salon | Eddie Lampert, the legendary hedge fund manager, was once hailed as the “Steve Jobs of the investment world” and the second coming of Warren Buffett. These days, he claims the number 2 spot on Forbes’ list
of America’s worst CEOs. He has destroyed Sears, the iconic retail
giant founded in 1886, which used to be known as the place “Where
America Shops.”
America now avoids Sears at all costs, thanks largely to Mr. Lampert and his love of twisted economic logic.
So when you walk into a Sears store today, you find a sad, dingy scene
with scuffed floors and chipped paint. Tense-looking workers hover over
merchandise scattered onto ugly display tables. Hardly makes you want to
buy a microwave.
Conclusion: The lessons of Crazy Eddie seem so
obvious that a bunch kids running a lemonade stand could understand
them. You have to know something about the business you’re running,
especially a big one. Success requires cooperation rather than constant
competition. Greed is ultimately destructive.
The invisible hand
of the market appears to have attempted to slap Lampert upside the head
to teach him these things. But he remains committed to his nonsense, and
the real losers are all the hard-working people who have lost their
jobs, and the potential loss to the American economy of two revered
brands.
It’s probably a good thing Ayn Rand never tried to run a business.
