By Jeff McKinney and Cliff Peale
The Cincinnati Enquirer

Steve Forbes (left) tells a story as George Schaefer (center) and A.G. Lafley share the stage. The three spoke on a variety of topics Friday at the Fifth Third Bank Business Market Series. (Glenn Hartong photo) | ZOOM |

Consumers - and ultimately U.S. businesses - will be the biggest winners after the $350 billion tax-cut package filters into the weak U.S. economy, three chief executives said Friday.

That was the consensus of George A. Schaefer Jr., president and chief executive of Fifth Third Bancorp; A.G. Lafley, chairman, president and chief executive of Procter & Gamble Co.; and Steve Forbes, editor-in-chief of Forbes magazine and president and CEO of Forbes Inc. They shared views on everything from President Bush's latest tax cut to hiring and dealing with Generation Xers at work.

The three corporate titans, in a rare setting, discussed their views before more than 2,000 local business leaders as part of Fifth Third Bank's second annual "Business & Market Series."

Forbes, who made it clear that he likely won't try another presidential bid, said the new tax cuts that Bush signed into law this week will serve as a powerful stimulant for the struggling economy. They should help lift consumer and investor confidence, he said.

"The president showed very good foresight: Instead of negotiation for what he wanted in the beginning, he went for the whole loaf and got two-thirds of what he wanted. That's pretty good," he said.

Lafley, who runs P&G, America's largest consumer products company and maker of household names such as Crest toothpaste and Tide detergent, agreed. He said the tax cuts will be good for consumers. The three executives - keeping the audience attentive with a few jokes, lively quips and witty analogies - spoke on numerous topics, including:

• China as a market to conduct business.

• Tort liability and how it affects U.S. business.

• Possible changes that might soon force U.S. companies to account for stock options as an expense.

Schaefer: "We have been a huge, huge user of stock options. Out of our 21,000 employees, about 4,400 officers were granted stock options, so they're very important to us. We might be forced, like a lot of companies, to account for them as expenses. But we're waiting to see what methodology FASB (Financial Accounting Standards Board) comes up with before we determine what action to take."

• Managing Gen-xers:

Lafley: "What do I like? I like the energy, the optimism and the idealism. No fear. It's great, we recruit kids, and they have no fear."

Turning to Schaefer, he said, "George, you might not have hired me."

Lafley, later, added: "We don't hire individuals today. They choose us."

E-mail jmckinney@enquirer.com and cpeale@enquirer.com.