Jeff Cunningham
Boards take note: When your business is in the crosshairs of regulators, policy is politics. When Standard & Poor’s downgraded the United States’ long-term credit rating in August, the President’s advisors claimed bad math. Allied forces came out blazing: Larry Summers questioned their economics, the SEC is reportedly scrutinizing, and the Department of Justice lit a brighter fire under its ongoing credit crisis investigation. The Senate Banking Committee, led by Democrat Tim Johnson, is also considering a probe. S&P’s response: “As you know, we’re no strangers to attacks by governments.” The irony of the case? A headline the following Monday: “Treasury Saves $647 Million in First Bond Sales After S&P Cut.”
Jeff Cunningham writes about leadership and business, boards and corporate governance. He is the founder of Directorship Magazine and currently serves as managing director and senior advisor to NACD. Previously, he was president of internet venture firm, CMGI, publisher of Forbes Magazine, and managing partner of the U.K. private equity firm Schroders. He has served as an independent board chair or director of 10 public companies.