The Audit, the board, the by-laws

Frank,
You are 100% correct. But I would counter with "coulda, shoulda,
wouldve"! This is one of those "dead right" scenarios. For instance,
"He/she never wouldve run out of gas", or "he/she never wouldve run
into that mountain", he/she was an excellent pilot/board member. Yep,
right, now let's look at all the facts.

Companies select supposed high level individuals to make sure all these
bases are covered, and ask the devils advocate questions. And when they
don't, and time goes by and a problem raises it's head, well I guess
that's where the "jury of our peers" will take over, and they will
decide if it was just an "oversight". All the fancy, technical, "the
minutes will show" stuff is out the window.

It's who's sitting in the jury box, and how they feel about people who
make mistakes with other peoples lives, money and family. Serious, but
interesting stuff, the kind of stuff that dad expressed with "don't do
anything that you don't want to have to explain".

"Nothing more, nothing less".

Cheers,
snoop