THE BANKING CRISIS
Two of the largest companies
that went under—Lehman
Brothers and Bear Stearns—never
demonstrated any commitment
to diversity. This fostered a
corporate culture of exclusivity
and arrogance, making profit the
only objective, regardless of the
ramifications to others.
Who Was
Running the
Show?
Drate governance start at the
iversity and ethical corpo-
top—but not at these two investment banks. The boards of directors of Bear Stearns and Lehman
Brothers had virtually no gender
and racial diversity.
Among both companies’ boards
of directors, 4. 5 percent were
people of color and 4. 5 percent
were women. Compare that with
The 2008 DiversityInc Top 50
Companies for Diversity®. Blacks,
Asians, Latinos and American
Indians make up 23 percent of
their boards and women account
for 22 percent of their boards.
Blacks, Latinos, Asians and American Indians make up 13 percent
of national corporate boards, and
women make up 15 percent of
these boards.
Speaking of the DiversityInc
Top 50, it’s important to note
that neither Lehman Brothers nor
Bear Stearns ever participated in
the DiversityInc Top 50 survey,
which is now in its ninth year and
last year had 352 participants,
including Merrill Lynch & Co.
and more than 20 other financial
institutions. Why didn’t Lehman
ROGUES’ GALLERY
THE BEAR STEARNS CREW
James E. Cayne
Chairman of the
Board of Directors
Alan D. Schwartz
President and Chief
Executive Officer
Alan C. Greenberg
Chairman of the
Executive Committee
Executive and
Board Member
Executive and
Board Member
Executive and
Board Member
Henry S. Bienen
Donald J. Harrington
Frederic V. Salerno
Board Member
Board Member
Board Member
Michael Goldstein
Board Member
Frank T. Nickell
Board Member
Paul A. Novelly
Board Member
Vincent Tese
Board Member
Wesley S. Williams Jr.
Board Member
Carl D. Glickman
Board Member
