In many industries and professions in corporate America, if a woman behaved the way we think they would, they end up hitting a glass ceiling or transferred to head up a cost center. The Cost Center rarely leads to the very top.
[EMAIL PROTECTED] wrote: > > i've much the same thing myself. I never fail to be bothered and > disappointed in how people of colour--and women--often end up being > like the very people they planned to supplant. When i first entered > corporate America, I was stunned and disappointed in how so many women > execs were no better than the men. Indeed, back in the day they were > often more aggressive, more cutthroat. Things are better, 'tis true, > but I still feel that we've never seen the types of changes to > corporate environments we (perhaps naively) expected back when > Affirmative Action and Equal Employment were implemented. > > -------------- Original message -------------- > From: "Tracey de Morsella (formerly Tracey L. Minor)" > <[EMAIL PROTECTED] > <mailto:tdlists%40multiculturaladvantage.com>> > > > I saw that happened in my department. First they god rid of the CTO and > > replaced them with his lackey, who had a similar personality from > what I > > could tell.. Those under him seem to follow. Different opinions were > > not welcome. Then they moved down the line, slashing the department > > left and right. Most of the survivors that I know, seem to be > > grandfathered in - protected by who they know. Before the change, I > > really liked it there. Particularly IT. We did not have for follow a > > lot of the company rules and they through alot of money at the > department. > > > > I think I was more upset because of what he and Parsons represented. > > Two of the most powerful men in corporate America where Black. They > > made headlines everyday. In a world that tried to label us as stupid, > > it felt good to see that. I have not paid attention to those headlines, > > so I don't know if Parsons is the monster that O'Neal was, but I would > > not be surprised. I my opinion, most of those who make it to the very > > top of the most powerful companies, pretty much have to assimilate to > > get to the top. > > > > > > [EMAIL PROTECTED] <mailto:KeithBJohnson%40comcast.net> wrote: > > > > > > i've read stuff saying he got rid of people who weren't his parrots, > > > that he doesn't like subordinates who'll challenge him. It's one > > > reason, some say, why he got in this trouble, such as approaching > > > Wachovia without the board's knowledge, which was a big no-no. so in > > > other words, some say he's an egotistical, insecure, power hungry, > > > selfish SOB who's not above selling even his friends down the > river in > > > order to make it. > > > Huh, guess some of us really *have* been assimilated! > > > > > > -------------- Original message -------------- > > > From: "tdemorsella" > > > > > > I managed the Intranet for the Global IT department and coordinated > > > the managers of Intranets for 30 other divisions. Regarding the > > > timing, it looks like they are both crashing and burning. My response > > > is purely emotional because they have defied the lables people have > > > put on us. Ironically, there is a lot I have read O'Neal, that is > > > disturbing--- also right after 911 they had a massive layoff of 1/3 > > > of the employees - I think something like 33,000 people. Before that > > > time, there were rarely layoffs so most of the people i knew there > > > were long time employees. Everybody did a lot get things back up and > > > running after the 911 and to put things back in place so we could get > > > back in the towers in NY. There were assurances about jobs-- no body > > > believed them. But it seems like as soon as he could he did the lay > > > off so that it would not look like he got rid of them at Christmas. > > > In his defense, any body who took a package made out. Those who tried > > > to take a package later did not do so well. > > > > > > --- In scifinoir2@yahoogroups.com > <mailto:scifinoir2%40yahoogroups.com> > > > , [EMAIL PROTECTED] wrote: > > > > > > > > i agree, timing's odd, though other stuff I read bout O'Neal makes > > > me wonder. what did you do when you were there? > > > > > > > > -------------- Original message -------------- > > > > From: "Tracey de Morsella (formerly Tracey L. Minor)" > > > > > > > > > I'm not necessarily an advocate. There could be no other > logical move > > > > > then to get rid of him, but it kind of stings a lot that him and > > > Parsons > > > > > are being made to resign at the same time. > > > > > > > > > > I was there in 2000-2001. After years of self-employment, i > > > enjoyed it. > > > > > > > > > > [EMAIL PROTECTED] wrote: > > > > > > > > > > > > not to disagree or criticize, but, though he turned it > around then, > > > > > > why the multi-billion dollar loss now? > > > > > > when did you work at Merrill Lynch? > > > > > > > > > > > > -------------- Original message -------------- > > > > > > From: "Tracey de Morsella (formerly Tracey L. Minor)" > > > > > > > > > > > > > > > > > > > > > > I worked there when he became President. With some of the > > > headquarters > > > > > > > in the Towers next to the 911 bombed towers the company was > > > > > > hemorrhaging > > > > > > > money and the man turned it around. Its funny how short their > > > memories > > > > > > > are, but not surprising. > > > > > > > > > > > > > > Tracey > > > > > > > > > > > > > > [EMAIL PROTECTED] wrote: > > > > > > > > > > > > > > > > I'm ashamed to admit I didn't know the Merrill Lynch chief > > > was a > > > > > > > > brother?! I'd been hearing about this all morning, and just > > > now saw > > > > > > > > his picture! And I have to be honest: when I first heard > the > > > reports, > > > > > > > > i shook my head, thinking "what else is new?" Another > > > company getting > > > > > > > > caught up in too many years of questionable accounting and > > > over-eager > > > > > > > > business practices. And when I heard this on the radio > -- "The > > > > > > Merrill > > > > > > > > spokesman said O'Neal would not receive a severance > package, > > > but that > > > > > > > > he would have access to all the stock he received during > his > > > > > > tenure at > > > > > > > > the company. Merrill declined to disclose how many shares > > > O'Neal > > > > > > > > accrued. Including salary and annual bonuses, O'Neal took > > > home $46 > > > > > > > > million in compensation in 2006." -- I thought, "a > Forty-six > > > mill?! > > > > > > > > Another fat-cat executive making too much damn money, > getting a > > > > > > > > platinum parachute even when he's having to leave for poor > > > > > > > > performance". Typical. > > > > > > > > And then I read he's a brother and before I know it I said > > > to myself > > > > > > > > "That's what I'm talking about! You gon' ahead bruh and get > > > your > > > > > > > > money! If THEY can do it why can't we?! Huh, they probably > > > trying to > > > > > > > > make you a scapegoat anyway. You didn't get your forty > > > acres, but you > > > > > > > > got forty million dollars. My man!" > > > > > > > > Sigh... guess I have a ways to go for full enlightenment! > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.htm?postversi > > <http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.htm?postversi> > > > > > > > > i> > > > > > > > > > > > > > > > i> > > > > > > > > > > > > > on=2007103012 > > > > > > > > > > > > > > > > ion=2007103012> > > > > > > > > O'Neal out as Merrill Lynch chief > > > > > > > > Stanley O'Neal relinquishes post amid $8 billion subprime > > > losses; > > > > > > > > Alberto Cribiore named as interim non-executive chairman. > > > > > > > > By David Ellis, CNNMoney.com staff writer > > > > > > > > October 30 2007: 12:56 PM EDT > > > > > > > > > > > > > > > > NEW YORK (CNNMoney.com) -- After a 21-year career at > Merrill > > > Lynch & > > > > > > > > Co., Stanley O'Neal stepped down Tuesday as chairman and > > > CEO, less > > > > > > > > than one week after the firm stunned Wall Street by > > > revealing an $8 > > > > > > > > billion loss on risky investments in subprime mortgages. > > > > > > > > Merrill (Charts, Fortune 500) shares fell 4 percent in late > > > morning > > > > > > > > trade Tuesday on the New York Stock Exchange. > > > > > > > > > > > > > > > > The nation's largest brokerage said O'Neal, 56, would > retire > > > > > > > > immediately and that board member Alberto Cribiore would > > > take over > > > > > > for > > > > > > > > him as interim non-executive chairman. > > > > > > > > Merrill said both O'Neal and the board agreed that a > change in > > > > > > > > leadership would help the company move forward as it > > > attempts to > > > > > > > > overcome the $8 billion in losses it suffered last week. > > > > > > > > "We would like to thank Stan for the contribution he has > > > made leading > > > > > > > > a major transformation of Merrill Lynch into a global and > > > diversified > > > > > > > > company with enormous potential ahead of it," Cribiore said > > > in a > > > > > > > > prepared statement. > > > > > > > > Merrill also said that Cribiore, 59, would lead a search > > > committee to > > > > > > > > identify and evaluate chief executive candidates from > inside > > > and > > > > > > > > outside the company. > > > > > > > > A Merrill Lynch spokesman gave no indication how long the > > > candidate > > > > > > > > search process would take. > > > > > > > > Shake-ups on the Street > > > > > > > > In the wake of Tuesday's announcement, the board is in a > > > difficult > > > > > > > > position. "You never want to be a ship without a captain - > > > that's > > > > > > > > essentially what they have at the moment," said Eileen > Fahey, a > > > > > > > > managing director at Fitch Ratings. > > > > > > > > At the same time, Fahey said, it makes sense for the board > > > to proceed > > > > > > > > with caution. "It's better for the board to find the > correct > > > person > > > > > > > > and I believe they are looking for someone to change how > > > Merrill > > > > > > > > operates." > > > > > > > > Among those mentioned as potential candidates are Laurence > > > Fink, > > > > > > > > chairman and CEO of investment firm BlackRock (Charts), in > > > which > > > > > > > > Merrill owns a 45 percent stake; John Thain, CEO of NYSE > > > Euronext > > > > > > > > (Charts); Bob McCann, the head of Merrill's brokerage > > > division; and > > > > > > > > Gregory Fleming, Merrill's co-president and co-chief > operating > > > > > > officer. > > > > > > > > In the meantime, Cribiore, who has served on the board > since > > > 2003, > > > > > > > > will man the helm at Merrill. Cribiore is a managing > partner > > > of the > > > > > > > > private equity firm Brera Capital. Previously he served > as a > > > > > > president > > > > > > > > of private equity firm Clayton Dubilier & Rice. > > > > > > > > The company also deflected reports that other top execs > such as > > > > > > Ahmass > > > > > > > > Fakahany may follow O'Neal out the door. Merrill said that > > > Fleming > > > > > > and > > > > > > > > Fakahany will remain as co-presidents and chief operating > > > officers. > > > > > > > > O'Neal's woes > > > > > > > > Last week, Merrill stunned investors and analysts when it > > > said it > > > > > > took > > > > > > > > an $8 billion hit in the third quarter from bets on > subprime > > > > > > mortgages. > > > > > > > > That announcement came only three weeks after the > company had > > > > > > > > estimated that the hit would be about $4.5 billion. The > > > > > > > > larger-than-expected writedown prompted a $2.3 billion loss > > > in the > > > > > > > > quarter and a downgrade of the firm's credit rating. > > > > > > > > O'Neal reportedly had also been in trouble with his > board for > > > > > > > > approaching the CEO of Wachovia (Charts, Fortune 500), the > > > nation's > > > > > > > > No. 4 bank, about a possible merger of the two financial > > > services > > > > > > > > giants without getting the approval of Merrill's board, > > > according > > > > > > to a > > > > > > > > report last week in the New York Times. > > > > > > > > Will Merrill remain independent? > > > > > > > > Those talks raised questions on Wall Street about whether > > > Merrill > > > > > > will > > > > > > > > be able to remain independent. > > > > > > > > O'Neal was widely expected to announce his resignation as > > > early as > > > > > > > > Monday, although Merrill remained silent about his status > > > within the > > > > > > > > firm. Some experts believed that Merrill's attempt to > locate a > > > > > > > > successor for O'Neal or work out his severance package > > > delayed the > > > > > > > > announcement of his resignation. > > > > > > > > The Merrill spokesman said O'Neal would not receive a > severance > > > > > > > > package, but that he would have access to all the stock he > > > received > > > > > > > > during his tenure at the company. Merrill declined to > > > disclose how > > > > > > > > many shares O'Neal accrued. > > > > > > > > Including salary and annual bonuses, O'Neal took home $46 > > > million in > > > > > > > > compensation in 2006. > > > > > > > > In the firm's announcement Tuesday, O'Neal thanked his > > > colleagues for > > > > > > > > improving the company's competitiveness and expanding its > > > global > > > > > > reach. > > > > > > > > "The company has provided me with opportunities that I > never > > > could > > > > > > > > have imagined growing up, culminating with my leadership > of the > > > > > > > > company over the past five years," O'Neal said. > > > > > > > > According to a profile from Harvard Business School, where > > > he got his > > > > > > > > MBA in 1978, O'Neal was born into poverty in Wedowee, Ala. > > > He worked > > > > > > > > as a young boy picking cotton on a family farm, while his > > > mother > > > > > > > > worked as a cleaning lady. > > > > > > > > When O'Neal was 12, his family moved to Atlanta and his > father > > > > > > went to > > > > > > > > work at a General Motors (Charts, Fortune 500) plant. > O'Neal > > > also > > > > > > > > worked at the plant as a teenager, and GM tapped him to > attend > > > > > > General > > > > > > > > Motors Institute and paid for him to get his MBA. He worked > > > for eight > > > > > > > > years in the automaker's New York finance office and in > > > Madrid before > > > > > > > > moving to Merrill in 1986. > > > > > > > > He rose through the ranks at Merrill, becoming president > and > > > chief > > > > > > > > operating officer in July 2001; he was tapped as CEO in > > > December 2002 > > > > > > > > and added the title of chairman in April 2003. The posts > > > made him one > > > > > > > > of the most powerful African-American executives on Wall > > > Street, > > > > > > along > > > > > > > > with Kenneth Chenault, who holds those two titles at > > > American Express > > > > > > > > (Charts, Fortune 500). > > > > > > > > After taking over as chief executive, O'Neal quickly > earned a > > > > > > > > reputation as an aggressive cost cutter. By slashing > jobs and > > > > > > shutting > > > > > > > > down operations around the globe, he helped revive > Merrill's > > > stock, > > > > > > > > which reached an all-time high in January. Merrill > shares have > > > > > > lost 33 > > > > > > > > percent of their value since this summer's market meltdown. > > > > > > > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > Yahoo! Groups Links > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > Yahoo! Groups Links > > > > > > > > > > > > > > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > > > > > > > > > Yahoo! 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