For those wondering how Morty’s weekend went, the New York Times has details.

Jeffrey Greenberg will almost certainly be gone. But his company, Marsh & McLennan, has a good chance of surviving as long as its outside directors understand that Mr. Greenberg’s resignation is not the last, but the first change they will have to make.

The independent directors of Marsh are now running the company and deciding its legal strategies.

But they are waiting to announce Mr. Greenberg’s departure until they have both decided on his successor and can present a package of reforms to show Mr. Spitzer that they are serious about changing the company’s culture.

And here I thought that Morty was busy “running” Williams. He’s even smarter than I thought!

So far, the directors have not finalized their decisions, according to the people close to the case. But directors continued to meet and discuss the situation over the weekend, and the board is expected to take action within days.

I wonder if the directors are all in New York or are meeting over the phone.

Again, I have been somewhat tough on Morty — a patient and inspired teacher to me 17 years ago — but the more you respect someone, the higher a standard you hold them too. As best I can tell, Morty and the other directors are doing what should be done, what needs to be done, to fulfill their fiduciary duties to the shareholders of Marsh. Whether or not those directors have done a very poor job over the prior 4 years is a more difficult question.

Again, the issue is not whether or not Morty is the world’s best or the world’s worst board member. (He is probably pretty darn good.) The issue is that the rules in the faculty handbook must apply to all the faculty at Williams, from the highest official to the most junior assistant professor.

Whatver else may be said about how Morty has spent his time over the last 10 days, “modest” does not begin to describe the efforts that he has devoted to Marsh and its shareholders.

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