"Directors are not like some kind of 1950s housewife who was always the last to learn about the misadventures of her husband," said J. Richard Findlay, head of The Centre for Corporate & Public Governance told The New York Post. "Their job is to oversee the CEO and to be aware of key events in strategy and risk at every stage along the way," he added.
One telling sign is that the risk management committee of the board staged several meetings over the summer. Did some directors see a big problem coming?
Sandler O’Neill analyst Jeff Harte said, "Public comments in support of Mr. Prince and recent management changes made by Mr. Prince suggest that the board was as surprised as anyone by [Citi’s] CDO related exposures."
They probably weren’t as surprised as they would like shareholders to think they were.
Douglas A. McIntyre
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