- Real world private sector experience is more valuable than government experience
- Fiscal conservatism applied in the private sector CAN and SHOULD be applied to government
- Responsibly deliver necessary services and programs within the same budget constraints we experience in our own personal lives
- I have a proven track record of successfully operating large businesses through financial crises
- I have a proven track record of successfully operating large businesses during long periods of austerity where true fiscally conservative values and principles were necessary
25 years working in the private sector for a large Fortune 500 company has given me the "EXPERIENCE THAT MATTERS". For those of you who feel that government should be run more like a business, a candidate who has a proven track record of success operating large businesses for many years should be the clear choice.
I joined UBS (a Swiss bank) in 1986 as a trainee on their Foreign Exchange trading desk. It was a sink or swim environment, so I had to learn quickly and become productive -or I was gone. Nine months later, I became a junior trader. In 1989, I was recruited by the Managing Director responsible for Chemical Bank's Foreign Exchange business in his effort to completely overhaul their business in New York. The current group had become stale, were not willing to think outside the box, and were not performing at peak. Eighteen months later, I was promoted, and became responsible for the FX trading business in New York.
We experienced two major mergers in the '90's. Chemical Bank merged with Manufacturers Hanover, and several years later we merged with Chase Manhattan Bank. The integration process for these mergers were never fun, often disruptive to the core business, and if not executed properly, would have a significant negative impact on the company. We developed a successful process, and our goals were always the same - eliminate expenses to avoid unnecessary layoffs (relying exclusively on layoffs to reduce expenses would impact our ability to deliver a high level of service to our clients - never a good thing), challenge the assumptions regarding how the business should be structured (think outside the box, and do not try to protect your own turf), raise the bar that people look to as the barometer of success (motivate everyone to perform at peak and redefine the "peak"). There were many more goals, but I'm trying to keep this post under 10,000 words....
Austerity, Austerity, Austerity
We experienced two additional significant mergers (Bank One and JPMorgan), and several major "reorganizations" (combining business units, folding entire Divisions into another Division - that's a lot of moving parts and it impacts thousands of employees). Why is ANY OF THIS RELEVANT ?
I spent the majority of my professional career managing large business units (essentially, a "CEO" within a larger organization) through nearly two decades of self imposed austerity. This "do more with less" mentality became woven into the fabric of our corporate culture. We did not simply "review our budget and expenses once a year", or only during a merger - I WAS ASKED TO DO THIS ON A QUARTERLY BASIS FOR ALMOST TWO DECADES. When you are forced to run your business this way, you tend to develop a method to identify areas that were once considered "must haves", but could now be eliminated because they are really "nice to haves" (not really necessary to get the job done). This isn't about an accounting perspective - it's how fiscal conservatism is successfully applied in the private sector (we called it "operating in a fiscally prudent manner"). I am not a CPA, but I was, in essence, a "CEO" of a large, complex business unit within a fortune 500 company.
Over my career I was responsible for a variety of businesses in the Foreign Exchange and Commodities Division (I was also responsible for a global sales business with a "9 figure" operating budget) . Each business experienced significant growth in the bottom line (most sales and trading businesses in other Firms are evaluated on their ability to generate revenue - I had to bump revenue and manage down expenses). We did more with less - CONSISTENTLY.
THE BOTTOM LINE - I AM A FISCAL CONSERVATIVE
I RAN MY BUSINESSES AS A FISCAL CONSERVATIVE, AND THIS WAS A MAJOR DRIVER OF MY SUCCESS IN THE PRIVATE SECTOR.
I walk the walk, and do not just talk the talk - everything I have learned can and SHOULD be applied to how we operate our Municipal government.
As an aside, if you are not familiar with the term "Foreign Exchange", it's basically currencies. There were no "complicated structured products", and this was an international business - we were not permitted to trade or sell mortgage related products or credit default swaps..... I thought I would mention that in case someone tries to "misinform" you regarding my background.
http://www.scott4montville.net/
