If you weren't sure whether corporate law needs reform . . .

[snot]

From http://www.sltrib.com/nationworld/ci_2890666 :

News of the Weird
Compiled by Chuck Shepherd

(snip)

In June, Co-President Stephen S. Crawford of the financial giant Morgan Stanley (who was installed in the job in order to ensure management ''stability'' during the company's currently shaky status with investors) signed a two-year contract at $16 million a year which allowed him, if he changed his mind, to resign and promptly collect all $32 million. A few days later, he resigned. The ''stability'' was needed at faltering Morgan Stanley because longtime CEO Philip J. Purcell had just been eased out, but his contract called for $113 million in severance pay.

[Selatius]

1. Well, laws wouldn't work here. Morgan Stanley screwed itself, essentially

No amount of laws on the books are going to protect stupid people from their own stupid mistakes.

[snot]

2. Not true. The Board clearly failed its responsibilities to shareholders--

which I view as one of the major areas of weakness in corporate law.