[ken5050]

Yes, but......the relationships on corporate boards make incest look like child's play.....the CEO,chairman pick the board, the so-called independent directors.....the system works well EXCEPT in cases of fraud.....it's no different than parents refusing to see that their little kid is using drugs, until he OD's...then it's too late.....the damage is done..

[cookcounty]

But, at least formally, legally, the directors are elected by the stockholders to provide oversight. If they didn't, aren't they at least liable for civil, if not criminal penalties? Some of these directors have a lot of assets (e.g., Smith, with 10-20% of FDX) and I'm wondering if some combination of stockholders/ESOP members might bring suit to recover some fraction.