Good point. The article does acknowledge this aspect, but it notes one important thing that was true in the 1950s and is no longer true:

> The business world of the 1950s and 1960s was a clubby, inbred place and its apotheosis was the boardroom — especially the bank boardroom. The country’s biggest banks populated their boards with chief executives from a wide range of industries in order to keep tabs on the economy. When they gathered around a conference table, the executives tended to agree on matters large and small.

This establishment had many bad aspects, including racism and sexism, but the result was a unified front, and they couldn't be bullied so easily by an out-of-control president.

This all changed with shareholder capitalism, with every company for itself. As a result, they can no longer stand up to Trump.