How culpable are boards of directors in the current economic crisis? —Hugo Beit, New York
Without a doubt and with perfect hindsight, some boards could have acted more boldly in trying to avert the current meltdown. But the real fallacy of corporate governance in this crisis is not what boards did and didn't do. It's what was expected of them.
Not that we're board apologists. Over the past three years our columns have taken boards to task several times. But in this case, we think boards have a right to defend themselves against the scolds who cry: "Where were they?"
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