Bad Boards

Tuesday, June 10, 2008


It’s definitely up for debate as to what the worst board of directors in recent years has been, but after reading a New York Times article on Richard Grasso, I’d like to nominate the NYSE board of 2002.  A rare vintage indeed.

Here’s some of the luminaries on this board:

Richard Grasso - poster child for excessive compensation ($185 million!)

James Cayne - legendary for driving Bear Stearns to JP Morgan

Philip Purcell - forced out from Morgan Stanley

Maurice Greenberg - forced out from AIG and now under SEC investigation

Stanley O’Neal - forced out at Merrill Lynch

Noticing a trend?  That’s not all:

Martha Stewart - America’s favourite felon

Jurgen Schremp - quit Daimler Chrysler after spearheading the subsequently undone merger

Linda Wachner - fired after her company (Warnaco) filed for bankruptcy

What a team...

# Exception: TypeError
# Message  : postLinks.forEach is not a function