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Banking, finance, and taxes

Citigroup (C) Board Gets Attacked

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By Douglas A. McIntyre Published
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"Directors are not like some kind of 1950s housewife who was always the last to learn about the misadventures of her husband," said J. Richard Findlay, head of The Centre for Corporate & Public Governance told The New York Post. "Their job is to oversee the CEO and to be aware of key events in strategy and risk at every stage along the way," he added.

One telling sign is that the risk management committee of the board staged several meetings over the summer. Did some directors see a big problem coming?

Sandler O’Neill analyst Jeff Harte said, "Public comments in support of Mr. Prince and recent management changes made by Mr. Prince suggest that the board was as surprised as anyone by [Citi’s] CDO related exposures."

They probably weren’t as surprised as they would like shareholders to think they were.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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