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To: Uncle Frank who wrote (50339)	2/13/2002 6:08:40 PM
From: Thomas Mercer-Hursh	Read Replies (1) \| Respond to of 54805

He's guilty on one of the three, no matter what he was told. I.e., the "captain goes down with the ship" theory? I have a problem with assuming he is guilty until the facts are better known. I think it is quite feasible for an employee to commit acts which are not readily knowable by the board. Were that not the case, the crime of embezzlement would be unknown except when committed by a board member.

To: Uncle Frank who wrote (50339)	2/14/2002 10:58:09 PM
From: Stock Farmer	Respond to of 54805

Nobody can accuse me of being Uncle Frank's yes man, but on this issue I'm behind him. Unlike the mudge thread, the BOD is not a place for old men to hang around and look important [after finding myself agreeing with UF, I couldn't resist]. The BOD has a fiduciary duty to the shareholders, amongst which is to ensure that the appropriate checks and balances are in place from a governance perspective. When stuff like Enron unfolds, then the function they have been elected (and paid) to serve has not been served effectively. There is no question about this. The captain of the Exxon Valdez was not at the helm when his ship went aground. Nor should he have been, per se. Nevertheless he was responsible for effective piloting of his vessel and thus the consequences. Same with Enron's board. I've held BOD positions myself, and personally wouldn't want to be on a board with folks who don't think likewise. Now, all this being said there is another point of view. Which is to say that each member of Enron's board has just gone through an 80 B$ training program. Shame to waste it. John