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Can We Blame Bad Corporate Governance

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Can We Blame Bad Corporate Governance Questions for this session • Could the financial crisis have been prevented if the governance of the major perps had been better? Can we blame bad corporate governance • Were AIG, Fannie Mae, Lehman Bros, Bear Stearns, for failing financial or Washington Mutual demonstrably worse than their institutions? peers? If so, in what ways? Jerry Davis “Capital Matters: Managing Labor’s Capital” Harvard Law School 30 April 2009 © 2009 by The Regents of The University of Michigan • All Rights Reserved 2 Prologue: A (very brief) history of corporate Case #1: commercial banks governance among financial institutions • The most troubled players were in highly diverse • Commercial banks in the US were traditional industries segregated geographically (by state) and industrially – Commercial banking (Citi, Wachovia) (from investment banking and insurance) – Savings and loans (WaMu) • Bank boards were traditionally much larger (2X) and – Investment banking (Bear, Merrill) more star-studded than industrial boards – Mortgage banking (Countrywide, New Century) • Money center banks and local banks had distinct – Insurance (AIG) governance profiles – GSEs (Fannie, Freddie) • Corporate governance has very different histories across these industries 3 4 Money center banks were largely staffed with CEOs of In ~ every major city, local corporate executives staffed multinationals the boards of local banks… • Boston: Bank of Boston Top executives on bank boards, 1982 – Computervision – Dennison Manufacturing Chase Manhattan Chemical Bank JP Morgan Manufacturers Hnvr – General Cinema •AT&T • American Standard • Corning • American Home – Gillette •Amoco •AT&T • Dupont • Campbell Soup – Prime Computer • Bethlehem Steel • Burroughs •Merck • Cluett Peabody –Raytheon • Celanese • Champion Intl • NL Inds • Phelps Dodge – Wyman Gordon • Chesebrough • Dupont • Tenneco •Revlon • Pittsburgh: Mellon Bank • Continental • Eli Lilly • Texaco – Air Products • Cummins •Mobil • US Steel – Allegheny International • Exxon –Alcoa • Federated Dept – Joy Manufacturing Stores – PPG Industries • General Foods – Quaker State Oil • Georgia Pacific – Sperry • Macy’s – US Steel • Xerox Data for 1986 from Davis (1991) 5 6 Why? Legitimacy and information JP Morgan Chase board, 2001 • Impressive boards served a signaling function to reassure potential clients and others of the banks’ legitimacy • Well-connected outside directors provided far- sighted information to broadly guide future investments • A result of this strategy was that bank boards were highly “central” in the shared director network 7 8 Corporate boards are all connected by shared directors …and banks sit somewhere in the middle of the network GOLDEN WEST FINANCIAL CORP ONEOK INC NEW WESTERN RESOURCES INC KS ABM INDUSTRIES INC MURPHY OIL CORP REGIONS FINANCIAL CORP ALASKA AIR GROUP INC AVISTA CORP SCHOLASTIC CORP LANDSTAR SYSTEM INC TESORO PETROLEUM CORP GEORGIA GULF CORP PERFORMANCE FOOD GROUP CO UNIVERSAL FOREST PRODUCTS INC TECH DATA CORP NATIONAL FUEL GAS CO The Fortune QUINTILES TRANSNATIONAL CORP WATSCO INC NASH FINCH CO PROVIDENT FINANCIAL GROUP INC OLD KENT FINANCIAL CORP PINNACLE WEST CAPITAL CORP SILGAN HOLDINGS INC CHAMPION ENTERPRISES INC M&T BANK CORP GENERAL CABLE CORP NEW DEVON ENERGY CORP NEW JDS UNIPHASE CORP 1000 board of FAIRCHILD SEMICONDUCTOR INTL INC UNITED STATIONERS INC SERVICE CORP INTERNATIONAL HUB GROUP INC PAYCHEX INC SIERRA PACIFIC RESOURCES GENESIS HEALTH VENTURES INC FOAMEX INTERNATIONAL INC RGS ENERGY GROUP INC PUGET ENERGY INC GREENPOINT FINANCIAL CORP PAYLESS CASHWAYS INC PHAR MOR INC PSS WORLD MEDICAL INC JABIL CIRCUIT INC UNIVERSAL CORP EMCOR GROUP INC PENTAIR INC VALERO ENERGY CORP NEW MICRON TECHNOLOGY INC MITCHELL ENERGY & DEVELOPMENT CORP ABERCROMBIE & FITCH CO DE MILACRON INC COVENTRY HEALTH CARE INC STEELCASE INC MASCO CORP KELLY SERVICES INC LANDAMERICA FINANCIAL GROUP INC GREAT LAKES CHEMICAL CORP TYSON FOODS INC PUBLIC SERVICE CO OF NEW MEXICO directors MAXXAM INC ALTERA CORP MANPOWER INC MICROAGE INC SPARTAN STORES INC TELEPHONE & DATA SYSTEMS INC DE WHX CORP DEL WEBB CORP WHOLE FOODS MARKET INC INTERSTATE BAKERIES CORP ALLIANT ENERGY CORP DIEBOLD INC PERKINELMER INC LAM RESEARCH CORP HARTFORD FINANCIAL SERVICES GROUP I LEAR CORP PATHMARK STORES INC MARSHALL & ILSLEY CORP TORO CO INTERNATIONAL MULTIFOODS CORP POLARIS INDUSTRIES INC CYPRESS SEMICONDUCTOR CORP EMC CORP TELLABS INC QUANTA SERVICES INC WESTERN DIGITAL CORP BORDERS GROUP INC MI NIAGARA MOHAWK HOLDINGS INC FURNITURE BRANDS INTERNATIONAL INC MARK IV INDUSTRIES INC ADMINISTAFF INC VECTREN CORP FLOWSERVE CORP BROADWING INC CARDINAL HEALTH INC E W SCRIPPS CO OH WILLAMETTE INDUSTRIES INC WHIRLPOOL CORP MERISEL INC DTE ENERGY CO MOHAWK INDUSTRIES INC SMURFIT STONE CONTAINER CORP AMERICAN ELECTRIC POWER CO INC HEILIG MEYERS CO KENNAMETAL INC LSI LOGIC CORP HEALTH NET INC TERADYNE INC WESCO INTERNATIONAL INC SUPERVALU INC WORLDCOM INC NEW REYNOLDS & REYNOLDS JACOBSCO ENGINEERING GROUP INC FOOTSTAR INC UNIFI INC QWEST COMMUNICATIONS INTERNATIONAL network AGCO CORP DE MANDALAY RESORT GROUP STANDARD REGISTER CO RITE AID CORP ANIXTER INTERNATIONAL INC PRINCIPAL FINANCIAL GROUP INC DOLLAR GENERAL CORP GALILEO INTERNATIONAL INC AMERICAN AXLE & MANUFACTURING HLDGS MCN ENERGY GROUP INC CALPINE CORP SMITHFIELD FOODS INC IMATION CORP VOLT INFORMATION SCIENCES INC FMC CORP CABLEVISION SYSTEMS CORP NEW DQE OCCIDENTAL PETROLEUM CORP MELLON FINANCIAL CORP LINENS N THINGS INC UNITED AUTO GROUP INC STATE STREET CORP AK STEEL HOLDING CORP A O SMITH CORP VALSPAR CORP LIZ CLAIBORNE INC ALBERTSON S INC RYLAND GROUP INC HEALTHSOUTH CORP ITT INDUSTRIES INC OSHKOSH TRUCK CORP HUMANA INC LENNOX INTERNATIONAL INC MCCORMICK & CO INC LA Z BOY INC BANTA CORP QUESTAR CORP ALLEGHENY ENERGY INC HILLENBRAND INDUSTRIES INC NAVISTAR INTERNATIONAL CORP STARWOOD HOTELS & RESORTSPPG WORLDWIDE INDUSTRIES INC SUNGARD DATA SYSTEMS INC TRIGON HEALTHCARE INC WGL HOLDINGS INC NSTAR MOLEX INC STATER BROS HOLDINGS INC HALLIBURTON CO 3COM CORP DELPHI AUTOMOTIVE SYSTEMS CORP SEALED AIR CORPAMGEN NEW INC ENCOMPASS SERVICES CORP TECO ENERGY INC R R DONNELLEY & SONS CO IMS HEALTH INC J B HUNT TRANSPORT SERVICESRELIANT INC ENERGY INC WELLS FARGO & CO NEW WELLPOINT HEALTH NETWORKS INC NEW DEL MONTE FOODS CO AVNET INC READER S DIGEST ASSOCIATION INC KINDRED HEALTHCARE INC PREMCOR USA INC HARRAH S ENTERTAINMENTSAFECO INC CORP CLAYTON HOMES INC FIFTH THIRD BANCORP LYONDELL CHEMICAL CO HUBBELLCOLLINS INC & AIKMAN CORP NEW ADVANTICA RESTAURANT GROUP INC OXFORD HEALTH PLANS INC XCEL ENERGY INC ON SEMICONDUCTOR CORP COMERICA INC DEERE & CO JO ANN STORES INC WILLIAMS COMPANIESEASTMAN INC CHEMICAL CO CERIDIAN CORP NEW FEDERAL MOGUL CORP MAYTAG CORP GREY GLOBAL GROUP INC CINERGY CORP WALLACE COMPUTER SERVICES INC EQUITABLE RESOURCES INC JOY GLOBAL INC CMS ENERGY CORP AMERICAN HOME PRODUCTS CORP COMMERCIAL METALS CO CBRL GROUP INC POLAROID CORP GENTIVA HEALTH SERVICES INC USFREIGHTWAYS CORP CORNING INC NORDSTROM INC ALLMERICA FINANCIAL CORP SCI SYSTEMS INC NCR CORP BAKER HUGHES INC STARBUCKS CORP SEQUA CORP NEIMAN MARCUS GROUP INC KLA TENCOR CORP TIMKEN CO JP Morgan Chase POLO RALPH LAUREN CORP UAL CORP UTILICORP UNITED INC MODIS PROFESSIONAL SERVICES INC BIG LOTS INC RAYTHEON CO NEW MONY GROUP INC PITNEY BOWES INC TRANS WORLD AIRLINES INC BRIGGS & STRATTON CORP MERITOR AUTOMOTIVE INC NEWPORT NEWS SHIPBUILDING INC BANK ONE CORP GRAND UNION CO CRANE CO SHERWIN WILLIAMS CO UNUMPROVIDENT CORP DOW CHEMICAL CO CABOT CORP FIRST TENNESSEE NATIONAL CORP UNOCAL CORP ABBOTT LABORATORIES CONSTELLATION ENERGY GROUP INC AMERISOURCE HEALTH CORP ALLIED WASTE INDUSTRIES INC WALGREEN CO FINOVA GROUP INC JOHNSON CONTROLSSPRINT INC CORP UNITED RENTALS INC NEW RUSSELL CORP CAMPBELL SOUP CO KELLWOOD CO H & R BLOCK INC ECOLAB INC WISCONSIN ENERGY CORP NEW YORK TIMES CO HERSHEY FOODS CORP PHARMACIA CORP DE TRIBUNE CO SERVICE MERCHANDISE CO INC RYERSON TULL INC NEW AIR PRODUCTS & CHEMICALS INC CINTAS CORP INGRAM MICRO INC SAKS INC TEKTRONIX INC CHARMING SHOPPES INC ILLINOIS TOOL WORKS INC AETNA INC PA HERMAN MILLER INC WALTER INDUSTRIES INC LOUISIANA PACIFIC CORP TRICON GLOBAL RESTAURANTS INC IBP INC EXXON MOBIL CORP WAL MART STORES INC RADIOSHACK CORP TENNECO AUTOMOTIVE INC DOW JONES & CO INC SOLUTIA INC IMC GLOBAL INC NORTHERN TRUST CORP CLEAR CHANNEL COMMUNICATIONS INC HORMEL FOODS CORP CADENCE DESIGN SYSTEMS INC UNIVERSAL HEALTH SERVICES INC ALCOA INC NEWMONT MINING CORPHOME DEPOT INC BRIGHTPOINT INC AT&T CORP CONVERGYS CORP JOHN HANCOCK FINANCIAL SERVICES INC BRM HOLDINGS INC KOHL S CORP LIMITED INC UNITED TECHNOLOGIES CORP LEHMAN BROTHERS HOLDINGS INC TARGET CORP AMERICAN STANDARD COS INC CVS CORP UGI CORP PA AES CORP E I DU PONT DE NEMOURS & CO USEC INC STAPLES INC HOUSEHOLD INTERNATIONALCSX CORP INC PUBLIC SERVICE ENTERPRISE GROUP INC PEPSI BOTTLING GROUP INC CUMMINS INC PFIZER INC LEXMARK INTERNATIONAL INC THOMAS & BETTS CORP INTERNATIONAL FLAVORS & FRAGRANCES THERMO ELECTRON CORP CONTINENTAL AIRLINES INC FLEETBOSTON FINANCIAL CORP GPU INC COUNTRYWIDE CREDIT INDUSTRIES INC EXELON CORP SNAP ON INC CDI CORP CHUBB CORP TECUMSEH PRODUCTS CO WEYERHAEUSER CO ARMSTRONG WORLD INDUSTRIES INC USG 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