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ERIC Number: EJ820733
Record Type: Journal
Publication Date: 2008-Nov-7
Pages: 1
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: ISSN-0009-5982
2 University Chiefs Caught up in a Wall Street Meltdown
Fain, Paul
Chronicle of Higher Education, v55 n11 pA17 Nov 2008
This article reports that a pair of university presidents is among the people feeling the heat from the collapse of the investment bank Bear Stearns. Henry S. Bienen, president of Northwestern University, and the Rev. Donald J. Harrington, president of St. John's University, in New York, were among the 12 members of the Bear Stearns Companies' Board of Directors. The fall of the bank has led to some of the first repercussions over the credit crisis, including shareholder lawsuits, criminal proceedings, and Congressional scrutiny. While the Bear Stearns board has not been officially accused of mismanagement, directors are likely to be named in lawsuits. And if the aftermath follows the course of other high-profile corporate implosions, they may also be summoned to testify on Capitol Hill. The two university presidents' relationship with Bear Stearns is a cautionary tale of the risks of serving on a corporate board. While board seats offer college leaders fund-raising opportunities, prestige, and substantial supplemental income, they also can lead to litigation and unwelcome attention for presidents and their institutions.
Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; e-mail: circulation@chronicle.com; Web site: http://chronicle.com/
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: New York