Chapter 5. Caffeine Badly Needed: Sleepy, Inept, and Tainted Boards
“The board of directors didn’t just fiddle while Enron burned, some of them toasted marshmallows over the flames.” | ||
| --Senator Joseph Lieberman when he was chairman of the main Senate Governmental Affairs Committee, May 7, 2002 | ||
Distinguishing between a good and a bad board is a vital investing skill, though perhaps it is more art than science.
Perhaps what was most worrying about the collapse of Enron Corp. is that on paper it had one of the most experienced and talented boards in America. Its 14 members included a former top U.S. regulator, a leading official from one of the country’s best-known fund management groups, a highly distinguished accounting professor, and a former British ...
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