The reported backtracking that Joe Ricketts did today in connection with a racially tinge proposed ad by his SuperPac against President Obama could be a good thing.
The good thing is that he is one of two Ricketts on the Board of TD Ameritrade. It is a Board of all Caucasian people save for one member of Asian descent who works for the TD Financial Group. There is also one woman member. No African-Americans, no Hispanics. On a day when it was revealed that Caucasians will become a minority in the U.S. as more non-Caucasian babies are being born in the U.S., TD Financial Group needs to recognize that it needs to reflect this diversity on its Board.
I would hope that Messrs. Ricketts’ views do not reflect that of the Canadian TD Bank Financial Group. Even if they do, it is just not good business to have the Ricketts as poster boys for TD. TD needs to find an exit strategy for them.
Perhaps to incent TD, at least non-Caucasian investors through TD Ameritrade should move their business elsewhere. Mr. Ricketts is a billionaire and can continue to fund PAC’s that support his political views, so he will likely be unaffected. Nonetheless, TD should recognize that Board members whose political views, of any persuasion, are lightening rods, best come off the Board and be disassociated with their business.