Brokerage Execs: You Ain't Tiger

William Rhoden wrote a column in today's The New York Times about how one teacher was using the Tiger Wood's philandering story as a way to teach her students how one bad choice can change your life. It's a good teaching moment and I'll bring it up with my kids over dinner tonight. Rhoden also writes that athletes get forgiven when their performance on the field once again overshadows their personal life (see Kobe Bryant, Alex Rodriguez). I bring this up because in the Financial Services industry, the same types of transgressions are not forgiven but career killing. The column I wrote on September 11th was an attempt to generate laughter out of some true, yet sad, stories of brokerage executives who had made some poor choices in their personal life that caused them to lose their jobs. A few folks e-mailed me that there were some real pain behind that laughter and I should not make light of that pain while pointing out the foolishness of what these executives did. Fair enough. Yet, over the last month I have heard of two more very senior brokerage executives who were terminated for “zipper” issues. Yes, Tiger's wife is teed off, and he can drive a golf ball further than he apparently can drive his Cadillac, but I suspect that even more people will watch him the next time he plays just to see how he reacts, how he plays. And if he wins, or when he wins again, amongst the stories will be one about how he is able to put aside distractions and triumph yet again. Applause! In this industry, there are no second chances, and there is no applause. The choices that these executives, and Tiger, make are based upon a certain arrogance because they do not expect to get caught. That mistake turns a resume filled with triumphs into a resume with one big question mark. When Tiger wins another Major, his personal life will once again be out of bounds. However, every time an executive in the brokerage business fools around within their own company, he or she is creating one more person who has a put option on their career.