Lew is confirmed by Senate as Treasury secretary | Obama, Republicans plan last-minute talks on sequestration | The growing risk of being a CFO
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February 28, 2013
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Lew is confirmed by Senate as Treasury secretary
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The Senate voted 71-26 to confirm President Barack Obama's nomination of Jack Lew as secretary of the Treasury Department, replacing Timothy Geithner. Lew is a former director of the Office of Management and Budget and more recently served as Obama's chief of staff. In recent weeks, Republicans questioned Lew closely about his work at Citigroup. The Washington Post (2/27)
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Obama, Republicans plan last-minute talks on sequestration
President Barack Obama and Republican leaders have agreed to meet Friday to discuss a last-ditch effort to avert $85 billion in spending cuts. Speaking to The Business Council on Wednesday, Obama offered little hope that a deal will be achieved in time. Reuters (2/27), Politico (Washington, D.C.) (2/27), The New York Times (tiered subscription model) (2/27)
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Your Bottom Line
The growing risk of being a CFO
The range of legal liability attached to the CFO is widening, making the position riskier than ever, write John Carney and Francesca Harker of BakerHostetler. They note that the Securities and Exchange Commission "increasingly is pursuing claims against CFOs that do not allege actual wrongdoing" by targeting subordinates' action and alleging that the CFO "either certified the resulting reports or failed to implement adequate internal safeguards." CFO.com (2/26)
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Is it cost-effective to ban smokers from your company?
Banning candidates who smoke can reduce absenteeism and lower medical costs, but it also has a downside, including legal issues in many states. While such a prohibition has advocates, other experts say there are better ways to address smoking with employees. HRMorning.com (2/27)
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In the C-Suite
The underrated leadership quality of resilience
Resilience -- physical, emotional and spiritual -- often means the difference between having a great idea and bringing that idea to fruition, writes John McKinley, manager of the Global Fellows Program at Acumen Fund. "We need to remain focused on building leaders who have the resilience to face stubborn problems head on for lasting social impact," McKinley writes. Harvard Business Review online/HBR Blog Network (2/26)
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What you do on the weekend makes you successful during the week
Weekend activities need to rejuvenate you for the coming week, not exhaust you in advance, Jacquelyn Smith writes. Executives interviewed for this post don't let go of the office completely; they check e-mail. However, activities such as exercise, family and friend time and volunteerism are necessary to recharge. Forbes (2/22)
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On the Move
Chris Lynch becomes CFO at Rio Tinto Group
Lynch is a former CFO at BHP Billiton and more recently served as CEO of Transurban Group, an Australian toll road company. Bloomberg (2/28)
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AllOver Media taps Shaun Nugent as CFO
Nugent was CFO, then CEO of Sun Country Airlines. He was also co-founder and CFO of Rational Energies. American City Business Journals/Minneapolis/St. Paul, Minn. (2/27)
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Off the Charts
Calling middle-age couples who want to travel to Mars
Paragon Space Development is searching for recruits for a mission to Mars. Specifically, the company wants a man and a woman past child-bearing age, because the journey will take 501 days. The trip will begin in 2018, when Mars is unusually close to Earth. The Atlantic Wire (2/27)
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Editor's Note
SmartBrief blogs from FedGIS and ARPA-E
SmartBrief is blogging from the Esri Federal GIS Conference and the Department of Energy's ARPA-E Energy Innovation Summit this week. Here are a few topics we're writing about on SmartBrief's SmartBlogs network.
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Weekends are a great chance to reflect and be more introspective about bigger issues."
-- Spencer Rascoff, CEO of Zillow, as quoted by Forbes
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