Got an unhappy employee (or former employee) on your hands who’s decided to channel his or her anger by penning an Op-Ed in a major publication detailing egregious acts being committed at your firm and/or going to the Feds with allegations of fraud? Not sure how to handle the fallout? Why not take a page from Donald Trump’s playabook? He found himself in a similar situation with regard to Sheena Monnin, a first-year Miss Pennsylvania who “resigned her crown” over the weekend, claiming that the Miss USA pageant is “rigged.” Here’s how Don dealt with the matter and how anyone thinking about taking a more hands-on approach to dealing with disgruntled employees might too:
Threaten to sue.
“We’re going to bring a lawsuit against this girl,” Trump, who co-owns the Miss Universe Organization with NBCUniversal, told NBC’s “Today” show co-anchor Ann Curry on a phone interview; he used similar language in a phoner with George Stephanopoulos on ABC’s “Good Morning America.”
Note that you’ve already conducted a thorough investigation into the employee’s claims and that your internal probe has revealed them to be baseless.
Monnin announced Tuesday on her Facebook page she was turning in her tiara after she: “Witnessed another contestant who said she saw the list of the Top 5 BEFORE THE SHOW EVER STARTED proceed to call out in order who the Top 5 were before they were announced on stage. Apparently the morning of June 3rd she saw a folder lying open to a page that said ‘FINAL SHOW Telecast, June 3, 2012′ and she saw the places for Top 5 already filled in.” “They’ve done an investigation,” Trump said today. “I just found out about it — they just reported to me about five minutes ago. The person that supposedly showed the list totally denies that that ever took place.”
Suggest, by saying outright, that the outburst can chalked up to the fact that this person didn’t receive the promotion she thought she deserved. Make it clear that she was not partner material. Sixth-year VP material at best.
Asked his first impression of Monnin, Trump said, “I saw her there. My impressions were she didn’t have a chance of being in the Top 15 — not even close. And all this is, is a girl who went there, lost, wasn’t in the 15, and she’s angry at the pageant system. Later, he added, “I never felt she had a chance. And all this is is buyer’s remorse.”
James Gorman, aka “Jimmy G,” is sick and tired of all these reporters suggesting his firm is under some kind of investigation by the Feds. Just because Goldman has been charged by the SEC, doesn’t mean Morgan Stanley, which lost a lot more money than GS during the crisis, also bet against its own shitty CDO deals. All the noise surely points to a conspiracy of short-sellers. We know who you are. Now go back to watching Miss USA pole dancing.
The more frequently you monitor your portfolio, the more likely you are to observe a loss.
This is likely to cause short-sighted decisions and could hurt your investment performance.
If you are checking your portfolio more than once per quarter, you’re doing it too much.
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Dan Egan, Betterment Director of Behavioral Finance and Investing