Home / General / Meritocracy in Action

Meritocracy in Action

Comments
/
/
/
266 Views

In some vaguely rational universe, the Global Risk Officer for Lehman Brothers from 2002-7 would be working at a Burger King somewhere, and not in a management position. Needless to say, that’s not what happened.

UPDATE: In fairness, as a couple commenters point out, she seems to have been more ineffectual than completely unable to see the problems with what the company was doing.

FacebookTwitterGoogle+Share
  • Facebook
  • Twitter
  • Google+
  • Linkedin
  • Pinterest
  • Sebastian H

    Not to complicate a good zinger, but I’m medium-sure that Antoncic was one of the ones sounding the alarm about how crazy things were getting and that she was ignored and overruled at every turn toward the end.

    • Malaclypse

      Think you are right.

    • Bill Murray

      But she clearly wasn’t particularly effective in sounding the alarm

      • John from Berkeley

        She was effective enough to get herself effectively fired… and with Dick Fuld as her boss, it’s entirely possible that she couldn’t do much better than that.

        • Bill Murray

          but she stayed at Lehman as

          a managing director, a member of Lehman Brothers Management Committee and is the firm’s global head of financial market policy relations

          so doesn’t that imply she sidelined herself

          http://www.marketswiki.com/mwiki/Madelyn_Antoncic

          • ajay

            Actually that’s pretty much what it does imply…

  • Lemme see…bank billions annually from CDOs…or listen to the warnings of the shrieking harpy in the basement…

    • Kurzleg

      Harpy?

      • I was putting myself in Fuld’s place, replete with scatology and other put-downs. Sorry if that wasn’t clear from context.

  • BarneyFranksSpeechTherapist

    This reminds me of a saying I once heard: “F-up, move up”.

    Bush wanted more oversight of Fan/Fred, Barney Frank said they were essentialy sound and did not need more oversight which would limit their ability to provide Americans with affordable home ownership. The government eventually took over these failing financial institutions. What happened to Barney? He co-authors the Dodd-Frank Wall Street Reform and Consumer Protection Act. What could possibly go wrong? Indeed.

    • Xenocrates

      Bush didn’t want regulation of ANYTHING. Let’s put that first zombie lie to death; the second is the continuing myth that Fannie Mae/Freddie Mac caused the financial crisis. It’s just not true…too many people were loaned too much money to buy houses they couldn’t afford. Wall Street geniuses then bought up this bad paper, “sliced and diced” it into CDOs and other instruments and sold them as good investments. Wall Street and the banksters caused this, not some poor schmuck getting a 6% FHA loan. Would you like to try again, this time with some facts?

      • Malaclypse

        Would you like to try again, this time with some facts?

        Please don’t feed the troll. BFST is just another Normy incarnation.

  • Ken

    Only ineffectual, not incompetent. In terms of the original scale, I only see that as an upgrade from Burger King to TGI Fridays.

    • Kurzleg

      Right. It hardly matters which is the case. She wasn’t effective then, but THIS time she will be. I just know it.

It is main inner container footer text