Skip to main content

Do Bank Boards Need Banking Experience?

  • Author:
  • Updated:

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").


What Hank And Hal Steinbrenner Need To Ask Themselves Right About Is, Do We Want $3 Billion Deposited In Our Bank Account In A Friendly Manner Or Do We Want It Violently Shoved Down Our Throats?

Are the Yankees for sale? "Baseball and financial sources" say yes. People with the last name Steinbrenner say no. Perhaps the latter, though, just needs to meet the right buyer? A buyer who's got money to spend? A buyer who wants a Major League Baseball team so badly he can taste it? Who has so far bid on not one, not two, but three organizations in the last year? A buyer who  can do this the easy way or the hard way? He's going to get his hands on a team one way or another and the sooner people realize that the better. So everyone is preparped, when the Big Guy is running the show, the first order of business will be: a) Shitcan A-Rod b) Reassign A-Rod to clean SAC's offices c) Rehire Ping Jiang to discipline underperforming players d) Gather all Yankee employees and unleash four hour-long string of obscenities about garbage performance e) all of the above

Cutting Expensive Grape Juice From Deutsche Bank Board Meetings A Bridge Too Far For John Cryan

You didn't get a bonus this year but the $$$ grape juice is here to stay.