Sometimes we can’t help but feel like Goldilocks, particularly when it comes to the contentious issue of holding directors accountable for corporate misbehavior. We’ve tasted porridge too cold, and porridge too hot. So far, we’re still looking for the porridge that’s just right.
Consider the recently announced Enron and WorldCom settlements. In the Enron situation, 10 former directors will pay $13 million from their own pockets. In the WorldCom case, a different 10 ex-directors of WorldCom will pay $18 million.
