Lena G. Goldberg

James M. Collins Senior Lecturer

Unit: General Management

Contact:

(617) 495-6208

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Lena G. Goldberg is a Senior Lecturer in the General Management Group of the Harvard Business School. Previously, she served as Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel of Fidelity Investments, one of the largest mutual fund companies in the United States, a leading provider of workplace retirement savings plans and a leading online brokerage firm.

As Fidelity’s General Counsel for more than a decade, Lena was responsible for overall oversight, management and provision of legal advice and services to the company as well as for development and expansion of the internal legal group which almost quadrupled in size to accommodate the company’ s tremendous growth.  Recognized by Inside Counsel as one of the “50 Most Influential In-House Counsel”, she served as a problem solver and innovator at Fidelity, focusing on driving growth while protecting the company’s wide spectrum of domestic and international business operations during periods of robust economic activity as well as during business down-cycles and periods of protracted and intense regulatory scrutiny. While at Fidelity, she served on numerous internal and subsidiary boards, management and oversight committees.

Before joining Fidelity, Ms. Goldberg was a partner and a member of the management committee at Sullivan & Worcester LLP.  She headed that firm’s bankruptcy and reorganization group and also practiced in the areas of corporate finance and securities law.  Previously, she was an associate with Skadden, Arps, Slate, Meagher & Flom.  Lena received her B.A. degree in philosophy from Chatham College where she was elected to Phi Beta Kappa in her junior year, and her J.D. degree, cum laude, from Harvard Law School.  She did graduate work in philosophy at the Massachusetts Institute of Technology and the University of Pittsburgh.  

Lena was a visiting teacher at the MIT’s Sloan School of Management from 1985 until June 2008 and was one of the founders of the “Manager’s Legal Function” course offered at Sloan. Lena has been active in a wide variety of nonprofit and pro bono activities including serving as an Overseer of the Museum of Fine Arts of Boston, a director of the Charles Stark Draper Laboratories, Inc., and vice chair of the New England Legal Foundation (2006-2008), a member of the Visiting Committee of Harvard Law School (2003-2011), the advisory board of the Morin Center for Banking and the Financial Services Industry (2002-2010), the advisory board of the Program on the Legal Profession of Harvard Law School (2006 to 2010),  a trustee of Chatham University(2007 to 2010), and a member of the Bankruptcy Merit Selection Panel for the District of Massachusetts (2008). She is a fellow of the American Bar Foundation, an executive fellow of the Boston Bar Foundation, serving as president of the Foundation from 2003 to 2004, a former member of the Council and the Diversity Committee of the Boston Bar Association, and a member of the 2008 DirectWomen Board Institute.

Lena lives in Cohasset, Massachusetts with her husband Ron, a diagnostic radiologist.

    Publications

    Cases and Teaching Materials

    1. Responsibilities to Customers: Information Asymmetry and Beyond

      Citation:

      Goldberg, Lena G. "Responsibilities to Customers: Information Asymmetry and Beyond." Harvard Business School Module Note 314-111, February 2014.
    2. 'These People are Fiduciaries...'

      The fiduciary duties of loyalty and care, the corporate opportunity doctrine and the business judgment rule are introduced in the context of three vignettes drawn from decided cases that explore: a classic test of loyalty when one partner elects to take advantage of an opportunity the partnership may also be able to pursue (Meinhard v. Salmon); the care and procedure directors should employ when approving a merger or sale of the company (Smith v. Van Gorkum); and the board's role and process in hiring, firing and severance decisions (Ovitz at Disney).

      Keywords: fiduciaries; Management Practices and Processes; Ethics; Business Processes;

      Citation:

      Goldberg, Lena G. "'These People are Fiduciaries...'." Harvard Business School Case 314-067, November 2013. (Revised March 2014.)
    3. Ilva Steel Taranto: Providing and Polluting (C)

      Citation:

      Goldberg, Lena G., Vincent Dessain, Ottavia Pesce, and Karol Misztal. "Ilva Steel Taranto: Providing and Polluting (C)." Harvard Business School Supplement 314-059, November 2013.
    4. Ilva Steel Taranto: Providing and Polluting (B)

      Citation:

      Goldberg, Lena G., Vincent Dessain, Ottavia Pesce, and Karol Misztal. "Ilva Steel Taranto: Providing and Polluting (B)." Harvard Business School Supplement 314-058, November 2013.
    5. Ilva Steel Taranto: Providing and Polluting (A)

      Nearly 27,000 people depended on Ilva Steel Taranto, the largest steel-making plant in Europe, for their livelihoods, but the plant's pollution fouled the environment and increased the incidence of tumors, respiratory illnesses and deaths. In July 2012, faced with a court-ordered partial shut-down and a possibly unaffordable remediation plan, the company's newly appointed head must decide what to do next.

      Keywords: Safety; Pollution and Pollutants; Business Exit or Shutdown; Health; Decision Making; Steel Industry; Europe;

      Citation:

      Goldberg, Lena G., Vincent Dessain, Ottavia Pesce, and Karol Misztal. "Ilva Steel Taranto: Providing and Polluting (A)." Harvard Business School Case 314-045, October 2013.
    6. Harold Mills at ZeroChaos (B)

      After leading a management buy-out, Harold Mills transformed ZeroChaos into a global staffing enterprise. Poised to raise additional capital to fund the company's next phase of growth, he was also confronting the liquidity demands of his early-stage investors and relationships were becoming strained.

      Keywords: Business Growth and Maturation; Growth and Development Strategy; Business and Shareholder Relations;

      Citation:

      Goldberg, Lena G., and Maurice L. Kuykendoll II. "Harold Mills at ZeroChaos (B)." Harvard Business School Supplement 314-044, August 2013.
    7. Harold Mills at ZeroChaos (A)

      After leading a management buy-out, Harold Mills transformed ZeroChaos into a global staffing enterprise. Poised to raise additional capital to fund the company's next phase of growth, he was also confronting the liquidity demands of his early-stage investors and relationships were becoming strained.

      Keywords: legal aspects of business; Law; Business Growth and Maturation; Corporate Finance;

      Citation:

      Goldberg, Lena G., and Maurice L. Kuykendoll II. "Harold Mills at ZeroChaos (A)." Harvard Business School Case 314-043, August 2013.
    8. The Facebook IPO Litigation

      Despite its success in the social-networking space, Facebook Inc.'s May 2012 IPO was largely considered a failure. Facebook faced multiple lawsuits and its share price had dropped significantly. Adversaries contended that Facebook had misled investors and violated securities laws. Were the allegations legitimate, and did the litigation pose a serious threat to Facebook's share price?

      Keywords: social networking; IPO; Litigation Risk; Initial Public Offering; Ethics; Lawsuits and Litigation; Failure; Consumer Products Industry; Information Technology Industry; Entertainment and Recreation Industry; United States;

      Citation:

      Goldberg, Lena G., and Annelena Loeb. "The Facebook IPO Litigation." Harvard Business School Case 313-080, November 2012. (Revised June 2013.)
    9. The JOBS Act of 2012

      This Note summarizes the potential of the Jobs Act of 2012 to change the way in which emerging growth companies, or EMGs, access capital markets. Described as among the most significant change to US securities laws in over 20 years, the Jobs Act may reduce the burdens associated with going public while at the same time making it easier for EMGs to remain private. In addition to the so-called "IPO On-Ramp" and "crowdfunding," the Note briefly discusses the changes to general solicitation and general advertising rules, the private holder cap and mini-public offerings.

      Keywords: entrepreneurship; laws and regulation; crowdfunding; IPO; quiet period; Business Ventures; Entrepreneurship; Law; North and Central America;

      Citation:

      Goldberg, Lena G. "The JOBS Act of 2012." Harvard Business School Case 313-091, November 2012. (Revised September 2013.)
    10. William Jeffrey: Departing Bay Colony (C)

      The decision-making process, policies and procedures, and legal obligations of the Board, the company's inside counsel and the company's outside counsel are explored in connection with on-boarding, investigating alleged misconduct of, and terminating a company's CEO, and the impact of specific contractual obligations is considered. The A case details the on-boarding process and critical terms in the CEO's employment agreement. The B case considers the first investigation of the CEO's alleged misconduct. The C case details the CEO's termination.

      Keywords: leadership and managing people; employment law; corporate governance; Governing and Advisory Boards; Resignation and Termination; Governance Compliance; Leadership; Insurance Industry; Financial Services Industry; United States;

      Citation:

      Goldberg, Lena G. "William Jeffrey: Departing Bay Colony (C)." Harvard Business School Supplement 313-047, August 2012.
    11. William Jeffrey: Performance at Bay Colony (B)

      The decision-making process, policies and procedures, and legal obligations of the Board, the company's inside counsel and the company's outside counsel are explored in connection with on-boarding, investigating alleged misconduct of, and terminating a company's CEO, and the impact of specific contractual obligations is considered. The A case details the on-boarding process and critical terms in the CEO's employment agreement. The B case considers the first investigation of the CEO's alleged misconduct. The C case details the CEO's termination.

      Keywords: leadership and managing people; employment law; corporate governance; Financial Services Industry; Massachusetts;

      Citation:

      Goldberg, Lena G. "William Jeffrey: Performance at Bay Colony (B)." Harvard Business School Supplement 313-046, August 2012.
    12. William Jeffrey at Bay Colony: On-Boarding (A)

      The decision-making process, policies and procedures, and legal obligations of the Board, the company's inside counsel and the company's outside counsel are explored in connection with on-boarding, investigating alleged misconduct of, and terminating a company's CEO, and the impact of specific contractual obligations is considered. The A case details the on-boarding process and critical terms in the CEO's employment agreement. The B case considers the first investigation of the CEO's alleged misconduct. The C case details the CEO's termination.

      Keywords: leadership and managing people; employment law; corporate governance; Financial Services Industry; Massachusetts;

      Citation:

      Goldberg, Lena G. "William Jeffrey at Bay Colony: On-Boarding (A)." Harvard Business School Case 313-045, August 2012.
    13. Albert 'Jack' Stanley in Nigeria (C)

      The international joint venture that successfully bid for $6 billion in contracts to build LNG trains on Nigeria's Bonny Island became entangled in a widening bribery and corruption probe triggered by an unrelated accusation against an employee of one of the JV partners. The (A) case discusses the JV's "business as usual" approach to doing business in the context of Nigeria's political culture and the involvement of Albert "Jack" Stanley, the JV's alleged manager, in structuring and implementing an elaborate bribery scheme. The "B" case relates Stanley's actions after he became the subject of multiple investigations and was terminated by Halliburton, parent of the U.S. JV partner, for taking kickbacks. The "C" case details the resolution of bribery and corruption allegations against Stanley, several of his associates and the JV partners.

      Keywords: Ethics; Crime and Corruption; Cross-Cultural and Cross-Border Issues; Governance Compliance; Law; Joint Ventures; Business Subsidiaries; Government Legislation; Rail Industry; Nigeria; United States; United Kingdom;

      Citation:

      Goldberg, Lena G., and Annelena Lobb. "Albert 'Jack' Stanley in Nigeria (C)." Harvard Business School Supplement 313-019, August 2012.
    14. Note: Disclosure, Regulation, and Taxation of Hedge Funds versus Mutual Funds in the U.S.

      This note provides students with an explanation of the regulatory and tax framework for hedge funds vs. mutual funds in the U.S.

      Keywords: Investment Funds; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Taxation; Financial Services Industry; United States;

      Citation:

      Goldberg, Lena G., Robert C. Pozen, and Melissa Anne Hammerle. "Note: Disclosure, Regulation, and Taxation of Hedge Funds versus Mutual Funds in the U.S." Harvard Business School Background Note 310-131, April 2010. (Revised May 2012.)
    15. Employment Vignettes

      Six vignettes drawn from decided cases explore legal and business issues in hiring, firing, promoting, and demoting employees, with an emphasis on protected classes, pretext, and anti-discrimination laws in the setting of start-ups and privately held companies.

      Keywords: Business Startups; For-Profit Firms; Employees; Resignation and Termination; Selection and Staffing; Laws and Statutes; Lawsuits and Litigation;

      Citation:

      Goldberg, Lena G., and Chad M. Carr. "Employment Vignettes." Harvard Business School Case 311-021, July 2010. (Revised October 2012.)
    16. Family Firm Governance Vignettes

      Keywords: Family Ownership; Governance;

      Citation:

      Goldberg, Lena G. "Family Firm Governance Vignettes." Harvard Business School Case 312-093, January 2012.
    17. Esser & Ackermann at Mannesmann

      Citation:

      Reiling, Henry B., Lena G. Goldberg, Christopher Bruner, and Kevin Wall. "Esser & Ackermann at Mannesmann." Harvard Business School Case 209-095, January 2009. (Revised February 2014.)
    18. Ensighten

      Focuses on a small start-up software company engaged in a negotiation over its software licensing agreement with a very large potential client. The entrepreneur must weight legal and business issues vs. his desire to land the key customer.

      Keywords: Software; Business Plan; Business Startups; Agreements and Arrangements; Corporate Entrepreneurship; Contracts; Information Technology Industry;

      Citation:

      Goldberg, Lena G., and Michael J. Roberts. "Ensighten." Harvard Business School Case 812-050, October 2011. (Revised October 2013.)
    19. Patricia Gottesman at Crimson Hexagon

      After successful capital raises and significant progress in gaining market acceptance of its tools for analyzing public opinion, Crimson Hexagon's CEO prepares to address the company's investors on the question of exit strategy.

      Keywords: Corporate Strategy; Strategic Planning; Business and Shareholder Relations; Business and Stakeholder Relations; Policy; Information Industry; Web Services Industry;

      Citation:

      Goldberg, Lena G., and Mary Beth Findlay. "Patricia Gottesman at Crimson Hexagon." Harvard Business School Case 312-068, October 2011.
    20. Gracious Eloise: What Do Angels Want? (A)

      Eloise Bune successfully turned an idea into a product, but could she persuade angel investors that she had a business worth investing in? The case details her interactions with the angel investors and explores the role of angel investors in providing financial capital, business experience, and other assistance to start-ups.

      Keywords: Entrepreneurship; Investment Return; Business Startups; Business Plan; Business and Stakeholder Relations; Business and Shareholder Relations;

      Citation:

      Goldberg, Lena G., Janet Kraus, and Mary Beth Findlay. "Gracious Eloise: What Do Angels Want? (A)." Harvard Business School Case 312-054, October 2011.
    21. Gracious Eloise: What Do Angels Want? (B)

      Having received an extensive critique of her business plan but only a small amount of financing from an angel group she pitched in 2010, Eloise Bune responds to the angels' concerns, refines her presentation, and pitches her company again.

      Keywords: Business Plan; Business Startups; Investment; Presentations;

      Citation:

      Goldberg, Lena G., Janet Kraus, and Mary Beth Findlay. "Gracious Eloise: What Do Angels Want? (B)." Harvard Business School Supplement 312-055, October 2011.
    22. The Profession of the Law

      This note reviews the professional responsibilities and obligations of lawyers In the United States, explains how those standards affect client relationships and, by summarizing rules for resolution of conflicts and withdrawal, sets the stage for a discussion of the concept of professional loyalty to both a company and larger societal interests.

      Keywords: Attorney and Client Relationships; Governing Rules, Regulations, and Reforms; Ethics; Standards; Legal Services Industry; United States;

      Citation:

      Goldberg, Lena G., and Chad Carr. "The Profession of the Law." Harvard Business School Background Note 311-028, July 2010. (Revised September 2011.)
    23. Assessing the Legal Climate for Entrepreneurship

      This module note briefly reviews several approaches to assessing the link between law and specific rules and regulations and a favorable climate for entrepreneurship and economic growth.

      Keywords: Economic Growth; Entrepreneurship; Governing Rules, Regulations, and Reforms; Law;

      Citation:

      Goldberg, Lena G. "Assessing the Legal Climate for Entrepreneurship." Harvard Business School Module Note 312-052, August 2011.
    24. Urban Decay: A Great Idea

      Casual discussions of ideas for a new business can have unintended legal consequences and expectations about founder status and ownership shares may diverge widely. Using facts from a litigated case, the concept of inadvertent formation of a partnership is explored.

      Keywords: Business Startups; Spoken Communication; Lawsuits and Litigation; Ownership Stake; Partners and Partnerships;

      Citation:

      Goldberg, Lena G. "Urban Decay: A Great Idea." Harvard Business School Case 310-032, September 2009. (Revised August 2011.)
    25. Scooter Lindley: The Formation Call

      Factors affecting decision making about appropriate types of business entities are explored in the context of advising a prospective investor with particular emphasis on why LLCs are increasingly "go-to" entities. The potential effect of choice of organization on litigation outcomes is illustrated using the Delaware Chancery Court's decision in Fisk Ventures, LLC v. Segal, 2008 WL 1961156 (May 7, 2008), and the practical implications of the differences between unincorporated and corporate entities are highlighted.

      Keywords: Business Organization; Decision Choices and Conditions; Entrepreneurship; Investment; Lawsuits and Litigation; Delaware;

      Citation:

      Goldberg, Lena G. "Scooter Lindley: The Formation Call." Harvard Business School Case 310-036, September 2009. (Revised August 2011.)
    26. Albert 'Jack' Stanley in Nigeria (A)

      The international joint venture that successfully bid for $6 billion in contracts to build LNG trains on Nigeria's Bonny Island became entangled in a widening bribery and corruption probe triggered by an unrelated accusation against an employee of one of the JV partners. The (A) case discusses the JV's "business as usual" approach to doing business in the context of Nigeria's political culture and the involvement of Albert "Jack" Stanley, the JV's alleged manager, in structuring and implementing an elaborate bribery scheme. The "B" case relates Stanley's actions after he became the subject of multiple investigations and was terminated by Halliburton, parent of the U.S. JV partner, for taking kickbacks. The "C" case details the resolution of bribery and corruption allegations against Stanley, several of his associates and the JV partners.

      Keywords: Crime and Corruption; Ethics; Governing Rules, Regulations, and Reforms; Globalization; Governance Compliance; Energy Industry; Nigeria; Europe; United States;

      Citation:

      Goldberg, Lena G., and Chad M. Carr. "Albert 'Jack' Stanley in Nigeria (A)." Harvard Business School Case 312-034, August 2011. (Revised December 2013.)
    27. Albert 'Jack' Stanley in Nigeria (B)

      The case describes Albert "Jack" Stanley's response to actions initiated against him by the U.S. Department of Justice and the SEC.

      Keywords: Crime and Corruption; Moral Sensibility; Law; Value; Nigeria; United States;

      Citation:

      Goldberg, Lena G., and Chad M. Carr. "Albert 'Jack' Stanley in Nigeria (B)." Harvard Business School Case 312-035, August 2011. (Revised December 2013.)
    28. Torts 101: Civil Wrongs & Ways to Right Them

      This note summarizes basic principles of tort law and is intended as background information for business students studying legal aspects of management.

      Keywords: Business Ventures; Information; Legal Liability; Business or Company Management;

      Citation:

      Goldberg, Lena G., and Mary Beth Findlay. "Torts 101: Civil Wrongs & Ways to Right Them." Harvard Business School Background Note 312-033, July 2011.
    29. Just an MOU or a Real Deal?

      Notwithstanding the professed intention of a party to an MOU, a "preliminary" agreement can have binding effect. This note explores the circumstances under which MOUs may give rise to binding and enforceable agreements.

      Keywords: Curriculum and Courses; Contracts; Legal Liability; Management; Risk Management;

      Citation:

      Goldberg, Lena G., and Mary Beth Findlay. "Just an MOU or a Real Deal?" Harvard Business School Background Note 312-018, July 2011.
    30. Esser & Ackermann at Mannesmann (TN)

      Teaching Note for 209095.

      Citation:

      Goldberg, Lena G., and Henry B. Reiling. "Esser & Ackermann at Mannesmann (TN)." Harvard Business School Teaching Note 211-071, January 2011. (Revised January 2011.)
    31. Washout: The Founders' Tale and the Investors' Tale

      The competing narratives of the founders of Alantec, Inc. and the venture capitalists who funded the company are explored in the context of Kalashian v. Advent VI Ltd. a California Superior Court case. The founders of the company, which produced switches for computer networks, raised several rounds of financing from venture capital firms that ended up controlling the company's board. After the company continued to fall short of its sales projections, the board ousted the founders and brought in new management. The company subsequently raised two new rounds of financing which resulted in dilution of the interests of the founders from about 8% to less than .01 %. Alantec then launched a new product, "the Power Hub," which became highly successful, and the company ultimately went public. The founders sold their remaining shares shortly after the IPO. Two years later, Alantec was acquired for the equivalent of $70 per share. Following the sale, the founders sued, alleging that the venture capitalists had committed fraud and breached their fiduciary duties as controlling shareholders of Alantec. The case presents actual excerpts from the trial briefs of both the founders and the venture capitalists, and presents competing views on how and why the dilution occurred.

      Keywords: Business Startups; Venture Capital; Governance Controls; Governing and Advisory Boards; Lawsuits and Litigation; Managerial Roles; Ownership Stake; Business and Shareholder Relations; Conflict and Resolution; Technology Industry;

      Citation:

      Goldberg, Lena G., and Chad Carr. "Washout: The Founders' Tale and the Investors' Tale." Harvard Business School Case 311-078, November 2010. (Revised January 2011.)
    32. William Jeffrey Departs from Bay Colony Mutual

      A board's decision-making and process in investigating and terminating a company's CEO are explored and the company's policies and contractual obligations considered.

      Keywords: Decision Choices and Conditions; Corporate Governance; Governing and Advisory Boards; Policy; Resignation and Termination; Contracts; Leadership; Managerial Roles;

      Citation:

      Goldberg, Lena G. "William Jeffrey Departs from Bay Colony Mutual." Harvard Business School Case 311-088, January 2011.
    33. Employment Vignettes (TN)

      Teaching Note for 311021.

      Keywords: Cases; Selection and Staffing; Legal Liability; Employees; Business Startups; Resignation and Termination;

      Citation:

      Goldberg, Lena G., and Chad Carr. "Employment Vignettes (TN)." Harvard Business School Teaching Note 311-081, December 2010. (Revised October 2012.)
    34. Urban Decay: A Great Idea (TN)

      Teaching Note for 311082.

      Keywords: Management; Urban Scope;

      Citation:

      Goldberg, Lena G., and Chad Carr. "Urban Decay: A Great Idea (TN)." Harvard Business School Teaching Note 311-082, December 2010.
    35. Scollon Productions: Working with a Bunch of Characters

      As the sole female employee in an 11 person production shop, Lisa Ocheltree complained about being subjected to crass sexual "jokes" and antics; after being discharged, she filed a sexual harassment lawsuit against her former employer, Scollon Productions, alleging sexual harassment, maintenance of a hostile work environment, management's failure to stop the offending conduct, and the company's failure to have adequate policies in place to effectively deal with sexual harassment. The case was scheduled for a jury trial.

      Keywords: Working Conditions; Ethics; Employee Relationship Management; Lawsuits and Litigation; Organizational Culture; Problems and Challenges; Gender Characteristics;

      Citation:

      Goldberg, Lena G., and Chad Carr. "Scollon Productions: Working with a Bunch of Characters." Harvard Business School Case 311-073, October 2010.
    36. Family Corporate Governance: A Brief Literature Review

      This note discusses competing theories of governance in family owned firms and focuses on agency theory, stewardship theory, and the sociological concept of embeddedness.

      Keywords: Family Business; Corporate Governance; Governing and Advisory Boards; Managerial Roles; Family Ownership; Theory;

      Citation:

      Goldberg, Lena G., and David Kiron. "Family Corporate Governance: A Brief Literature Review." Harvard Business School Background Note 311-055, October 2010.
    37. Bush Brothers & Company

      The chairman and CEO of Bush Brothers grapples with leading and managing changes in strategy, governance and board composition, as well as succession, compensation and ownership issues, as he takes the family owned/family operated business into its fourth generation. As the company faces the prospect of hiring a non-family member to lead it into its second century, chairman and CEO Jim Ethier and the board strive to ensure that the business both remains faithful to the values of its founders and is well-positioned to take on the multiple challenges it faces.

      Keywords: Family Business; Change Management; Decision Making; Selection and Staffing; Leading Change; Management Succession; Governing and Advisory Boards; Wages; Values and Beliefs; Growth and Development Strategy;

      Citation:

      Goldberg, Lena G., and Chad Carr. "Bush Brothers & Company." Harvard Business School Case 311-052, September 2010.
    38. Petrobras in Ecuador (TN) (A), (B) and (C)

      Teaching Note for 309107.

      Keywords: Brazil; Ecuador;

      Citation:

      Musacchio, Aldo, and Lena G. Goldberg. "Petrobras in Ecuador (TN) (A), (B) and (C)." Harvard Business School Teaching Note 311-043, August 2010.
    39. Barclays Wealth: Reignite WAR or Launch AlphaStream?

      In late January 2009, Thomas Fekete, managing director at Barclays Wealth in London, redeemed the most illiquid positions in the so-called Wealth Absolute Return Fund (WAR), one of Barclays Wealth's most promising offshore funds of hedge funds, and halted the Fund's investment activities. For Fekete, the decision to declare the WAR funds a ''failed experiment" marked a turning point. In May 2009, money from the redeemed underlying funds would become available, and by that date, he had to develop a new investment strategy. Fekete faced two options. Option one was to revive the WAR Fund. Option two was to shelve the WAR Fund and launch a new fund of UCITS regulated funds domiciled in Europe with UCITS qualification. Which strategy would be the best way to invest during this period of crisis, to the benefit of both Barclays Wealth and its clients?

      Keywords: Financial Crisis; Financial Liquidity; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Strategy; Financial Services Industry; London;

      Citation:

      Goldberg, Lena G., and Elisa Farri. "Barclays Wealth: Reignite WAR or Launch AlphaStream?" Harvard Business School Case 310-090, February 2010. (Revised July 2010.)
    40. Chrysler's Sale to Fiat (TN)

      Teaching Note for 210022.

      Keywords: Mergers and Acquisitions; Restructuring; Financial Crisis; Assets; Policy; Cost vs Benefits; Sales; Government and Politics; Auto Industry; United States;

      Citation:

      Foley, C. Fritz, and Lena G. Goldberg. "Chrysler's Sale to Fiat (TN)." Harvard Business School Teaching Note 211-013, July 2010.
    41. Remedies for Patent Infringement under U.S. Law

      Under the U.S. Patent Act, a patent owner has a statutory right to exclude others from engaging in the unauthorized production, use, sale, or importation of a patented invention. This note examines how that right is enforced and what remedies a patent owner has when that right is violated.

      Keywords: Innovation and Invention; Patents; Law Enforcement; Rights; United States;

      Citation:

      Goldberg, Lena G., and Chad Carr. "Remedies for Patent Infringement under U.S. Law." Harvard Business School Background Note 311-020, July 2010.
    42. Goldman Sachs: A Bank for All Seasons (A)

      Facing the worldwide financial crisis, Goldman Sachs CEO Lloyd Blankfein considered his options including whether his company could avoid a forced marriage and what steps Goldman Sachs should take to try to restore confidence in financial services companies.

      Keywords: Decision Choices and Conditions; Financial Crisis; Commercial Banking; Investment Banking; Governing Rules, Regulations, and Reforms; Crisis Management; Business Strategy; Banking Industry;

      Citation:

      Goldberg, Lena G., and Tiffany Lynne Obenchain. "Goldman Sachs: A Bank for All Seasons (A)." Harvard Business School Case 310-055, December 2009. (Revised June 2010.)
    43. Goldman Sachs: A Bank for All Seasons (B)

      Having taken steps to shore up investor confidence, during the turbulent fourth quarter of 2008, Goldman Sachs confronts the challenge of whether its business model will continue to be viable under radically altered market conditions and a new regulatory regime.

      Keywords: Business Model; Financial Crisis; Investment Banking; Financial Management; Financial Strategy; Governing Rules, Regulations, and Reforms; Business Strategy; Banking Industry;

      Citation:

      Goldberg, Lena G., and Tiffany Lynne Obenchain. "Goldman Sachs: A Bank for All Seasons (B)." Harvard Business School Supplement 310-056, December 2009. (Revised June 2010.)
    44. Goldman Sachs: A Bank for All Seasons (C)

      After posting its first-ever quarterly loss in 2008, Goldman Sachs surpassed market expectations for the first quarter of 2009 but came under intensive fire for, among other things, announcing its intention to repay TARP thereby avoiding its compensation limitations.

      Keywords: Financial Crisis; Investment Banking; Corporate Disclosure; Policy; Executive Compensation; Business and Government Relations; Banking Industry;

      Citation:

      Goldberg, Lena G., and Tiffany Lynne Obenchain. "Goldman Sachs: A Bank for All Seasons (C)." Harvard Business School Supplement 310-057, December 2009. (Revised June 2010.)
    45. Cypress Sharpridge: Raising Capital in a Time of Crisis

      Cypress Sharpridge, a REIT investing in agency securities, launched its IPO just before the collapse of the subprime mortgage market. The IPO failed. In June 2009, an IPO window seemed to be opening. Should the company try again? CEO Kevin Grant knew that his company's survival depended on differentiating itself from discredited real estate investment strategies and raising permanent capital. But if its IPO failed again, the company might lose any remaining credibility and be forced to fold.

      Keywords: Financial Crisis; Capital; Financial Strategy; Initial Public Offering; Investment; Leadership; Crisis Management; Financial Services Industry; Real Estate Industry;

      Citation:

      Goldberg, Lena G., and Adam Benjamin Nebesar. "Cypress Sharpridge: Raising Capital in a Time of Crisis." Harvard Business School Case 310-140, June 2010.
    46. Chrysler's Sale to Fiat

      This case provides students with an opportunity to analyze the restructuring of Chrysler in the midst of the financial crisis of 2008–2009. It describes how debtors can use section 363 of the U.S. Bankruptcy Code to sell assets quickly. It allows for discussion of who benefits and who loses in such restructurings, and it also raises a variety of policy issues concerning 363 sales and the appropriate role of government entities in restructurings.

      Keywords: Mergers and Acquisitions; Restructuring; Financial Crisis; Insolvency and Bankruptcy; Laws and Statutes; Business and Government Relations; Sales; Auto Industry; United States;

      Citation:

      Foley, C. Fritz, Lena G. Goldberg, and Linnea Meyer. "Chrysler's Sale to Fiat." Harvard Business School Case 210-022, March 2010. (Revised May 2010.)
    47. The EC Rains on Oracle/Sun

      Oracle's proposed acquisition of Sun was on a fast track until the EC's antitrust concerns about open-source MySQL ignited a transatlantic war of words delaying the deal. Sun's performance suffered and its customers were approached by competitors while regulatory objections were debated and tensions rose between U.S. and EC regulators.

      Keywords: Mergers and Acquisitions; Multinational Firms and Management; Governing Rules, Regulations, and Reforms; International Relations; Laws and Statutes; Monopoly; Business and Government Relations; Technology Industry; European Union; United States;

      Citation:

      Goldberg, Lena G. "The EC Rains on Oracle/Sun." Harvard Business School Case 310-086, February 2010. (Revised March 2010.)
    48. Petrobras in Ecuador (C): Lula and Political Risk at Home

      Keywords: Government and Politics;

      Citation:

      Musacchio, Aldo, and Lena G. Goldberg. "Petrobras in Ecuador (C): Lula and Political Risk at Home." Harvard Business School Supplement 310-029, August 2009. (Revised September 2009.)
    49. Petrobras in Ecuador (A)

      On October 18, 2007, Ecuador's President Rafael Correa announced his intention to migrate Petrobras' existing participation contracts to exploit oil reserves in Ecuador's Blocks 18 and 31 to servicing agreements under which Petrobras would be paid a production fee and reimbursed for investment costs but all recovered oil would belong to the government. Correa also announced a dramatic increase in corporate taxes and changes to other contracts to which Petrobras was a party. All foreign oil companies operating In Ecuador would be similarly affected and any company refusing to "renegotiate" its contracts would face a 100% tax on profits. How should Petrobras respond to Ecuador's riding roughshod over its contracts? Should Petrobras take the Ecuadorian government to arbitration? Or would it be better to pursue a negotiated solution similar to that reached in Bolivia a year earlier? How should Petrobras balance its fiduciary duties to and the best Interests of its shareholders with the interests of the Brazilian government? How should it communicate with its various constituencies?

      Keywords: Metals and Minerals; Globalized Firms and Management; Corporate Governance; Government Administration; Taxation; Contracts; Negotiation Process; Negotiation Tactics; Public Ownership; Business and Government Relations; Business and Shareholder Relations; Brazil; Ecuador;

      Citation:

      Musacchio, Aldo, Lena G. Goldberg, and Ricardo Reisen de Pinho. "Petrobras in Ecuador (A)." Harvard Business School Case 309-107, April 2009. (Revised August 2009.)
    50. Petrobras in Ecuador (B)

      Keywords: Energy; Energy Industry; Ecuador;

      Citation:

      Musacchio, Aldo, Lena G. Goldberg, and Ricardo Reisen de Pinho. "Petrobras in Ecuador (B)." Harvard Business School Supplement 309-108, April 2009.

      Research Summary

    1. Research Interests

      Research interests include: governance of closely-held firms; legal aspects of entrepreneurship; and legal aspects of management.