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Cojones Grandes

Posted By Barry Ritholtz On May 8, 2004 @ 8:52 am In Finance | Comments Disabled

NYT_home_banner.gif [1]

I am astounded . . . Chutzpah redefined:

From a column [2] in Friday’s NYT by the great Floyd Norris:

“Mr. Donaldson’s efforts are frustrating to those who expected that the Bush administration would roll back regulation. The proposal received a D- average grade from Wendy Gramm, director of the regulatory studies program at George Mason University. “The S.E.C. offered no evidence that existing solutions to poorly performing boards do not work,” wrote Ms. Gramm, a former Enron director.”

Seriously, how big a set of balls must you have to say something like that if you are Wendy Gramm? She is now the director of the regulatory studies program at the Mercatus Center at George Mason University — which means this school has zero academic credibility — and seems to be against most regulation of Boards of Directors.

This from the woman who:

1) enabled Enron’s off balance sheet finacial shenanigans;
2) Sat on the B of D of a public company while her husband was a Senator who — surprise! — recieved donations from Enron (indeed, why else was she put on the board if not to buy his vote?);
3) Cashed out before the whole thing went kablooey.

Now, she has the temerity to tell the SEC chief there is “no evidence that existing solutions to poorly performing boards do not work” ?

Talk about an imperfect messenger: Where do people like this get such cohones? The honorable thing to do would have been to fall on your sword. Instead, an entire farce of academic analysis has been fabricated to pursue a specific agenda.

Sheesh! Any one with a sack that big should be working in Porn . . .

UPDATE: May 9, 2004 8:42pm
A reader informs me that George Mason University has “two Nobel laureates in economics on staff full-time, I doubt the school lacks academic credibility. Everyone makes mistakes in hiring.”

I stand corrected . . .

Sources
Angering Big Business, Donaldson Vows to Change Voting Rules [2]
FLOYD NORRIS
NYT: May 7, 200

http://www.nytimes.com/2004/05/07/business/07norris.html

Wendy Gramm has no regrets [3]
By Gary LaMoshi
Salon, Jan. 28, 2004

http://www.salon.com/tech/feature/2004/01/28/wendy_gramm/

Phil Gramms Enron Favor [4]
Watchdog: Senator Pushed End to Oversight for Campaign Contributor
by James Ridgeway
Village Voice, January 16 – 22, 2002

http://www.villagevoice.com/issues/0203/ridgeway.php

No Problem Here, and Gramm Should Know [5]
By Al Kamen
Monday, January 26, 2004; Page A17

http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&contentId=A47126-2004Jan25&notFound=true

Enron and Phil and Wendy Gramm [6]
NANCY BENAC
Associated Press 1/24/02

http://www.nctimes.net/news/2002/20020124/52934.html

So You Want to Buy a President?
1998 PBS and WGBH/FRONTLINE

http://www.pbs.org/wgbh/pages/frontline/president/players/gramm.html

BULL MARKET [7]
Garance Franke-Ruta
Washington City Paper, March 8-14, 2002

http://www.washingtoncitypaper.com/archives/cover/2002/cover0308.html


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/05/cojones-grandes/

URLs in this post:

[1] Image: http://www.nytimes.com

[2] column: http://www.nytimes.com/2004/05/07/business/07norris.html?ex=1399348800&en=867f7af2c6cdf749&ei=5007&partner=USERLAND

[3] Wendy Gramm has no regrets : http://www.salon.com/tech/feature/2004/01/28/wendy_gramm/

[4] Phil Gramms Enron Favor: http://www.villagevoice.com/issues/0203/ridgeway.php

[5] No Problem Here, and Gramm Should Know: http://www.washingtonpost.com/ac2/wp dyn?pagename=article&contentId=A47126-2004Jan25&notFound=true

[6] Enron and Phil and Wendy Gramm: http://www.nctimes.net/news/2002/20020124/52934.html

[7] BULL MARKET: http://www.washingtoncitypaper.com/archives/cover/2002/cover0308.html

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