Candid reflections of a businessman in Washington: interview with Secretary of the Treasury, W. Michael Blumenthal.
In the interview published by Fortune, W. Michael Blumenthal, Secretary of the Treasury and former Chief Executive Officer and Chairman of Bendix Corporation, discusses his transition from being a business executive to becoming a senior member of the cabinet. Blumenthal compares the workings of the corporate world with the ways of Washington. Essentially, he views the business world as less complex, allowing a manager flexibility as long as he performs successfully. In government, administrative practices are more regulated with most policy decisions determined in the public arena making the managerial process much slower and more complex. Despite the differences between the corporate world and Washington, Blumenthal identifies four basic management principles that are valid for both; (1) choose very good people; (2) learn to delegate authority; (3) know your facts; and (4) be honest. Blumenthal has found his tenure in government to be interesting and rewarding and encourages other businessmen to seek the challenge of government service.
D003132:Commerce; D006076:Government; D009934:Organization and Administration; D014481:United States