Why is no one blaming Board of Directors?

Discussion in 'Wall St. News' started by ChkitOut, Sep 24, 2008.

  1. Ultimately the Board is elected by shareholders and is responsible for overseeing the company and its executives.

    Not one Board on any of these dead broke firms saw this coming?

    Tell me what the point of having a board at all is?
  2. nkhoi

    nkhoi Moderator

    not their job.

  3. Try again.

    Typical duties of boards of directors include:

    * Governing the organization by establishing broad policies and objectives
    * Selecting, appointing, supporting and reviewing the performance of the chief executive
    * Insuring the availability of adequate financial resources
    * Approving annual budgets
    * Accounting to the stakeholders for the organization's performance
  4. To busy playing in bridge tournaments to worry about day-today credit crisis. Ask BSC staff.
  5. balda


    Everybody new it was coming, everyone enjoyed the ride. They know they are too big to fail (which is true). Can you blame someone who played by the rules?
  6. Boards are useless. They are either friends of executives, former owners of entities that were acquired, or folks that have special interests with the organization. There is very little independence.
    The voting and selection process is not scrutinized. The board members may not even have any experience or knowledge in the company being served.

    No board member has ever prevented any fraud, poor management decision, or collapse. If executives resign or are fired, it is mostly related to stock price and the cause of its decline.

    They usually attend the boad meetings every quarter and collect their hefty salary. Total sham at the shareholder's expense.
  7. A recent study by the University of Mississippi has demonstrated that the quality of marijuana consumed in the United States has increased exponentially in recent decades. Theretofore financial companies' Boards of Directors who choose to smoke pot on the golf course are even more malfeasant in their duties. Hence the United States economy is crashing. And they said pot was not addictive. I thought you only crashed when coming down off herion or cocaine. Shows how much we know about illicit drugs. We have very much yet to learn from this.
  8. I saw Carl Icahn on TV and he's blaming them. But then again, he's blaming the whole governance system.