Fall 2002 Masters of the Arts Friends, Romans

HERMES MASTERS OF THE ARTS BY DIANA KATZ The management that makes for flawless performances and star-studded seasons at the Metropolitan Opera and the New York Philharmonic FRIENDS, ROMANS, COUNTRYMEN Cognoscenti of Italian business, from venture capital to heavy industry, real estate to automobiles HELD ACCOUNTABLE BY ITZHAK SHARAV Sizing up accounting distortions and audit failures, an expert does the math FALL 2002 HERMES Fall 2002 Features 6 MASTERS OF THE ARTS by Diana Katz From the Metropolitan Opera and the New York Philharmonic, reflections on life in the arts and the arts in our lives. CHRIS LEE, NEW YORK PHILHARMONIC 12 FRIENDS, ROMANS, COUNTRYMEN The world’s great arts Powerhouses of Italian business discuss their careers, their home organizations, including country and the enduring value of a Columbia MBA. the Metropolitan Opera (left) and the New York Philharmonic 18 HELD ACCOUNTABLE by Itzhak Sharav (above), depend not only on An expert in the field explains how new measures will crack down artistic genius but also on virtuoso business leadership. on accounting irregularities—for now. On the cover: 32 ENDPAPER: AN ETHICAL COMPASS by Russell L. Carson ’67 Left to right, James Levine, Navigating by one’s integrity, from the recipient of the artistic director, Metropolitan Opera, by Koichi Miura, and 2002 Botwinick Prize in Business Ethics. Lorin Maazel, music director and maestro, New York Philharmonic, by Chris Lee Departments Dean’s Message 2 Newsmakers 3 Alumni Relations 20 Class Notes 21 NEWSMAKERS NEW INVESTING CENTER FURTHERS THE GRAHAM AND DODD TRADITION he new Heilbrunn approach. His remarks pro- TCenter for Graham & voked an ardent follow-up Dodd Investing was formally discussion. launched on October 10 at “Value investing is a the 12th annual Graham & framework and philoso- Dodd Breakfast Seminar. phy,” Greenwald noted. “The Graham and Dodd “There is room to incor- tradition continues to thrive porate a wide range of at Columbia,” announced intelligent investors who Bruce Greenwald, the may not be strict Graham Robert Heilbrunn Professor SMITH BAER STUDIO and Dodders.” Professor Bruce Greenwald and Arthur J. Samberg at the of Finance and Asset Graham and Dodd Breakfast Seminar in October. Columbia Business School Management and director has educated some of the of the center. School’s role as the leading chairman and CEO of investing community’s most The research institute resource for today’s invest- Pequot Capital Management, celebrated practitioners, furthers seven decades of ment professionals. who pointed out that including Warren Buffett, pioneering work in invest- This year’s breakfast although he is not a strict MS ’51, Lee Cooperman ’67, ing theory and practice at featured a keynote speech value investor, he does Mario Gabelli ’67 and the School. It has already by Arthur J. Samberg ’67, follow aspects of the Charles Royce ’63. implemented several major initiatives: the Walter Schloss Value Investing NOW ONLINE: CHAZEN WEB JOURNAL Archives have been estab- dding to its wealth of a specific global lished; three new value international business theme—for the first, investing courses are A resources, the School has Entrepreneurship: offered (and as “heavily launched the Chazen Web Case Studies in oversubscribed” as the Journal of International African Enterprise original courses, says Business (www.gsb.columbia. Growth. The journal Greenwald); and, to com- edu/chazenjournal), a pio- features articles and plement Greenwald’s neering initiative providing research papers by academic leadership, the analysis of international busi- students and center has hired administra- ness issues and fostering faculty members, tive director Erin Bellissimo. exchange among a global interviews with corporate members of the Chazen With such events as the community of business lead- leaders and reader feedback Society each year.” Graham & Dodd Breakfast ers, students and faculty online. Content can be down- Seminar, the center pro- members. Professor Elke Weber, who loaded by managers at motes the value-investing Led by students in the became academic director global companies, MBA principles of pioneers Chazen Society, the journal of the institute in August, students looking for study Benjamin Graham and is produced twice a year remarks that, among other resources and faculty mem- David Dodd, MS ’21; under the aegis of the things, “the journal provides bers seeking to supplement improves investing through Jerome A. Chazen Institute valuable training for the course materials. education, research and of International Business. group of distinguished MBA dialogue; and furthers the Each issue focuses on students selected to be FALL 2002 HERMES 3 NEWSMAKERS MBA POWER LUNCHES (AND BREAKFASTS) ot surprisingly, last summer in class instead of meeting with Kravis, was Nsummer when the internships, signed on. struck by Kravis’s efforts to Dean’s Office invited stu- Executive participants connect with students. dents on campus to dine included Daniele D. “We were treated like any with some of the world’s Bodini ’72; Russell L. other businesspeople,” he foremost business leaders, Carson ’67; J. Michael Cook; explains. “It was two hours “there was a mad rush to Leon G. Cooperman ’67; on a weekday morning, but sign up,” says Jonathan Charles E. Exley, Jr. ’54; he was clearly there for us.” Brolin ’03. Mario J. Gabelli ’67; The experience “made me Twenty members of the Nathan Gantcher ’64; realize for the first time the Board of Overseers and the Paul B. Guenther ’64; Ehud real power of the Columbia Executives-in-Residence Houminer; Ari Kopelman ’62; network,” says Lesley Program met with MBAs Henry R. Kravis ’69; Leanne Hayden ’03, who lunched in small groups over lunch Lachman; Peter K. Loeb ’61; with Bodini. She also or breakfast to offer insight Jerry I. Speyer ’64; Sabin gleaned “an inspiring into their success and dis- Streeter ’67; and Donald C. glimpse of what we might cuss students’ own goals. Waite III ’66. all become.” Nearly 200 January term– Brolin, who garnered a “There was an inherent entry students, who spend coveted place at a breakfast common bond,” says Peter Gingold ’03 of the rapport between students and both GE CHAIRMAN AND CEO IMMELT KICKS OFF SILFEN LEADERSHIP SERIES Carson and Gabelli—even though, he laughs, “We were all starstruck.” tudents, faculty mem- Europe. “We have the lux- The series is “part of a Sbers and guests filled ury to redefine the portfolio larger program specific to the Miller Theatre on for the next generation,” he the needs of January-term September 27 for a presen- said, naming health care, students,” says Safwan Masri, tation by Jeffrey R. Immelt, security and infrastructure vice dean of students and chairman and CEO of the businesses outside the the MBA Programs. “This is General Electric Company. United States as targets for one way to offer an oppor- Immelt shared his thoughts growth. tunity that they wouldn’t on a variety of topics rang- He advised students, “You have otherwise,” he adds. ing from the state of the have an opportunity in your Confirming it would be economy to leadership and lifetime to make a differ- offered again, Masri says, integrity in the workplace. ence. The most important “Almost every student who SMITH BAER STUDIO With GE for more than decision you’ll make during was here for the summer 20 years, Immelt was presi- structured methods for these two years is, Are you signed up for it.” dent and CEO of GE Medical change and continually going to be a giver or a Brolin laughs, “I was Systems, an $8 billion invested in “people, culture taker?” telling people the whole segment of the company, and systems.” GE spends Immelt, one of several day that it was worth the before he succeeded Jack $1 billion a year on executives speaking as part price of admission just for Welch in 2001. employee training. of the annual David and Lyn that breakfast. Those were Expounding on the man- Immelt said his goals Silfen Leadership Series, some expensive blueberry agement strategy of GE, include expanding GE’s attended the event with pancakes, but I think they Immelt said it followed a technology interests and Keith S. Sherin ’91, GE’s were worth it.” business model, drove a broadening its global reach, senior vice president, performance culture, especially in China and finance, and CFO. 4 HERMES FALL 2002 NEWSMAKERS SEVEN APPOINTMENTS TO THE FACULTY his fall, seven full-time Daniel Ames Kenneth Marc Giannoni Ayotte Assistant faculty members joined Assistant T Professor, Assistant Professor, the School, bringing with Management Professor, Finance and them outstanding creden- Finance and Economics tials. Their countries of Economics origin are diverse: Denmark, Israel, Switzerland, Turkey, For the past two years, Professor Ayotte is com- Professor Giannoni held an Ukraine and the United Professor Ames has been a pleting his PhD in the assistant professorship at States. postdoctoral research fellow economics department at the Federal Reserve Bank in Columbia’s psychology Princeton University. His before joining the School. department and the associ- general area of expertise is He received a PhD from ate director of Columbia’s corporate finance. In addi- Princeton University and a Center for Decision tion to studying bankruptcy BA in economics and an Sciences. Earlier, he was in and entrepreneurship for MA in economics and the psychology department his dissertation, Ayotte finance from the University at the University of researches patterns in exec- of Geneva. He is a dual California,

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