What Me Worry?

It looks like Madison Square Garden and the New York Nicks are being run by Alfred E. Neuman.

Stay on top of the news these days and you are likely to encounter stories of fallen idols, dethroned chieftains and corporate big wigs that have lost their job. Michael Vicks of The Atlanta Falcons -- sentenced to 23 months and required to return $20 million in payments for his involvement in in a dog fighting ring. Conrad Black -- who once presided over the 3rd largest newspaper chain -- sentenced to 6 1/2 years in prison for his convictions on fraud and obstruction of justice charges. On Wall Street, Charles Prince of Citigroup and Stanley O'Neal of Merrill Lynch both lost their CEO positions due to huge losses related to the subprime mortgage meltdown.

But life goes on at the Knicks. The team is securely in last place in their NBA conference with a 6 and 14 win-loss record. And, the team has dragged its fans through the mud with its recent conviction on charges of sexual harassment. The Garden settles charges this week -- just ahead of a judge's ruling on compensatory damages -- paying $11.5 million to the victim, a former marketing executive.

One NY radio DJ remarked yesterday -- if I cost my company $11.5 million and my ratings were in last place, I would be off the air in a matter of days if not hours. But this logic does not apply to the leadership of Madison Square Garden -- the Knicks' parent organization. Coach Isiah Thomas seems secure in his job due to the continued support and patronage of James Dolan, Chairman of the Garden.

Mr. Dolan lacks the business acumen of his father, legendary cable television pioneer, Chuck Dolan. And its clear that moral fortitude is not Junior's strong suit. It doesn't look like the embarrassment caused to his family will prompt him to take a new leadership direction either. With a tight ownership grip on The Garden, James Dolan puts his interests way ahead of any other constituency.