because I am forced patch together information from various sources and than draw inferences." Although the scope and depth of Collins' survey sample may seem insufficient to support her generalizations (i.e. two sets of interviews with 76 of the most successful black executives in Chicago's major corporations), she consulted extensive supplementary research resources which apparently confirmed what she learned from those interviewed.

The Collins Web site features a statement which asserts that her analysis in this book "challenges arguments that justify dismantling affirmative action. She argues that it is a myth to believe that black occupational attainments are evidence that race no longer matters in the middle-class employment arena. On the contrary, blacks' progress and well-being are tied to politics and employment practices that are sensitive to race." That brief excerpt refers to her analysis of circumstances almost two decades prior to 1996. It remains for each reader to read and evaluate Collins' book, then draw her or his own conclusions as to its relevance to circumstances today. I rate the book so highly because she addresses so many important issues which remain timely in 2001; also, because she raises questions which must continue to be asked, and then answered honestly, until such time that there is no longer a need to do so.

It's been a few years since I read and first reviewed this book. In that time I have come to appreciate the details quite a bit more.
Kidder Peabody was a trading operation, just like Enron. If we had taken Mr.Jett seriously, perhaps a few people would still have their 401k's at the Houston company. For those who say Jett is a liar, compare his situation to what brought down Enron. Read June's issue of L.A. magazine, there's a story of a young Enron trader who couldn't quite figure out how his company made either.
If by now you still don't believe Mr. Jett, I've got some swampland......

I had forgotten about the Kidder Peabody debacle until I saw Jett recently on C-SPAN. He is quite a speaker. I found his comments on business, corporate politics, and the failings of the black church to be dead on. Jett realized that power and politics matter more than race and it is very refreshing that someone has the courage to admit it.

I bought the book the following day and read it straight through. I manage a racially diverse professional workforce and have dealt with complaints of perceived discrimination for the last two years. After reading Jett's book I was able to have a heart to heart with a black direct report. He had not read the book so I lent him my copy. Somethings were simple: I no longer ask him or any minority to high-five me in greeting and he no longer says that being tardy is a black thing that I just don't understand. Otherthings will take longer. But the book was a real eyeopener for me and I believe 40% of my workforce has now read it.

I have sent it to my son, a business major at Duke and told him to bring it to the attention of his professors and classmates.

If you have any doubts about purchasing this book, first read some of the 49 reviews (thus far). Immediately, you'll notice a trend. Overwhelmingly, readers are convinced of Joseph Jett's account of the facts. On the other end of the spectrum, you'll read a few accounts of individuals who claim to have worked with Mr. Jett or have somehow come to the conclusion that Mr. Jett is lying. I put my faith in most people's ability to discern the truth by using a modicum of critical thinking. I actually laughed out loud when I read comments by those who stated, "I am the wife of an ex-Kidder employee" or "I worked at Kidder and lost my job." Their comments make no mention of the legalities of the case or ridiculous control GE had over the media and the legal system. If the "superiors" at Kidder had "no clue" (according to their inept recollection), why would a wife or ex-employee know whether or not Joseph Jett had "taken down" Kidder Peabody? Executives at Kidder said they had no idea what was going on, I doubt a lower-level employee or wife (who no doubt was biased about her husband's loss of a job) would have ingenious insight.

This book was absolutely fascinating!!! After reading this book, I gave it (or recommended it) to my brother, mother, father, sisters, husband, brother-in-laws and countless friends who all came to the same conclusion, "innocent," without any prompting by me.

BY FAR, THIS WAS THE BEST BOOK I READ ALL YEAR!!!(which says a lot--our family reads tons). The technical aspects of the book require more dedicated attention as you read, however, even if you have troubles with this section, it's clear that Joseph Jett was wrongfully accused of single-handedly taking down Kidder Peabody. The reader does not (and probably should not) come to this conclusion based on one account of a Wall Street employee, but on the countless other books and accounts with similar tones--BIG MONEY (I.E. GE C0RPORATION) PRECLUDE THE FAIR OUTCOME OF ALMOST ANY TRAIL. Why are we shocked at the outcome?

I was extremely saddened at the end of the book. It it disturbing that both the Justice Department and the National Association of Securities Dealers exonerated him of any wrong-doing, while the SEC judge (who does not have a finance understanding and was working her first case) said he was innocent of securities fraud but had the intent to fraud the company, although Jett was abiding by the firm's own bookkeeping rules. There were just too many inconcistencies in her ruling.

By the way, our family consists of Latino, White, and African Americans members, all of whom have B.A.'s, Master's, MBA's, and PhD's. All reached the same conclusion--Joseph Jett is innocent.

In the end, this book not only does an excellent job of portraying Jett's case, but it also re-awakens our consciousness about the unfair control that weathly corporations have in America which, in the end, dictate what happens in our court-rooms, what we see on television and what we read in the papers. This is why reading a variety of perspectives is so critical--don't rely on TV to give you the truth!!

Like many others, I bought this book because of the outstanding article written about Dee Hock in one of the first issues of "Fast Company." So I waited...and waited...and waited for Hock to come out with this long-planned volume (replete with many publishing delays).

The result. Yeech. I couldn't stomach more than 10 pages or so. In the future, let's keep the writing to others writing *about* Mr. Hock. This book reads like someone who's been cooped up in the study a bit too long. In the original article, there was an exciting thesis about creating organizations in which power was pushed away from the center. And Visa, Hock's brainchild, was a brilliant manifestation of that principle.

But the book is about...ummmm, what? "Old Monkey Mind" musings? Who can follow these meanderings? Readers of the article are bound to be disappointed. At least we get a little insight as to why the author is no longer at Visa. Tough to imagine that a man with this sort of obvious brilliance could function trying to run the nuts-and-bolts of an increasingly static (and less chaordic) organization.

Dee Hock interweaves his experiences growing up and founding VISA with his thoughts about how to address the decline of community and of modern institutions. He perceives a general breakdown in the social order, fueled by an overemphasis on monetary values and greed, and perpetuated by institutions committed to old methods derived from ideas about machines and structure rooted in the Industrial Revolution. Now, businesses need a more dynamic, flexible organizational structure based on a clear sense of "purpose". This purpose should be rooted in contributing to the community. It must be based on ethical principles and values. This process involves developing "chaordic organizations," those which balance chaos and order. Hock uses examples from his life and from the development of VISA to show how this process works.

This is an excellent, thoughtful book. Hock's fascinating story about founding VISA provides a good context for his meditations about the modern need to develop more chaordic, flexible organizations. At times though, his writing can become somewhat ponderous and wordy, particularly when he tries to express fairly complex or abstract ideas.

This is a profound book.

Dee Hock created the largest business enterprise on earth - the VISA credit card network. More precisely, he created the organization/system/environment that allowed and encouraged the creativity and passion of thousands of people to create VISA. Hock has coined the term "chaordic," meaning chaos and order at the same time; the harmonious interplay of both is necessary for all vital, adaptable systems. He makes the critical distinction between control and order. Control is imposed, an attempt to eliminate chaos, and stifles creativity and the human spirit. Order arises naturally out of a shared purpose that engages people at the core of their being and brings forth the best they have to offer. Hock states it exquisitely, "Simple, clear purpose and principles give rise to complex, intelligent behavior. Complex rules and regulations give rise to simple, stupid behavior."

Hock offers a new way of organizing human activity, one that can alter our headlong rush toward social and environmental disaster. It is not merely theoretical but imminently practical - applicable to all sizes and types of organizations from individual to global for-profit and non-profit endeavors of every kind. This new chaordic understanding nurtures the human spirit, the biosphere, and a sustainable future. And it comes just in the nick of time. Maybe we CAN create a livable future for all of the grandchildren.