David Reilly says yes. The Bloomberg columnist crunched some numbers and estimates that “only about 15 percent of directors have banking experience at the 10 largest U.S. commercial banks by assets” (and just over a third if you include backgrounds in investing, accounting, insurance, real estate and slinging crack-rock, which helps Goldman’s rate considerably). Apparently having people on the board who knew what was up could’ve helped us avoid the current situation we’ve got on our hands (though the presence of people like Bobby Rubin at Citi taint that theory slightly). Moving forward, we need to stack these things with guys who will understand when to ask Ken Lewis “No, seriously, WTF?” (just after he hastily overpays for a chain of biker bars without telling anyone) and rough him up accordingly (Reilly: “if you’re in the business of making sausage, it pays to have some butchers on hand”).
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Bobby Rubin worked at the USG before joining Citi. Does anyone else draw a line between success in government and failure in business? Of course, without the Oracle and L Summers Rubin likely would have botched Mexico, Russia, and LTCM. and he may not have inflated the awesome tech bubble either. How droll would the 90′s have been if he failed as badly there as he did at Citi?
we should replace every bank board with dress makers.
No, just need to be part of the tribe.
David Duke
Or just, ya know, hold BoD’s accountable for a change. You don’t need 20 years of same/similar industry experience to be able to perform basic BoD duties – it wouldn’t hurt – but that article misses the major shortcoming of many large-firm BoD’s entirely.
@ 4
What that they don’t give a $h!t?
I pounded a bank teller in her ass once and I had little to no experience in the field of bank telling.
nice glasses
Asking bank board personnel to be “bankers” is as hard to swallow as asking AIG traders to have common sense.
@6 lol
Maybe not…amateur night at the strip clubs are usually entertaining.
I know someone that knows someone that knows Bess, and they confirmed she used to hustle on NJ street corners in her red and black lumberjack, with the hat to match. Word on the street is she was wicked with the 3 card monty.
@11 THAT WAS HER ? She owes me $50
nice biggie lyrics. street cred.
Yes.
Sincerely,
Captain Obvious
taint theory: it taint the balls and it taint the ass, but it’s somewhere in between.
oh,wait. that says, “taint that theory”. nevermind.
@5
Bingo.
We couldn’t have that!! Then they would jeopardize their “independence,” and that would be “bad.”
Besides, where else do washed up politicians go? Isn’t that the deal? They suffer through the gov’t crap and then get a nice juicy board seat or two? Vernon Jordan? Bob Rubin? etc, ad infinitum?
We couldn’t have that!! Then they would jeopardize their “independence,” and that would be “bad.”
Besides, where else do washed up politicians go? Isn’t that the deal? They suffer through the gov’t crap and then get a nice juicy board seat or two? Vernon Jordan? Bob Rubin? etc, ad infinitum?
RE: 17 & 18 – oops, sorry.
See Bob’s resemblance to Brains from the Thunderbirds. Just a little older…
http://ecx.images-amazon.com/images/I/410KJY05TJL._SL500_AA280_.jpg