I didn't catch this, but apparently Senator Chris Dodd was on Fox News Sunday and defended the aptitude of his wife, Jackie Clegg Dodd, to serve on numerous corporate boards. Even claimed raising the issue was "offensive"
Well, if Mrs. Dodd is so brilliant, surely these firms are all very profitable.
A review of the five active boards on the Muckety list which Mrs. Dodd serves on indicates only one such corporation--the CME Group---is a profitable corporation. (whether the world's largest financial future exchange should have the spouse of the Banking Committee Chairman on their board in the first place deserves its own post)
The others are --much like the banking system under hubby's oversight--in various forms of financial duress.
Blockbuster---which has had Mrs. Dodd on its audit committee for many years---denies it is about to file for bankruptcy. . It claims to have made money last quarter (despite declining revenue) after a long stretch of losses going back years.
Now for the various health care firms Mrs. Dodd helps to manage. The blatant conflict herein has not gone unnoticed by the press, but let's look at performance. Is Mrs. Dodd capable of running a successful business?
Brookdale Senior Living claims to be the "largest owner and operator of senior living communities throughout the United States", How are they doing at that?
Brookdale lost $13.6 million, or 13 cents per share, compared with a loss of $55.1 million, or 54 cents per share, a year earlier. The company mostly benefited from a much smaller change in the fair value of derivatives and amortization.
Now we catch Javelin Pharmaceuticals
Guess what. Javelin is losing money
But the real knee slapper is Cardiome Pharma Corp.
We recorded a net loss of $60.5 million ($0.95 per common share) for the year ended December 31, 2008 compared to a net loss of $85.5 million ($1.36 per common share) for the year ended December 31, 2007
We recorded a net loss of $12.0 million ($0.19 per common share) for the three months ended March 31, 2009 ("Q1-2009"), compared to a net loss of $22.2 million ($0.35 per common share) for the three months ended March 31, 2008 ("Q1-2008")
OK, it's a medical start-up and maybe the place is about to turn the corner, earn money for their investors and employ lots of highly skilled people.
Only one problem. The firm will be doing all this wonderful stuff in Vancouver, Canada.
Is competing with CT's pharma industries how you plan to "defend Connecticut's middle class", Chris?
What makes this all the more nauseating is that in 1992 Chris Dodd ran saturation TV attack ads against his opponent for buying a textile firm in Canada; implying that was bad for the U.S. worker.
Let's look at this again. Mrs. Dodd is a great businesswomen who just happens to be on boards of five firms. Four of which are money pits. Why then, is she such a brilliant businesswoman? She doesn't keep firms from losing money, now does she?
Of course, if I was running a money losing firm in the health care field, the wife of a powerful U.S. Senator is exactly the right person for my company's Board of Directors at this critical time.
Ed Note: I learned Mrs. Dodd is supposedly on the board of Pear Tree Pharmaceuticals. They appear to be a privately held spinoff from Javelin, and therefore, earnings information is not quite as transparent as the publicly traded firms previously mentioned..