I've begun to think that maybe we are no different. Sigh..
[EMAIL PROTECTED] wrote:
>
> agreed, it's just one of those "why can't humans act better?" things
> that continues to frustrate me. I have seen women and people of colour
> take a stand to do better, but it's often like fighting a mob. Yet,
> when those people get to positions of power, they sometimes have power
> to make changes. Small ones, perhaps, but little steps are better than
> none. Of course, by that time they're so indoctrinated into the system
> they're no different from the old white guys they were supposed to be
> better than.
>
> It all reminds me of the end of "Animal Farm", when the hapless
> animals of the farm look into the house where their pig leaders are
> having discussions with the humans. The line is something to the
> effect that as the pigs and humans start laughing--obviously having
> come to an accord that will not benefit the poor animals who hoped for
> liberation--those watching couldn't really tell a difference between
> the pigs and the animals. I feel that way often, as women and black
> people backstab, exploit, cheat, and manipulate the system every bit
> as effectively as the white men who get all the blame for making
> corporate America a soulless place.
>
> -------------- Original message --------------
> From: "Tracey de Morsella (formerly Tracey L. Minor)"
> <[EMAIL PROTECTED]
> <mailto:tdlists%40multiculturaladvantage.com>>
>
> > 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] <mailto:KeithBJohnson%40comcast.net> 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)"
> > > > > >
> > >
> > > > 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>
> > > > >
> > > > > > > >
> > > > > > > > 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! Groups Links
> > > >
> > > >
> > > >
> > >
> > > [Non-text portions of this message have been removed]
> > >
> > >
> >
> >
> >
> > Yahoo! Groups Links
> >
> >
> >
>
> [Non-text portions of this message have been removed]
>
>
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