Corporate Boards- how they work

The modern corporate board of directors is comprised of business leaders to help the company succeed. But how are those boards formed? Typical scenario:

CORP A CEO to CORP B CEO: I will place you on my board of directors if you place me on yours.

CORP B CEO to CORP A CEO: I will place you on my board of directors if you place me on yours

CHORUS: Then we vote each other outrageous salary packages no matter how poorly we perform.

The brotherhood of CEO’s is more than a fraternity or sorority. When their stock goes down, their salary still goes up; when their stock goes up, their salary goes way up. This is the ultimate back-scratching machine. Their world is protected by process, by institution, and by tradition. They become too big to fail. Nice work if you can get it.

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