… The board at Goldman has seen its constitution change in light of the financial crisis, with Ruth Simmons, president of Brown University, standing down, and Rajat Gupta, a former head of McKinsey who is becoming entwined in the Galleon hedge fund scandal, resigning.
… The change in constitution of the board could help Goldman deal with some of its issues head on…
So Gupta left because he’s about to be accused of insider trading. And Simmons? The writer for CNN Money doesn’t really say why she’s leaving, though she seems to think Goldman will be better able to deal with its issues “head on” without Simmons.
And why is that?
Because Simmons is incompetent as a director of a complex financial organization. She seems to be good at being a university president. She should probably have stuck to that. But now, after a decade at Goldman Sachs, she’s in deep doo-doo.
April 21st, 2010 at 9:43AM
Ruth Simmons was the commencement speaker at GW the year I graduated. No one was quite sure why SJT selected her to be the speaker, as we’d all been hoping for Madeleine Albright or Hillary Clinton. Nonetheless, I do remember one of Simmons’s anecdotes about Ma Ferguson, former governor of Texas, so I suppose that’s something.
I still would have preferred someone famous, though.