NY + NJ = Double-Dysfunctional

The Port Authority of New York and New Jersey–a ninety year old agency with two governmental parents who’ve never let go–is up to a four billion and counting cost overrun for the Freedom Tower complex rising on the World Trade Center site. The two first-term governors–New Jersey’s Christie and New York’s Coumo–want better management, but somehow overlook how political tentacles winding through the Port Authority from each state do much to gum up the works.  http://www.nytimes.com/2012/02/08/nyregion/port-authority-called-dysfunctional-by-auditors.html

Fannie, Where’s My Mortgage?

Vast quantities of mortgage documentation flying every which way, from Fannie Mae to banks to successive mortgage servicers to foreclosure firms, often defying the ability of any participant to keep track, or even keep the paperwork legal. Didn’t matter.  Homeowners got double-whammied by different holders of their home loan notes.  Or collection and foreclosures moved forward with missing documentation and forged affidavits.  http://www.nytimes.com/2012/02/05/business/mortgage-tornado-warning-unheeded.html

Paterno–Boss of Bosses

Powerful individuals can invert organizational hierarchy.  They boss their bosses or win immunity from supervision.  Joe Paterno’s “fuggedaboudit” to 2004 retirement urgings by Penn State’s President and Athletic Director was characteristic.  Or, as he made clear twenty years earlier to an old friend who was then General Manager of the Cleveland Browns feeling Joe out about becoming head coach, ‘If I take that job, you’re working for me. I’m not working for you.’ Philly Inquirer, 1/30/12.