Here we go again. Richard Grasso's forced resignation as CEO of the New York Stock Exchange -- because of the backlash to his $188 million pay package - has caused the usual
self-flagellation on Wall Street about corporate governance and how boards of directors need to be more vigilant about compensation packages. Haven't we seen this picture before?
In the Sept. 23 edition of The Wall Street Journal Wharton professor Michael Useem had some straightforward advice on how corporate board members could avoid getting caught in the
wringer. But will they pay attention?
"Governing boards should have the right people, the right committees, the right incentives. But what transpires behind closed doors is what ultimately counts: Are directors
consciously concerned or indifferent when they decide on the company's course?"