Meeting With Black Brokers - Merrill Boss Just Can't Win

Merrill Lynch CEO Stan O'Neal met with a group of black brokers in the US earlier this week. The brokers are said to be considering joining in a lawsuit which alleges that Merrill discriminated against black brokers on the hiring, pay and promotions front.

A lawsuit, seeking class-action status, was filed against the firm late last year, and lawyers have said that around 60 Merrill employees have put their hands up as possible claimants.

The brokers' meeting with O'Neal lasted an hour or so, and a Merrill spokesperson lost no time describing it as 'very constructive, with a good deal of give and take'. Now some say that O'Neal should be congratulated for rocking up and talking to the brokers, but others suggest that he may be being used simply as he is black and the 'grandson of a slave'. Some feel that the brokers will have been happy to have met the great man, while others suggest that they should feel insulted by being subjected to what many see as a symbolic act.

Now Merrill will say that this is nonsense, and claim that Stan merely wanted to get into the mix. But, the fact remains, would O'Neal have accepted his assignment if the potential claimants were white males or women ? Critics point out that the Merrill boss has had plenty of opportunity before to engage with disgruntled employees from other groups, but has never seemed to have had the inclination to do so. No doubt Stan thought long and hard before playing the 'black' card. But he has set a dangerous precedent - he will now be expected to join the fray in future, no matter what the color or gender of potential employee adversaries. And the media and his critics will have a field day if he doesn't play ball.