Sydney Heyler
Section 310
Research Report
In
The New York Times article “In Case of Emergency: What Not to Do”, Peter
S. Goodman offers a commentary on the mishandled actions of companies in
crisis. The article focuses on three
main examples: BP, Toyota and Goldman Sach.
Each of these companies faced large, public disasters and did their best
to minimize the realities of the situation.
Goodman (2010) goes on to explain that a company in this situation ought
to “disclose it immediately- awful parts included- lest you be forced to
backtrack and slide into the death spiral of lost credibility” (p. 1). In other words, a company that owns up to its
mistakes, works to fix them and is honest with the public up front is much more
likely to bounce back and maintain the public’s trust. Goodman does not hide that fact that he is
quite passionate about and aggravated by this topic. Goodman (2013) even goes
as far as to say, “Children stuck on a scary roller coasters sometimes close
their eyes and wait for the ride to end.
So, apparently, do grown-ups heading giant corporations in crisis” (p.
9). This article is rooted in deep economic analysis, a field in which Goodman
shines.
Peter
S. Goodman was born in New York City and graduated from Reed college in 1989. He has worked for several news outlets
including The Washington Post (as an
International Economics Correspondent), The
New York Times (as a key correspondent during the events of the 2008
economic recession) and currently The
Huffington Post (as the Executive Business Editor). It is clear that he has a strong background
in business and economic analysis, working for some of the most well known news
outlets in the world. Goodman has
received many awards and credentials throughout his career in journalism. Some of these include the 2005 Hugo Shong
Award and a citation in the Overseas Press Club. Both awards were direct results of his
foreign coverage in Asia during his time with The Washington Post.
Many different aspects of
Goodman’s expertise may have influenced this article, including his novel, PAST
DUE: The End of Easy Money and the Renewal of the American Economy, published
in 2009. In a New York Times Book Review, Barrett (2009) describes the book’s
major theme by saying, “The fairy
dust of easy money — heedless borrowing by homeowners and investment bankers
alike — has lost its magic, and now we have returned to harsh reality” (p.
1). This concept is very similar to the one
explored in “In Case of Emergency”. Both
consider the idea of “kicking the can down the road”, so to speak, in an effort
to minimize the impeding crisis of today only to experience its brutal
realities tomorrow. The close proximity
of the novel and article’s publications suggest that Goodman’s research and
analysis in “Past Due” may have heavily influenced and motivated his article
“In Case of Emergency”. The effects of the economic recession were still prevalent as well, creating an audience interested in things such as corporate transparency and financial crisis. Not only did
Goodman spend over a decade researching the origins of the economic recession,
but “Past Due” received numerous awards including one of Bloomberg’s Top 50
Business Books. It is clear that
Goodman’s ideas are incredibly credible and applicable to not only this
article, but all of his works worldwide.
References:
Barrett,
Paul (2009). The Years of Magical
Thinking. The NY Times. Retrieved
October, 8th, 2009 from http://www.nytimes.com/2009/10/11/books/review /Barrett-t.html?_r=0
Goodman,
Peter S (2010). In Case of Emercency: What Not to Do. The New
York Times, 1-10.
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