Monday, March 31, 2008

Of March Winds, April Showers, and Perfect Storms

The March winds have truly howled and roared around One Financial Center in Boston.

Just last week, State Street faced:

* Patrick Jorstad's appeal;

* Alan Brown's mediation;

* Revelations of heavy client asset outflows from SSgA, the poorly-run asset management division of State Street (i.e., clients voting no confidence in management with their feet); and

* News of ERISA client class action consolidation efforts.

Both the financial press and the analysts are beginning to take note of the matters discussed here, too.

And tomorrow is April Fool's Day. Some CEOs may want to call in sick. (Or, stupid, as the case may be.)

March winds, April showers, and perfect storms.

By the annual meeting date - moved to April 30th this year - that may well be the way we all remember 2008, on State Street.

April Fools steering the Clipper Ship, indeed.

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