Funny, when companies are soaring and the money and praise are rolling in, the guy on top is in charge and hands-on. Suddenly, when the you-know-what hits the fan, he's out of the loop and hands-off.
But, when all those companies were humming, I didn't hear one of them bumming.
Bumming about numbers they didn't know. They knew them all.
Bumming about businesses they didn't comprehend. They comprehended them all.
I guess it is human nature: When things are good, we like to take all the credit. When they're going bad, we like someone else to take all the blame. But it seems pretty transparent to me.
I'm impressed by the CEOs who brag about their great teams and people when things are going well and fault their own miscues when they do not.
I remember when Jack Welch failed to merge with Honeywell. He said, in effect, "I botched it."
I was impressed.
Just like I was impressed when Lee Iacocca came on board at Chrysler and admitted quality was a problem with some of his cars, but not any of his people. He leaned on them to produce better cars, and they did. And when the company produced better numbers, he sung their praises.
Good bosses know bad things can happen. Great bosses are big enough to admit them and take responsibility for them when they do.
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Neil Cavuto serves as senior vice president, anchor and managing editor for both FOX News Channel (FNC) and FOX Business Network (FBN). He is anchor of FNC's Your World with Cavuto - the number one rated cable news program for the 4 p.m. timeslot - as well as the FNC Saturday show Cavuto on Business. He also hosts Cavuto on FBN weeknights at 8 p.m. In addition to anchoring daily programs and breaking news specials on FNC and FBN, Cavuto oversees business news content for both networks and FNC's weekend business shows, including Bulls & Bears, Forbes on Fox, and Cashin' In. Click here for more on Neil Cavuto.