Albers is accredited by AACSB International - The Association to Advance Collegiate Schools of Business. As of July 2014, less than five percent of the world’s business schools and less than one third of U.S. business schools have achieved business accreditation from AACSB.
Leo Hindery, Managing Partner of InterMedia Partners and
former CEO of AT&T Broadband and The YES Network, visited
campus on May 28th. Leo graduated from the Albers School as
an economics major in 1969, so it was great to welcome him back to
campus. He spent the day speaking to classes and finished off
as the final speaker in the 2012-13 Albers Executive Speaker
Throughout the day, Leo emphasized several themes that are import
to him. First, he is concerned about the decline of
manufacturing employment in the. US. He feels it is essential
in order to supply decent jobs and income to a significant share of
the population. He laments that the US does not have a
manufacturing policy and tolerates what he sees as unfair
competition from China. He notes that our manufacturing trade
deficit largely stems from China, yet we let China manipulate its
currency and heavily subsidize its industrial sector.
A second concern is the large federal deficit, which he ties to
excesses in defense spending, social security, and Medicare.
He noted how the deficits force us to borrow overseas from nations
such as China, but was unsure of whether that gave China leverage
on the US or the US on China. Either way, it is the case that
if a nation is borrowing from abroad a nation must run a trade
deficit -- the two go hand in hand, which is not a well understood
A third concern is the growing inequality in income and wealth in
the US. He focused on the outsized compensation of CEOs, who
on average earn more than 350 times what the average employee in
the firm makes. It was not so long ago when that was 75 to
1. He traced this to the rise of the belief that maximizing
shareholder value is the one and only duty of a firm, as well as
the rise of "trickle down" economics.
This has all been solidified with corporate campaign contributions
that distort the electoral process and are changing the
effectiveness of government. He estimates that in the 2012
campaign cycle $8.5 billion was spent by industry to influence the
He believes that growing inequality and loss of voice in public
policy are a civil rights issue. He feels that the SEC, FCC,
public pension plans, and civil rights groups all have it within
their power to challenge these trends and push back the
rising tide of inequality.
Later in his career, Leo has become identified with the Democratic
Party and like minded causes, so it was not a surprise that this
CEO did not sound like the typical CEO. Earlier in the day,
in answer to a question, he offered that one of his regrets is that
he did not take up these issues earlier in his career -- that he
was too focused on his business career. That may be, but if
he had not been working so hard and established the track record of
success he has, he would not have the same credibility and moral
authority he has today to speak to these important issues.
It was great to have Leo Hindery on campus and a great opportunity
for our students to hear from arguably one of Seattle University's
most influential alums. Leo recently had back surgery and we
may have asked him to do too much in one day, but he was a real
trooper and rose to the occasion. That shows his commitment
to SU is strong!
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