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
Posted by: Susan Colantuono
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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.
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