Wed 20 Oct 2004
Turns out that you don’t know the half of it.
Although you might be concerned about Morty’s salary being a bit excessive, you are glad that such largess at least allows him to concentrate his full attentions on the welfare of Williams.
Alas, you are misinformed.
You might be pleased that Eliot Spitzer, attorney general of New York and scourge of corporate miscreants everywhere, isn’t talking about any Ephs when he says
Let me be very blunt about it. Either they’re ignorant, in which case they shouldn’t be managing the company, something that is so central to the way they’ve been doing business; they’re participating, in which case they clearly shouldn’t be there; or they’re not bright enough to ask the right questions.
Unfortunately, this may not be so.
It turns out that Morty serves on the board of directors of MMC, also known as Marsh & McLennan. MMC is at the epicenter of the insurance bid-riggings scandal making headlines today, just a year after having dramatic problems at its Putnam subsidiary during the mutual fund timing controversy. To be fair, it is not clear if Spitzer means to include the board of directors of MMC (rather than just the operating executives) in his comments above, but, if I were Morty, I would be in no rush to find out.
The Wall Street Journal reports ($ req.) today that “The board has been working nonstop since the crisis erupted Thursday, people familiar with their actions say.”
And here you thought that Morty was spending time on Williams this week. Silly you.
Questions for Discussion:
1) How did Morty get this fun-filled gig? My guess is via fellow director Robert Erburu, who has a connection with USC.
2) How much does Morty get paid for this job? I am having trouble making sense of the public filings on his compensation, but my guess is that he makes more doing this part time job than assistant professors at Williams make for their full time jobs.
3) Is being President of Williams College a full time job?
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