Chicago Booth in the News, Spring 2011, Vol. 4
(Covering April 30 to May 31, 2011)
Here are highlights of the latest Chicago Booth news coverage. The digest below represents only a portion of recent coverage.
Section 1: News coverage of Chicago Booth.
- CHICAGO TRIBUNE. “Jobs improve for Kellogg and Booth grads,” was the headline of an article published May 9. This year’s MBA graduates are finding greater job opportunities than they have the last couple of years, the article said. Although employment still has not returned to the peak of the market in 2007, it is close to the four year average that preceded the recession and stock market downturn, said Dean Kumar. Read more
- MARKET NEWS INTERNATIONAL. Spring interviewing for this year’s Booth graduates is busy, according to a May 3 article. “Companies are revisiting some of the candidates they met with in the fall whom they liked but didn’t have positions for then,” said Christy Leak, director of relationship management in Booth’s career services. “This is a new development.” Recent job postings at Booth have shown an uptick in finance, management consulting, e-commerce, technology and private equity, she said. Read more
- CHALLENGES MAGAZINE (France). Chicago Booth was third in a ranking of the world’s 30 best M.B.A. programs published by this business magazine May 5. The top 10 schools were 1) Harvard, 2) Wharton 3) Booth, 4) Stanford, 5) London Business School, 6) IESE (Spain), 7) IMD (Switzerland), 8) Insead (France) and Columbia tied, and 10) MIT. A separate list of the top 5 MBA programs in England – not a ranking -- includes Booth’s Executive MBA Program in London, London Business School, Cambridge, Oxford and Cranfield.
- CHINA TELEVISION NETWORK. Dean Kumar and Chicago Booth were featured during a 25-minute broadcast of “CFC Conversation,” broadcast May 5. Dean Kumar said his priorities for the school are to broaden Booth’s impact beyond its traditional strengths of finance, economics and accounting, and to enhance the impact Booth has on the practice of management and public policy. “One of the most rewarding parts of my job as dean is to attract talented faculty, nurture them to where they become stars, and then retain them once they become stars,” he said. While Booth is in terrific shape, “sitting still and doing nothing is definitely not the answer,” Dean Kumar said, which is why one of his first actions as dean was to appoint a faculty committee to examine the school’s global strategy and make recommendations on changes, if necessary. Read more
- BLOOMBERG NEWS. Booth faculty started a partnership with Bloomberg News in which they will write a weekly op-ed column called Business Class, which will be published every Friday as part of Bloomberg View, a new opinion section of its website, Bloomberg announced May 27. The inaugural column, “Make Money Market Funds Go to Market,” was written by Professor Luigi Zingales. Read more. Other contributors will include influential Booth faculty in a variety of disciplines. The columns will appear on Bloomberg’s website and terminals, and will also be posted on the blog of Booth’s Initiative on Global Markets.
- FORBES. Chicago Booth’s annual Management Conference made news May 21 in an article headlined “The Competition for Tomorrow’s Car: Today’s Car.” The article summarized a panel discussion at the conference featuring Professor Robert Topel, Bill Reinert, designer of the Toyota Prius, and Linda Capuano, Marathon Oil’s vice president for emerging technologies.
- FORTUNE. Release of the latest Chicago Booth/Kellogg School Financial Trust Index made news May 12. Half of the people surveyed believe the stock market is likely to drop 30% over the next 12 months, Fortune reported. That’s up from 41% at the time of the previous survey, in December 2010. “The latest findings show how fragile and temperamental the country’s financial system is right now, even as we slowly climb out of the recession,” said Professor Luigi Zingales, co-author of the index with a Kellogg faculty member.
- FINANCIAL TIMES. Chicago Booth ranked 16th in the newspaper’s annual ranking of non-degree, open enrollment executive education programs published May 9. Last year Booth ranked 20th. In custom corporate programs Booth was 22nd this year, the same as last year. Read more
- SOUTH CHINA MORNING POST (Hong Kong). A feature article about Dean Kumar and his first months as dean was published May 7. “I like to describe myself as combing an insider’s values with an outsider’s eye,” he said. “My style is quite deliberative, so I want to understand what the organization does and why it does things a certain way. Maintaining the status quo or standing still is not a strategy, but making changes just to take the credit is also myopic. I aim to foster a culture of innovation so that we can keep enhancing the courses,” Dean Kumar said. Read more
- CHINA BUSINESS NEWS (Beijing). Chicago Booth is expanding its outreach to employers in China and throughout Asia in an effort increase career opportunities for students and alumni, according to an article published April 19. Based on an interview with Dean Kumar in Beijing, the article also noted that between 15 and 20 students from China typically enter Booth’s full-time MBA program each year.
- U.S. NEWS & WORLD REPORT. Booth’s Impact Investing Summit, scheduled for June 13, was featured in an article headlined “M.B.A. Programs Invest in Social Good,” published May 20. Impact investing is an emerging field that has taken top business schools by storm, the article said. Unlike traditional socially responsible investing, impact investing channels large-scale private capital for social benefit. Read more
- FINANCIAL TIMES. Chicago Booth was featured in an article headlined “Students juggle start-ups,” published May 30. “As options expand, schools are becoming known for entrepreneurship offerings alongside established tracks, the article said. “People apply to Chicago do to entrepreneurship, I don’t think that happened 10 years ago,” said Professor Steven Kaplan. Enrollment in Booth’s entrepreneurship courses tripled in the past 15 years, the article said, with 300 of the 581 students graduating with a concentration last year. “As an entrepreneur you want to work 24 hours a day and it’s very hard to balance that with school,” said Uzi Shmilovici, MBA ’11. Read more
- BLOOMBERG BUSINESSWEEK. Chicago Booth was featured in an article headlined “For Chinese Women, U.S. MBAs Are All the Rage.” Helen Ma, MBA ’12 spent five years as an accountant in Beijing before enrolling at Booth, the article said. She is one of 15 students from mainland China in her class, and more than half of them are women, she said. “Many Chinese companies are expanding their businesses and, in the long run, they would like to hire people that have this overseas education background and working experience.” The article was published May 5. Read more
Section 2: News coverage quoting Chicago Booth faculty.
- FINANCIAL TIMES. Professor Raghuram Rajan wrote an op-ed titled “Don’t let another politician run the IMF,” published May 20. “The fund plays its role better when it becomes the scapegoat politicians blame, rather than when it wants to be loved,” he wrote. Professor Rajan is a former chief economist for the IMF. Read more
- THE ECONOMIST. Professor Luigi Zingales wrote an online commentary titled “The next managing director of the IMF should definitely not be a European,” posted May 20. “Ideally, s/he should not come from the traditional Western World either,” he wrote. “If the IMF wants to be a truly international institution and not just a leftover of WWII, it should be representative of the world. In this respect a managing director coming from China or India would be ideal.” Read more
- CNN.COM. Professor Raghuram Rajan and Clinical Professor Brian Barry wrote an op-ed titled “More Competition Needed in Education” posted May 16. “Improving education remains one of the clearest ways that governments can make a lasting positive economic impact,” they wrote. “A well-functioning education system is the most effective way to help equip people with the knowledge and skills they need to boost incomes and compete in a globalized economy. The key to such a system is embracing the role that competition can play in delivering better education to students.” Read more
- FINANCIAL TIMES. Clinical Professor James Schrager wrote a commentary in the special section “Mastering Growth: The case for business growth,” May 18. “Growth should always be pursued, as expansion drives rewards for investors and managers,” he wrote. “It is harder in 54difficult times, but special opportunities are often available when the economy slows – acquisition prices are reduced, providing growth potential at a discount. Tough times can weaken competitors. Although stock prices and pay packages may not respond immediately, once the market resets, foundations set in adversity can later power big gains.” Read more
- REUTERS TELEVISON. A lecture by Visiting Professor Axel Weber was broadcast May 25. Professor Weber, former president of the Deutsche Bundesbank, spoke on “The Future of Economic Governance in the Euro Area: Quo vadis?” The lecture was part of the Myron Scholes Global Markets Forum presented by Booth’s Initiative on Global Markets. The entire lecture can be seen here:
- PBS TELEVISION. Research by Professor Lubos Pastor on the long-run volatility of stock was featured on Consuelo Mack’s Wealthtrack May 27. Professor Pastor questions the conventional wisdom of stocks for the long run. The research is forthcoming in the Journal of Finance. Visit the Wealthtrack website
- THE WALL STREET JOURNAL. Professor Steven Kaplan was quoted in an article about the turnover rate for CEOs. When stock markets and industries perform well, chief executives tend to get the credit, even if the buoying forces are beyond their control, he said. Conversely, when markets perform poorly, CEOs are punished, Professor Kaplan said. “It’s human nature. When the economy is not doing well, it’s much easier to seek a change.” That correlation with performance holds even when taking into account CEOs who claim in official releases that they’re retiring to spend more time with family or other personal reasons, Professor Kaplan said in the article published May 17. Read more
- DOW JONES NEWSWIRES. Professor Randall Kroszner was quoted in an article headlined “Oil, Food Push Consumer Prices Up,” published May 13. Rising gasoline and food costs continued to drive an increase in inflation last month, the article said, but there were few signs of a broader price rise. “The report is very much consistent with the Fed views,” Professor Kroszner said. “We’re not seeing inflation pressures, and since commodity prices have retreated recently, the headline inflation rise is likely to be transitory.” Read more
- FORTUNE. Professor John Huizinga was quoted in an article headlined “Inflation: Poison for Obama in 2012.” Inflation affects voting behavior, the article said, and could exacerbate already widespread anxiety and uncertainty about a struggling economy and President Obama’s reaction to it. While unemployment affects some people – and rattles many more – “inflation affects everyone,” Professor Huizinga said in the article published May 9. Read more
- NATIONAL REVIEW. An article headlined “John Cochrane on the Power of the Bond Market,” was published May 4. Professor Cochrane “has written a lucid, informative Wall Street Journal op-ed on why we should care about our long-run spending trajectory,” the article said. Read more
- BARRONS. Professor Raghuram Rajan was quoted in an article about fears of a European sovereign-debt crisis. “The system can handle a Greek restructuring, though the ECB (European Central Bank) will probably need to hit up its members for more capital,” he said in the May 28 article. Read more
- CITY JOURNAL. Professor Luigi Zingales wrote an op-ed titled “Dodging the Trump Bullet, Americans – and Republicans – are lucky that the Donald has bowed out,” published May 19. “The only thing more frightening than Trump’s running for president would be Trump’s getting elected president,” he wrote. “I know something about this: I come from Italy, a country that has elected as prime minister the Trumplike Silvio Berlusconi.” This magazine is published by the Manhattan Institute. Read more
- CHICAGO TRIBUNE. Clinical Professor James Schrager was quoted in an article about Microsoft’s purchase of Skype for $8.5 billion. “The question is, what’s the point here?” Professor Schrager said. “They seem to by buying an interesting company to which Microsoft doesn’t really add anything.” After the purchase was announced, Microsoft’s stock lost about 1% in regular trading. The article was published May 11.
- CHICAGO TRIBUNE. Professor Luigi Zingales was quoted in a front page article headlined “Sinking values prompting homeowners to consider strategic default as best business decision,” published May 22. The decision isn’t made overnight. “You see the house price dropping, you don’t walk away the next day,” he said. “You hope that the first time the condo next to you sold for half price, that it isn’t going to happen to (you.)” Read more
- CNBC TELEVISION. Professor Randall Kroszner discussed the inflation outlook during a live interview May 13. There have been a lot of temporary pressures on prices, he said, but he doesn’t see this as being a long term trend. One of the biggest drivers of inflation is wage growth and we haven’t seen a big uptick there, Professor Kroszner said. The interview begins at the 4:30 mark in this video.
- THE ECONOMIST. Professor Anil Kashyap was cited in an article about whether bank capital requirements should be increased. In America and Europe the huge growth of money-market funds and of the shadow banking system in the decades before the crisis largely reflected a shift of risk away from banks to escape regulatory capital charges, the article said. One solution might be to widen the definition of banks and banking to encompass lending of all kinds. Professor Kashyap is among those who feel regulators should impose capital-like rules on repo markets, according to the article published May 12. Read more
- PEOPLE’S DAILY (Beijing). Professor Randall Kroszner was featured in an article headlined “Ex-Fed official proposes more China-U.S. cooperation in financial regulation.” Cooperation is needed in the development of a central clearing platform, which is an international entity that could offer more information on risk concentration, he said. The article was published May 12 and noted that Professor Kroszner is a former governor of the Federal Reserve System.
- ASSOCIATED PRESS. Professor Canice Prendergast was quoted in an article headlined “Yankees face an age-old question: How to handle stars when they near the end?” In business as in sports “There is a tendency to want to hold onto people who’ve been productive for far too long,” he said. “The danger is sometimes that things tail off, and we don’t understand that.” The article was published May 28.
- PENSIONS & INVESTMENTS. Professor Steven Kaplan was quoted in an article about the future of venture capital. While VC firms raised more capital in the first quarter of 2011 then they had in other initial quarters since 2001, total venture capital fundraising has been falling steadily for at least the last five years, the May 2 article said. “Historically, venture capital is not doing so well,” Professor Kaplan said. “Some venture capital firms will not be able to raise funds and they will slink out of business.” Read more
- LOS ANGELES TIMES. Research by Professor Christopher Hsee was featured in an article headlined “China checks its own mood; Happiness becomes a favorite topic among politicians. But polls show that citizens aren’t so cheery,” published May 16. Why is the Chinese government suddenly jumping on the happiness bandwagon? The concept of happiness is a natural corollary of the Communist Party’s propaganda about creating a “harmonious society,” Professor Hsee said. “Happiness is a subject that is consistent with harmony.” Read more
- KGO-TV (San Francisco). Professor John Huizinga appeared on camera in a news story about the NFL lockout and the battle for free agency of professional athletes. “As an agent representing players, I’d love to see players be able to go wherever they want,” he said. “Most of us have the right to work for whoever we want.” Professor Huizinga is the agent for NBA star Yao Ming of the Houston Rockets. The story was broadcast April 29. Read more
- THE NEW YORK TIMES. Research by Professor Richard Thaler was featured in an article about behavioral economics published May 1. He found that people were generally likely to save more if asked to “precommit” to doing so in the future, the article said. The findings have been incorporated in many 401(k) plans. By agreeing to deduct a certain amount of money from your paycheck starting next Jan. 1 and to increase the deduction every New Year’s Day thereafter, you can procrastinate – you don’t have to do anything now – yet increase your savings substantially. Read more
- FINANCIAL EXPRESS (India). Research by Professor Christian Leuz on corporate governance was featured in column published May 11. The column was devoted entirely to Professor Leuz’s recent study, “Do Foreigners Invest Less in Poorly Governed Firms?” He found that foreigners are wavy of investing in a firm in which the managers are also its controlling shareholders since foreign investors fear that these “insider” may not act in the investors’ best interest, according to the article.
- THE STANFORD DAILY. Professor John Huizinga discussed his research disproving the “hot hand” phenomenon of basketball players at a conference hosted by the Stanford Institute for Economic Policy Research, according to an article published May 2. The idea that a player can get on a streak during the course of the game and become much more likely to make baskets is not backed-up by the data, he said. An NBA player is significantly less likely to make a shot if he has made his previous shot, Professor Huizinga said, the opposite of what we would expect if a “hot hand” effect were operating. Read more
- CHINA DAILY. Professor Robert Fogel’s latest book, “The Changing Body: Health, Nutrition, and Human Development in the Western World Since 1700,” was featured in an article headlined “A human growth spurt as technology advances,” published May 8. The book was featured earlier in The New York Times.
- HUFFINGTON POST. Professor Gary Becker was featured in a Q&A interview headlined “Roadmap for U.S. Recovery: How to Keep the Bush-era Tax Cuts, Invest in Clean Energy and Still Get Ahead,” published May 8. When asked what the best cost-cutting strategy should be for the federal government, he pointed to Social Security, Medicare and Medicaid. “We have to make some adjustments. We could delay the age of eligibility for Social Security to age 70, which is not an unreasonable age with modern health. Medicare should be means-tested. When higher-income people can afford it, they should get much smaller subsidies from the government.” Read more
- XINHUA NEWS (China). Professor Randall Kroszner was featured in an article headlined “Ex-Fed official says U.S. monetary policy unlikely to reverse before rapid change in inflation expectations,” published May 12. “A movement of 50-75 basis points is seen as rapid change over the long run and would raise a warning flag for the Fed to react sooner rather than later,” he said. The difference between the price of Treasury inflation-protected securities (TIPS) and regular Treasury bonds is a good indicator of market expectations for inflation, Professor Kroszner said. Read more
- PROJECT SYNDICATE. A commentary written by Professor Luigi Zingales titled “The Derivatives Market’s Helpful Enemies,” was distributed May 18 by the news service. “The launch of two European antitrust investigations into the market for credit default swaps (CDS) might appear to be no more than a political vendetta against one of the alleged culprits behind the 2010 European sovereign-debt crisis,” he wrote. “In fact, the ideological bias of Europeans against CDS might be beneficial in the long term for the development of a better market for CDS, and for derivatives in general.” Read more
- EL MERCURIO (Santiago). Professor Randall Kroszner was featured in a Q&A article about the U.S. economy and the Federal Reserve Board published April 28. He was a Fed governor from 2006 to 2009.
- CFO MAGAZINE. Professor Luigi Zingales was quoted in an article headlined “Can CFOs Be Whistle-blowers?” Draft legislation would exclude CFOs from collecting a whistle-blower bounty created under the Dodd-Frank Act, the article noted. Limiting the ability of a company’s top executives to cash in on fraud that happened on their watch – even if they are not culpable –makes sense, said Professor Zingales. “It would be reasonable to say that if you are the CFO and find something that doesn’t work, you should resign,” he said. “You shouldn’t profit.” The article was published May 13.
- BLOOMBERG NEWS. Professor Richard Thaler was quoted in an article headlined “Banks Say Simpler Mortgage Form Could ‘Stifle’ New Products.” He met with Elizabeth Warren, head of the Consumer Financial Protection Bureau and urged her to offer protection against lawsuits as a way to entice lenders to offer “plain vanilla” products instead of complex loans more likely to be misunderstood by consumers, the May 18 article said. “Disclosure has limits if we allow products to be complicated,” Professor Thaler said. “If you allow for lots of innovation, then the disclosure problems become insurmountable.” Read more
- REUTERS. Research by Assistant Professor Tarek Hassan was cited in an article about market efficiency. In the study, he argues that market prices, far from efficiently incorporating all available information, are distorted by small errors of judgment, Reuters reported. The article was published May 18. Read more
- BLOOMBERG NEWS. Assistant Professor Adair Morse was quoted in an article about corporate whistleblowers. A bill in Congress would remove some financial incentives for reporting wrongdoing to the SEC, the May 11 article said, but Professor Morse said whistleblowers should be rewarded. “None of them remain on their jobs,” because they are fired or quit, she said, adding that finding a new job is hard. “You have to pay whistleblowers to go into retirement.” Read more
- FINANCIAL TIMES. Adjunct Professor Brad Keywell was profiled in an article headlined “Tech backer flies high in the windy city.” He is one of two founder of Lightbank, “an investment company driving Chicago’s emergence as a technology hub,” the article said. Lightbank’s best-known investment is Groupon “which is now rumored to be heading for an initial public offering this year at a valuation of more than $20 billion,” according to the May 21 article. Read more
- WGN RADIO (Chicago). Clinical Associate Professor Craig Wortman discussed the need for storytelling to make communication effective during an appearance on Bill Moller’s talk show May 21. “We are wired for a narrative impulse,” Professor Wortman said. Read more
- BLOOMBERG NEWS. Professor Steven Kaplan was quoted in an article about Freescale Semicounductor’s sale of its shares at a 36 percent discount to what private-equity owners paid as it attempts the biggest initial public officering of U.S. technology company since Google. Freescale was among the largest LBOs in 2006 and 2007. “This is a deal I’m sure they regret having done,” Professor Kaplan said. “Still, at some point, people though it was going to be a complete zero. Going from a zero to whatever it is today is a win, so give them some credit.” The article was published May 25.
- SEEKING ALPHA.COM. A review of the new book by Professor Randall Kroszner was published May 17. “Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank,” is a “thoughtful book,” that grew out of a symposium on public policy, the article said. The book is co-written with Robert Shiller, a Yale faculty member. Read more
- O ESTADAO DE SAO PAULO (Brazil). Professor Randall Kroszner discussed the U.S. economy and actions by the Federal Reserve Board in an interview published May 25 in this leading newspaper.
- MARKETWATCH. Professor Luigi Zingales was cited in an article about the costs facing homeowners who decide to default on their mortgages even though they can afford to make the payments. The number of strategic defaults peaked in September 2010 and has been falling since then, Professor Zingales said in the article published May 18. Read more
- THE WALL STREET JOURNAL. Research by Visiting Associate Professor Utpal Bhattacharya was featured in an article headlined “Corporate Survival Risk Peaks At Three Years,” published May 9. Public companies face the greatest threat to their survival in the third year after their IPO, his study found, challenging the conventional wisdom that companies lower their mortality risk with each passing year. Read more
- SAN DIEGO READER. The new book by Professor Tobias Moskowitz was reviewed in a column headlined “Hometown Bias,” published May 11. Scorecasting is “a delightful new book,” the review said. Professor Moskowitz and co-author Jon Wertheim “apply exhaustive statistical analysis to sports of all kinds and reach some iconoclastic conclusions that blindly devoted fans may not like but would be well advised to study.” Read more
Section 3: Chicago Booth students and alumni in the news.
- THE WALL STREET JOURNAL. Byron Trott, MBA ’82 was featured in an article headlined “The Midwest Medicis’ Favorite Financier,” published May 17. He runs BDT Capital, a $2 billion firm whose slogan is “The Merchant Bank to the Closely Held.” Trott “is perhaps the world’s most famous investment banker,” the article said. Before starting BDT Capital he was vice chairman of Goldman Sachs, joining the firm immediately after graduating from Booth. Read more
- BLOOMBERG BUSINESSWEEK. Jacob Mintz and David Lieb, both on academic leave from the Full-time MBA program, were named among the 30 most promising technology entrepreneurs in an article published May 17. They founded Bump Technologies while at Booth. The information-sharing app has been downloaded 32 million times, according to the article. Bump shared first place in the 2009 New Venture Challenge and has gone on to raise $20 million in funding. Read more
- THE WALL STREET JOURNAL. Daniel Holland, MBA ’08 was featured in the “Best on the Street” survey as the No. 1 stock analyst in electronics and electrical equipment. “Trying to break down a stock’s story for investors in very simple terms is what I try to do,” he said in the article published May 10. Holland likes “as little jargon as possible,” because he wants investors to understand his argument. He is an equity analyst at Morningstar. Read more
- THE WALL STREET JOURNAL. David Whiston, MBA ‘07 was featured in the “Best on the Street” survey as the No. 1 stock analyst in specialty retailers and services. He is an equity analyst at Morningstar and earned the top spot “with timely recommendations to buy shares in car-dealership companies,” the article said. In 2011, his favorite picks are shares of auto makers such as General Motors Co. and Ford Motor Co., since he expects new-car sales to continue climbing back from the depths of the recession, according to the Journal. Read more
- CRAIN’S CHICAGO BUSINESS. Mary Tolan, MBA ’92 (XP-61) was included on the list of “Women to Watch in 2011,” published May 2. She is founder and CEO of Accretive Health. “Ms. Tolan last year guided the company she founded in 2003 through an initial public offering after posting earnings that nearly doubled and revenue that rose to $606.3 million from $510 million the year before,” the article said. Read more
- CRAIN’S CHICAGO BUSINESS. William Osborne, MBA ’01 (XP-70) was appointed vice president of custom products at Navistar International Corp., according to an article published May 3. Previously he was a member of Navistar’s board of directors. In his new role he will lead the company’s Monaco recreational vehicle and Workhorse custom bus, motor home and commercial chassis lines, the article said. Read more
- THE EUROMONEY/INSTITUTIONAL INVESTOR ONLINE PORTAL (emii.com). William Pescatello, MBA ’06 was named a principal of Lightbank, an investment fund started by Groupon co-founders Eric Lefkofsky and Brad Keywell, according to a May 3 article. Read more
- FINANCIAL EXPRESS (India). Rahul Gagerna, MBA ’11 (AXP-10) was profiled April 29 as one of the top marketers in India. He is senior vice president for marketing at Radico Khaitan in New Delhi.
- PR NEWSWIRE. Roger Lehman, MBA ’91 was hired by Credit Suisse as managing director and head of commercial mortgage-backed securities research, according to an announcement May 5. He will be responsible for research and analysis that will support the bank’s re-entry into CMBS origination as well as its secondary trading desk. After graduating from Booth, he joined Bank of America Merrill Lynch, most recently serving as co-head of structured finance research, the announcement said.
- CNBC ASIA. Theodore Hornbein, MBA ’05 (AXP-4) appeared on Squawk Box Asia May 23. The interview focused on the challenges U.S. manufacturers are facing in China. He is managing director of Richo China, Shanghai.