Any experienced investor could give a dissertation on the utmost importance of good senior management toward the success of any enterprise. This seems to be lost on the Boards of Directors of both Citigroup Inc. (NYSE: C) and the New York Knickerbockers NBA franchise.
Last week the Knicks suffered another embarrassing moment during the reign of Isaiah Thomas as General Manager and Coach of the team. A jury awarded a plaintiff $11,600,000 in a sexual harassment case against Thomas and the Knicks. Thomas has squirmed around in the executive suite for a long time, and after numerous bad trades and draft picks, he let a great coach go only to decide to pace the hardwood himself. After all the wheeling and dealing, it is long overdue for a change at the top of the Knicks organization. My comment comes at the end of a long list of people that have been saying the same thing for years -- but now the feeling is almost unanimous throughout the sports world.
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