IT'S NOT JUST THE EXECUTIVES WHO WALKED

The members of the board who failed to do their jobs in the run up to the housing also have no problem landing new gigs. What we have here is a structural failure of American corporations.

What Iceberg? Just Glide to the Next Boardroom
By GRETCHEN MORGENSON
Published: December 26, 2009
NY Times

The main reason for director dysfunction is that board members have little fear of being fired for incompetence or sleepwalking through meetings. Because of the way director elections are structured, board members can win their seats if they receive just one vote of support. And even if a majority of shareholders withholds support from directors at annual elections, the directors who are singled out are often allowed to stay.