Last Hired, First Fired but Merrill Lynch’s Black CEO Had it Coming

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Given all the turmoil that’s been rocking the world of high finance, it wasn’t surprising to hear that the first head had been chopped off—E. Stanley O’Neal at Merrill Lynch. What was surprising was finding out that he was black and that no protest squads have been dispatched to demand he be reinstated.

I’m money-stupid so what finance news I get is inadvertent, sandwiched between things I actually pay attention to on the radio. If my friends at NPR discussed O’Neal’s race, it must have either been during a Manilow-moment or during mommy drive-time when I was rocking to “There’s a Hole In My Bucket.” Either way, it’s remarkable that someone who follows ‘black stuff’ for a living wasn’t hit over the head with discussions of the black CEO who got the boot, just with a CEO who got the boot. It’s progress that black robber-barons, while still rare, are common enough that we forget their race after the initial hooplah of mag covers, fawning profiles and NAACP Image Awards and it’s progress that, when they screw up, nobody black gives a damn. (Maybe that’s because making Wall Street money makes you ‘white,’ and therefore on your own when you screw up.)

If you want to flashback to your freshman year of college, check the World Socialist Web Site’s take on O’Neal and the evils of capitalism in general. Otherwise, check out Clarence Page on why black failure can sometimes equal black equality. As he notes:

O’Neal’s departure is a disappointment to those of us who praised his rise after 16 years at the company to become the first African-American to lead a major Wall Street firm. But just as his rise was a sign of progress, so is his slide out the door, as long as it indicates that women and minorities have to meet the same rigorous profitmaking standards that white men do. …America truly is a land where any kid can grow up to be president of, at least, a multibillion-dollar corporation.”

And where any kid can get his hat handed to him for screwing up.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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