Jim O’Neill, former president of Northrop Grumman Corporation’s $4.5 billion Information Technology sector, which provides advanced IT engineering and business solutions for government, has been appointed to head Siemens Enterprise Communications Group. O’Neill will be based in Munich and have responsibility for the 14,000 person worldwide operation with 2007 revenues of 3.2 Billion Euros ($4.49B).
Siemens Enterprise Communications is a joint venture between the private equity firm The Gores Group, a leading private equity firm, and Siemens AG. Read the press release
A native of Ireland who became an American citizen in 1976, O’Neill, 54, has extensive international executive management experience with an emphasis on networks and electronics as well as large system integration, communications and computer technology. He most recently served as CEO of CompuDyne Corporation, a leading provider of products and services to the public security market. CompuDyne is also owned by The Gores Group.
Read our recent interview with Jim O’Neill.
For those who follow Siemens locally, they know the government sector is managed by Dave Patterson. Read David Patterson’s interview
Do you know what a Credit Default Swap (CDS) is?
You should. It just paralyzed the financial markets and crushed your retirement account's growth. It was the second explosion you heard just after the price of oil blew through the sound barrier. According to Fortune, the CDS market is estimated at $54.6 Trillion. Basically, the idea behind the writing of many risky loans was that they would be insured in the event of a default. The CDS’s are exchanged privately, according to Fortune, and therefore are not publicly regulated.
“This has become essentially the dark matter of the financial universe.” said Chris Wolf, of Hedge Fund Cogo Wolf. Read the Fortune article here.
While you were busy losing money in the stock market . . .
The super rich Russian's were busy spending their vast resources of petro dollars. As reported by Reuters, one Russian paid the equivalent of $99 Million dollars for a townhome within walking distance of the Kremlin.Think about that the next time you fill up. Read more.
Register now for the Potomac Officers Club upcoming (members only) event about the technology that is impacting the presidential campaign. Governor Kaine will be joined by Julius Genachowski and Virginia Secretary of Technology Aneesh Chopra.
This Week's Interview, Senatorial Candidate Jim Gilmore
ExecutiveBiz spoke with former Virginia Governor Jim Gilmore about his current race for the Senate. He talks about the three most common issues he is hearing about from Virginians. Read the interview