Dirty Rotten Scoundrels?

I apologize in advance, but I just have to say this. If those in power in business stereotyped themselves, no one would put money in banks (or other financial situations) run by white men over the age of 45.

This is not an original thought. A colleague of mine made that observation back in the era of the savings and loan debacle. But it was brought to mind recently when I read this article by Saabira Chaudhuri of Women's E News and FastCompany.

I wondered how many women directors sat on the boards and in the executive offices of the failed/rescued companies. Here's what I found in a short while this morning.
  • Bear Stearns: 0/12 directors.
  • Lehman Brothers: 0/11 directors. (I can't find executive officer info.)
  • AIG: 0 women corporate executives, 2 out of 15 on the board
  • Fannie Mae: 2/10 women corporate officers (can't tell if they're direct reports to the CEO), 7 out of 54 directors. 54! Am I missing something? I don't see how a board (in this case advisory council) can function with that many members. (oops, I guess it didn't) Of those 54 directors, 33 work for Fannie Mae! Directors also represented Morgan Stanley, Lehman Brothers, Citigroup and Bank of America.
  • Freddie Mac: 2/10 executives. 3/11 directors
To read more about women on boards, check out the Leading Women WOB page.

Posted by: Susan Colantuono

1 comment:

Susan Colantuono said...

I couldn't find information about Washington Mutual's officers and directors, but I did discover that the chair of the finance committee (Mary Pugh) resigned from the board in April. Was she a canary in the coal mine or a casualty? Inquiring minds want to know.