Tuesday, October 30, 2007

AverageBro NewsBriefs

All the news that's fit to print, but not worthy of it's own post.

Last Hired, First Fired, Even For "Legit" Black CEO's

Despite what many might think, there are actual, real, black CEO's who run actual, real Fortune 500 companies, not just the MySpace rapper/$30 business card types. However, the herd was just thinned by one.
The still unfolding mortgage-related credit crisis has claimed its biggest corporate casualty so far: Merrill Lynch CEO Stan O'Neal. The announcement Tuesday that O'Neal is retiring immediately came days after the world's largest brokerage posted a $2.24 billion quarterly loss, its biggest since being founded 93 years ago.

Board members and staff had expressed unhappiness with O'Neal's management, reports CBS News correspondent Randall Pinkston, especially his strategy of investing in securities backed by risky loans and sub-prime mortgages, which resulted in a loss of $8 billion.

O'Neal, 56, who rose to power five years ago, was known for shaking up top management and putting a greater emphasis on riskier bets, rather than the safety of just selling stocks. That strategy - which handed Merrill Lynch record results during the market's peak - came with a heavy cost during the tumultuous third quarter.

O'Neal is the descendant of a former slave, and grew up in poverty in Alabama before rising to become one of the highest-ranking African-Americans on Wall Street. He worked his way through a Harvard business degree by working at General Motors Corp., and in 1986 joined Merrill as a banker in its junk-bond department.
Of course, this is a black man after all, and no story of such a dismissal could end without the typical parting shot.
His elevation to CEO was seen by some as an experiment by the company's board, most of which have since retired. O'Neal mostly held positions on the client-contact side, which goes against the trading background most of its other CEOs had.
Experiment? Being given the keys to a Fortune 500 company, an experiment? I think not.

Don't feel too bad for the brother though. Unlike Fannie Mae's Franklin Raines, he isn't leaving under the suspicion of corruption, so he'll likely get another gig elsewhere. And if he doesn't, that Golden Parachute sure won't hurt.
It was not known how much O'Neal would receive as an exit package, though there have been some reports it would be nearly $200 million. He was paid roughly $48 million salary in 2006, and had $160 million in stock and retirement benefits.
$200M to walk? Dag, guess I know what career to steer AverageBaby toward now.

Ivy-League Negro Nonsense

Even the Ivory Towers aren't immune from hood' level Negro Nonsense.
Two people were arrested as police struggled to keep the peace while students knucked, bucked and fought Saturday (Oct. 27) during a Harvard Society of Black Scientists and Engineers (HSBSE) step-show after party in the Lowell House dining hall at Harvard University. The partygoers were taken into custody for disorderly conduct, according to the Harvard Crimson.

According to the newspaper, fights ensued after the party's DJ played the Crime Mob hit "Knuck If You Buck." More than 20 police patrol cars, including six state police cruisers and several Cambridge and HUPD cars, were deployed to the scene as additional brawls broke out in the Lowell courtyard.
I'm sure those kids parents, who have probably double mortgaged their homes to send their children to Cambridge are proud of this one. And dag, wasn't "Knuck if You Buck" made in like 2000 or something? They could at least wild out to "I'll Still Kill" or something more recent.

That's Hot... But I Ain't Goin' To Rwanda

A few weeks ago when Parasite Hilton announced an upcoming trip to address the plight of our African brethren, I told ya'll if this ever happened, it would be little more than a photo op.
Her trip to Rwanda has been postponed, but Paris Hilton is still determined to use her celebrity status for good causes. Hilton announced the mission in September, several months after serving a 23-day jail sentence.

"I want to travel the world," the 26-year-old socialite says in an interview posted on the Web site of the syndicated entertainment TV show "Extra." "I feel like there's a lot I can do, and a lot I can do to help."

The Playing for Good Foundation announced last week that Hilton's philanthropic trip to Rwanda has been postponed due to restructuring of the children's charity. On her itinerary: visits to schools and health-care clinics. Hilton told "Extra" she will now pack her bags for the African country sometime next year.

"We were supposed to be going in November, but then the charity is doing restructuring and figuring things out. It's going to be for next year," she said. "I know (Rwanda) went through a lot of traumatic experiences, and I feel like if I go there, I can help save some people's lives."
So we'll have to wait a few more months for Ms. Hilton to save the chill'rens. I'm sure they're waiting on pins and needles.

Note to Rwandans, don't hold your breath.

Hot Links:

Merrill CEO Out After Big Mortgage Loss [CBS]

Crime Mob Song Ignites Multiple Fights At Harvard [AllHipHop]

Paris Hilton to head to Rwanda next year [Yahoo]

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