[Annotated] How to Trump-proof your company

An American CEO sends an e-mail to his top lieutenants

To our management team^[각주:1]: When I left the White House yesterday, after another two-hour round-table^[각주:2] with the president, I knew in my gut^[각주:3] that it was time to put in place "plan C" for this great company. The boxer, Mike Tyson, had a point when he said "everyone has a plan until they get punched in the mouth." But so did Winston Churchill when he observed that "plans are of little importance^[각주:4], but planning is essential." We owe it to our investors, customers and 131,000 employees globally^[각주:5], to have a rest.

A year ago we were pursuing plan A. We expected that Hillary Clinton would win the election and that American business would continue as it has since the subprime crisis^[각주:6], meaning slow growth and lots of red tape but open borders and record profits that we could return to shareholders as dividends and buy-backs. Together, our firm and fellow members of the S&P 500 index^[각주:7] have been paying out $1trn a year, far more than we invest.

After November 8th, we switched to plan B. For a few months it seemed a Republican-run Congress and White House might deliver^[각주:8] sweeping^[각주:9] deregulation^[각주:10] and tax reforms^[각주:11] to set the economy free, just as in the Reagan era. We dusted off^[각주:12] plans to raise investment by a fifth and boost hiring at home^[각주:13]. Like most firms we loaded the gun but didn't pull the trigger^[각주:14]. That was a hell of a great call^[각주:15].

It is now clear that dysfunction at^[각주:16] the White House and in Congress means plan B is off the table^[각주:17]. The markets agree. Sure, equity prices^[각주:18] are still up. But after the election, bond yields^[각주:19] soared in anticipation of^[각주:20] an economic boom^[각주:21], only to give up half of their gains. The "Trump Bump" has faded. Yet life won't return to normal. Our firm faces many risks. We have to fight back^[각주:22].

That calls for^[각주:23] plan C, which has three elements^[각주:24]: winning, tackling^[각주:25] and the future. I like to use the acronym^[각주:26] "WTF". For a start^[각주:27] we have to win profits from our proximity to^[각주:28] power. I sit on the president's CEO advisory board^[각주:29] and he has me on speed dial^[각주:30] to talk about trade deals and his regulatory appointments^[각주:31]. We toasted with^[각주:32] Diet Coke on Air Force One^[각주:33] after we visited Saudi Arabia in May. Our firm secured a contract^[각주:34] worth $6bn for a desalination plant^[각주:35] in Jeddah and a licence to operate a bank in the kingdom. These two wins will lift our profits by^[각주:36] 14% a year by 2020.

A bonfire of obsolete^[각주:37] laws^[각주:38] by Congress is unlikely^[각주:39]. But as one of my friends in the White House texted me yesterday, "people are policy". We can still win in other ways. Business-friendly^[각주:40] folk^[각주:41] are newly in charge of the regulatory bodies^[각주:42] for telecoms, the environment and the stockmarket^[각주:43]. Candidate Trump grumbled about^[각주:44] monopolies^[각주:45] such as AT&T and Amazon, but now he is in office he has lost interest. I like it when that happens.

But plan C also requires us to recognize new dangers coming at us hard^[각주:46] and fast. They need to be tackled - stopped and brought down. One of the Wall Street bankers I know likes to say that the president has three personalities: chairman, showman^[각주:47] and con man^[각주:48]. It is the last two we need to worry about.

Our PR team is ready to tackle any 4am presidential Twitter tirade^[각주:49] about betraying American workers. We will avoid responding directly on Twitter, but will rebut^[각주:50] him on Facebook and in e-mails to staff and the media. Our executives must have patriotic sound-bites^[각주:51] on the tips of their tongues: for example, 52% of our staff are^[각주:52] in America and we invest $5bn each year here. Repeat it.

We must also confront the risk of^[각주:53] getting entangled^[각주:54] in the investigations surrounding the White House. Today I am imposing a ban on any commercial interaction between our firm and the president's business or the entrepreneurial folks^[각주:55] in his entourage^[각주:56]. This includes lending cash to^[각주:57] the Trump Organization, which has at least five loans^[각주:58] and bonds^[각주:59] maturing^[각주:60] in the next four years.

We must be ready to tackle any consequences of^[각주:61] a trade war breaking out with^[각주:62] China or Germany, or a collapse of^[각주:63] NAFTA, with contingency plans^[각주:64] for our global supply chains^[각주:65]. We have secured facilities in^[각주:66] Pennsylvania (a swing state for the president^[각주:67] so he would like this), where some Mexican production can be moved. Any spare capacity^[각주:68] would go to growing Asian economies. The one-off cost^[각주:69] would be $500m - high but manageable^[각주:70].

Having POTUS^[각주:71]-proofed our company, that leaves the last letter of the WTF acronym: the future of our business in America. Corporate taxes^[각주:72] may fall, but not by much^[각주:73]. The president is targeting a rate of 15% but most of us on the CEO advisory council^[각주:74] think 28% is as low as it will go, based on the fiscal^[각주:75] outlook^[각주:76] and the president's weakness in Congress. Since our firm, like the aggregate of^[각주:77] the S&P 500, pays a cash tax rate of 23%, this won't make a difference.

We expect the taxation of^[각주:78] foreign profits^[각주:79] to be simplified under^[각주:80] the administration, so we can repatriate^[각주:81] the $51bn we parked abroad without paying a large levy^[각주:82] (by the way we are not alone - the total for S&P 500 firms is over $1trn). But with a slow economy^[각주:83], politics unpredictable and digital predators such as Amazon breathing down our necks^[각주:84] in some product areas, I have zero appetite^[각주:85] to spend it on new American factories. We'll use it for more buy-backs^[각주:86], new software or foreign expansion.

West-winging it

I'll be frank. Plan C envisions^[각주:87] three and a half years of America going nowhere^[각주:88]. The odds of^[각주:89] recession are one in three. If the economy stalls^[각주:90], it will be hard for President Trump to be reelected^[각주:91]. Which brings me to my final point^[각주:92]. America has broken a taboo by electing a business figure to the White House. By 2020, perhaps voters will be hungry for^[각주:93] a "competence^[각주:94] candidate". Someone who really has run a big empire. Someone like me.

Mark Zuckerberg and Howard Schultz from Starbucks are already touring the country^[각주:95], running exploratory^[각주:96] campaigns. Jamie Dimon at JPMorgan Chase tells me he won't run, but I don't believe him. None of them can match my leadership record^[각주:97]. By 2020 one of you deserves a chance to run this great company and I will seek the chance to serve America, the greatest turnaround^[각주:98] opportunity on Earth. Keep it to yourselves^[각주:99] for now^[각주:100] - but the C in our new plan stands for candidate^[각주:101]. 

1. management team ; [명사] 관리팀 [본문으로]
2. round-table ; [명사] 원탁, 둥근 탁자; 원탁 회의[토의]; 원탁 회의 참가자. [본문으로]
3. gut ; 5. [C] [주로 복수로] 직감 [본문으로]
4. importance ; [U] 중요성 [본문으로]
5. globally ; [부사] 전세계적으로 [본문으로]
6. subprime crisis ; A situation starting in 2008 affecting the mortgage industry due to borrowers being approved for loans they could not afford. As a result, a significant rise in foreclosures led to the collapse of many lending institutions and hedge funds. The financial crisis in the mortgage industry also affected the global credit market resulting in higher interest rates and reduced availability of credit. [본문으로]
7. S&P 500 ; [명사] 스탠더드 앤드 푸어스 500 종 평균 주가 지수(S&P 500 (Average) Index의 약어). [본문으로]
8. deliver ; 3. KEEP PROMISE | ~ (on sth) (약속을) 지키다; (사람들의 기대대로 결과를) 내놓다[산출하다] [본문으로]
9. sweeping ; 1. [주로 명사 앞에 씀] 전면적인 [본문으로]
10. deregulation ; [명사] (인허가 따위 정부의) 규제 완화[철폐], 자유화, 규제 해제. [본문으로]
11. tax reform ; 세제 개혁 [본문으로]
12. dust off ; [동사] (다시 쓰기 위해) 방치했던 물건을 오랜만에 꺼내다; (야구 투수가) 빈볼을 던지다; 때려 눕히다. [본문으로]
13. at home ; 흐름상 "국내에서, 국내의" 정도의 의미 [본문으로]
14. didn't pull the trigger ; 흐름상 "계획은 있었으나 실천으로 옮기지는 않았다" 정도의 의미 [본문으로]
15. a hell of a great call ; "정말 좋은 생각이었다", "정말 잘 한 일이었다" 정도의 의미 [본문으로]
16. dysfunction ; [UC] [병리] 기능 장애; [사회] 역기능 [본문으로]
17. be off the table ; If sth is "off the table", there will be no more discussions about it. [본문으로]
18. equity price ; 주식 가격, 주가 [본문으로]
19. bond yields ; 채권이득, 채권수익률 [본문으로]
20. in anticipation of ; …을 예상하고, 내다보고 [본문으로]
21. economic boom ; (경제) 경기번영, 경제 활성 [본문으로]
22. fight back ; (공격에) 강력히 맞서다[반격하다] [본문으로]
23. call for ; 필요로 하다, 찾다, 촉구하다 [본문으로]
24. element ; 1. PART/AMOUNT | [C] ~ (in/of sth) 요소, 성분 [본문으로]
25. tackle ; 1. [타동사][VN] (힘든 문제・상황과) 씨름하다 [본문으로]
26. acronym ; [명사] 두문자어(acquired immune deficiency syndrome (후천성 면역 결핍증)을 나타내는 AIDS처럼 단어의 머리글자로 만든 말) [본문으로]
27. for a start ; 우선[먼저] [본문으로]
28. proximity ; [U] ~ (of sb/sth) (to sb/sth) (격식) (거리・시간상으로) 가까움[근접] [본문으로]
29. advisory board ; [명사] 자문 위원회 [본문으로]
30. speed dial ; (전화의) 단축 다이얼[번호] [본문으로]
31. regulatory appointment ; 흐름상 "주요 단속, 규제 기관장에 대한 임명" 정도의 의미 [본문으로]
32. toast ; [자동사] 건배하다 [본문으로]
33. Air Force One ; [명사] 에어 포스 원(미국 대통령 전용기) [본문으로]
34. secure a contract ; 계약을 따내다, 확보하다, 성사시키다 [본문으로]
35. desalination plant ; 담수 공장, (원자력용어) 담수처리공장(淡水處理工場) [본문으로]
36. lift ; 10. INCREASE | (양・수준을) 올리다, 인상하다; 올라가다, 인상되다 [본문으로]
37. obsolete ; [형용사] 더 이상 쓸모가 없는, 한물간, 구식의 ;; US [|ɑ:bsə|li:t] UK [|ɒbsəli:t] [본문으로]
38. make a bonfire of ; [쓰레기 따위]를 태워버리다 ;; 흐름상 "쓸모없는 법들을 없애버리는 것" 정도의 의미 [본문으로]
39. unlikely ; (un・like・lier , un・likeli・est), (more unlikely와 most unlikely가 흔히 쓰인다.) 1. ~ (to do sth) | ~ (that…) …할[일] 것 같지 않은, 있음직하지[있을 것 같지] 않은 [본문으로]
40. business-friendly ; favoring or conducive to business concerns or interests [본문으로]
41. folk ; 1. [pl.] (folks 특히 美) (또한 비격식) (일반적인) 사람들 ;; 영국에서는 s 없이 folk로 쓰고 복수 동사로 받음 [본문으로]
42. regulatory body ; 규제 기관 [본문으로]
43. stock market ; [명사] 증권 거래업; 주식 시장, 증권 거래소 [본문으로]
44. grumble about[at] ; …에 대해 투덜대다. [본문으로]
45. monopoly ; (pl. -ies) 1. ~ (in/of/on sth) (상업) (생산・시장의) 독점, 전매; 독점[전매] 상품[서비스] ;; 참고 duopoly [본문으로]
46. come at ; (수동태로는 안 씀) (공격하듯이) ~에게 달려들다[덤벼들다], …에게 덤벼들다(=attack). [본문으로]
47. showman ; (pl. -men / -mən /) 1. 쇼맨(사람들의 이목을 끌고 그들을 즐겁게 하는 재능이 있는 사람) 2. (특히 지역 축제 같은) 대중오락 행사 기획자 [본문으로]
48. con man ; [명사] (비격식) 사기꾼, 협잡꾼 [본문으로]
49. tirade ; [명사] ~ (against sb/sth) 장황한 비난, 장광설 ;; US [|taɪreɪd] UK [taɪ|reɪd] [본문으로]
50. rebut ; [동사] -tt- (격식) 논박[반박]하다 [본문으로]
51. soundbite ; [명사] 인상적인 한마디, 짧은 코멘트(화제 인물의 짤막한 육성 발언이나 연설, 성명의 한 구절. 방송, 특히 뉴스 프로에 인용 삽입됨). [본문으로]
52. 영국에서는 집합 명사(collective nouns)라 판단되는 단어는 s가 없어도 복수로 받는 경우가 많다.;; Grammar Section - staff do / staff does 게시물 참조 [본문으로]
53. confront ; 2. (문제나 곤란한 상황에) 맞서다 [본문으로]
54. entangled ; 얼기설기 얽힌 [본문으로]
55. 앞에서는 s 없이 folk라고 복수로 받고서, 여기는 또 folks 로 쓴 이유는 ?? [본문으로]
56. entourage ; [명사] (주요 인물의) 수행단 ;; US [|ɑ:nturɑ:Ʒ] UK [|ɒnturɑ:Ʒ] [본문으로]
57. lend ;2. ~ sth (to sb) | ~ (sb) sth (은행・금융기관에서) (돈을) 빌려주다, 대출하다 ;; 참고 borrow [본문으로]
58. loan ; 1. [C] 대출[융자](금) [본문으로]
59. bond ; 2. MONEY | [C] 채권 ;; 참고 junk bond [본문으로]
60. mature ; 5. INSURANCE POLICY | [자동사][V] (상업) (보험이) 만기가 되다 [본문으로]
61. tackle ; 2. [타동사][VN] ~ sb (about sth) (문제・힘든 상황에 대해) 솔직하게 말하다[따지다] [본문으로]
62. break out ; 발발[발생]하다 [본문으로]
63. collapse ; 1. FAILURE | [C , U] [주로 단수로] (제도・사업 등의 갑작스런) 실패[붕괴] [본문으로]
64. contingency plan ; 긴급 사태 대책(emergency plan), (불의의 사태에 대비한) 사전 대책 [본문으로]
65. supply chain ; [명사] (주로 단수로) (상업) (상품의) 연쇄적인 생산 및 공급 과정 [본문으로]
66. secure ; 1. GET STH | ~ sth (for sb/sth) | ~ sb sth (격식) (특히 힘들게) 얻어 내다, 획득[확보]하다 [본문으로]
67. swing state ; [명사] (대선 때마다 민주·공화 양당 지지를 오가는) 그네뛰기하는 주(州). [본문으로]
68. spare capacity ; (경제) 유휴생산능력 [본문으로]
69. one-off cost ; [형용사] (명사 앞에만 씀) (美 |one-shot) 단 한 번의 ;; 참고 one-off payment ; 일시불 [본문으로]
70. manageable ; [형용사] 관리[감당/처리]할 수 있는 [본문으로]
71. POTUS ; [명사] President of the United States, 미국 대통령을 일컫는 약자 [본문으로]
72. corporate tax ; [명사] 법인세 [본문으로]
73. by much ; 대단히, 훨씬 [본문으로]
74. advisory council ; [명사] 자문위원회 [본문으로]
75. fiscal ; [형용사] 국가 재정[세제]의 ;; 참고 procurator fiscal [본문으로]
76. outlook ; 2. ~ (for sth) (앞날에 대한) 전망 [본문으로]
77. aggregate ; 1. [C] 합계, 총액 ;; Noun [|ӕgrɪgət] Adjective [|ӕgrɪgət] Verb [|ӕgrɪgeɪt] [본문으로]
78. taxation ; [U] 1. 조세, 세수 2. 과세제도, 세제 [본문으로]
79. foreign profits ; 국외 소득 [본문으로]
80. simplify ; [타동사][VN] (sim・pli・fies , sim・pli・fy・ing , sim・pli・fied , sim・pli・fied) 간소화[단순화]하다, 간단[평이]하게 하다 [본문으로]
81. repatriate ; 2. (상업) (돈・수익을) 본국으로 송금하다 [본문으로]
82. levy ; [명사] pl. -ies ~ (on sth) (특히 세금의) 추가 부담금 ;; US·UK [|levi] [본문으로]
83. slow economy ; 불경기, 경기 침체 [본문으로]
84. breath down sb's neck ; to stay close to someone, watching everything that they do: [본문으로]
85. appetite ; 2. [C] ~ (for sth) 욕구 [본문으로]
86. buy-back ; 자사주 매입 [본문으로]
87. envision ; [동사] (특히 앞으로 바라는 일을) 마음속에 그리다[상상하다] [본문으로]
88. go[get] nowhere ; 아무 성과[진전]를 못 보다/~에게 아무런 성과[진전]를 못 보게 하다 [본문으로]
89. odds ; [pl.], (참고: stacked) 1. 보통 the odds (어떤 일이 있을) 공산[가능성] [본문으로]
90. stall ; 4. 교착 상태에 빠뜨리다, 지연시키다; 교착 상태에 빠지다, 지연되다 [본문으로]
91. reelect ; [타동사] 재선하다 [본문으로]
92. which brings me to the (main) point ; a transitional phrase that introduces the main point of a discussion [본문으로]
93. be hungry for ; ~을 갈망하다 [본문으로]
94. competence ; 1. [U , C] (드물게 com・pe・ten・cy) ~ (in sth) | ~ (in doing sth) 능숙함, 능숙도 [본문으로]
95. tour ; [동사] 순회[순방]하다; 관광하다 [본문으로]
96. exploratory ; [형용사] 탐사의; 탐구의 [본문으로]
97. match ; 4. BE EQUAL/BETTER | [타동사][VN] 맞먹다, 필적[대등]하다 [본문으로]
98. turnaround ; 3. (상황의) 호전(好轉) 4. (의견・행동 등의) 180도 전환 [본문으로]
99. keep sth to yourself ; ~에 대해 혼자만 알고 있다[남에게 말하지 않다] [본문으로]
100. for now ; 우선은, 현재로는, 당분간은 [본문으로]
101. stand for candidate ; 흐름상 "선택할 수 있는 새로운 선택지가 될 수 있다, 추진할 수 있는 새로운 계획이 될수 있다" 정도의 의미로 보임 [본문으로]