MY FRIEND DICK

Dick left us over 10 years ago. He was the father of a colleague and one of my best friends. In the world of finance, he was a giant; a managing partner of a major investment bank, an advisor to one of the richest families in the world, a member of too many corporate boards to mention, the head of the board of trustees of one of the world's greatest universities and the founding partner of the first--yes the first--private equity fund that ever existed and still exists today, and one of the most successful I might add. He literally made billions for a lot of people, many of whom were not household names. He made a lot of money for himself as well, most of which he gave away. He was always gracious, polite beyond belief and solicitous of all. In a moving tribute to his father his son said at Dick's memorial service, "There is a carving in Latin above the old London Stock Exchange which translated into English says, '"My word is my bond."' "That would describe my father."

David Rockefeller also spoke at the same ceremony...not as well, I might add. He did say one telling thing, however. It went something like this:

"We were having a bad run at the Chase Manhattan Bank when one day Dick walked into my office."
'David," he said. "I'm sorry to tell you this but unless the performance of the bank improves I suspect the board is going to be forced to ask for your resignation."
"He got my attention."

Were there none like my friend Dick who sat on the boards of all of these financial institutions over the past number of years? Were there none who could exercise the brutally frank and honest opinion of the real situation that their job demanded and for which they were being compensated even though it be to a close friend?
Were there none who took the time to understand what was the true nature of the business?
Were there none who could separate their duty to the shareholders from their friendships?
Were there none who understood the meaning of trust.
Were there none whose word was their bond?
Were there no more Dicks left?

This business is all about people; always was, always will be. With all of the wonderful sounding messages The Leader likes to leave with us there has yet to be one relating to the importance of the role of corporate governance and the qualities that are required in the people who are placed in the management and oversight positions of public corporations. Not a word. I suspect that being a politician he himself doesn't understand what is required. It is the opposite of everything that Washington represents. One can write all the laws, all the regulations, all the guideline and create all the nonsensical oversight panels and watchdog committees in the world and without the people you have little. Somehow, the public and the shareholders must be made to appreciate how critical this critical. Somehow, the focus must be shifted to proper governance. Somehow, we have to raise a new generation like my friend. Somehow. I just don't quite know how.

Tomorrow, more comments on the new proposed regs...for what that's worth. Oh, Dick's son is fighting his own battle these days. Remember him would you?