From Finance to Scandal: The Life of Frank Savage

A Life of Achievement and Controversy

Frank Savage, a pioneer in finance and sailing, passed away at 87. His journey was marked by significant achievements and a notable involvement in the Enron scandal. Savage was one of the few Black Americans to reach the top levels of global finance. He died on July 16 in Newport, R. I., after a two-year battle with dementia.

Early Life and Career

Born and raised in segregated Washington, D.C., Savage's mother played a crucial role in shaping his ambitious nature. She was an entrepreneur who instilled in him the confidence and drive that would later define his career.

Savage's professional life was a mix of finance, banking, and investment management. He also had a passion for sports, particularly sailing.

Breaking Barriers

In 1964, Savage made history by becoming the first Black officer in the international division of what would later become Citibank. His career spanned over two decades at Equitable Life, where he focused on investments in minority-owned companies. He attracted billions of dollars for the company's global investment management portfolio.

From the early 1990s to 2001, he chaired the international division of Alliance Capital Management Holding LP, one of the nation's largest investment firms.

The Enron Scandal

However, Savage's reputation was tarnished by his involvement in the Enron scandal. As a board member of the now-defunct energy giant, he became entangled in one of the most infamous corporate scandals in history. Despite his achievements, this association remains a significant part of his legacy.

A Complex Legacy

Savage's life story is a complex mix of success and controversy. It raises questions about the challenges faced by minorities in corporate America and the ethical responsibilities of those in positions of power. His journey serves as a reminder of the importance of integrity in the world of finance.