We've now seen two financial firms fail in the subprime mortgage mess--Countrywide Financial and Bear Stearns. What do they share in common? Spectacularly bad corporate governance. There's been a long-running debate among shareholder activists and corporate leaders whether "good governance" equals "good business," or merely consists of...
Okay, let's get real. We've had a series of colossal failures--Chuck Prince at Citicorp, Stanley O'Neal at Merrill Lynch and Angelo Mozilo at Countrywide Financial. All three are losing their jobs or their companies, yet each is walking away with at least $50 million in golden parachutes. This...
Christopher Cox, chairman of the SEC, is taking some heat for a 3-1 decision last week that would prevent shareholders from placing their own candidates for a company's board of directors on that company's proxy ballot. But Cox did the right thing on the issue that is known as "shareholder...
Glass Lewis & Co. is one of the cops on the beat. Although not as powerful as Institutional Shareholder Services ISS, Glass Lewis' ratings of companies and their corporate governance practices really matter. And in contested proxy battles, many investors turn to Glass Lewis for its opinion. ...
President Bush is in the waning days of an administration that has underachieved expectations, to put it charitably. But there's still one thing he could get right—naming two of the right kind of Democrats to the Securities & Exchange Commission and thereby driving a stake into the heart of shareholder...
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