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Executives Must Be Made Accountable

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Re “Outrageous Fortunes,” editorial, Dec. 29:

You state, “Shareholders ... must now ask whether the board (of directors) has met its fiduciary duties.” Who should the shareholders ask? Should they ask the board? Should they ask each other?

The answer that they receive will not increase the accountability of directors to shareholders unless and until shareholders are provided with an effective means to nominate director candidates and to cause those names to appear on the corporate ballot.

Les Greenberg

Chairman, Committee of

Concerned Shareholders

Culver City

*

Former Fannie Mae Chairman and Chief Executive Franklin D. Raines’ and former Chief Financial Officer Timothy Howard’s raid on the coffers of their company, if committed by a two-time felon in the California justice system, would warrant life in prison.

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Isn’t outrageous remuneration for corporate leaders akin to any form of larceny without use of force, like embezzling money?

But Raines and Howard are just symptomatic of what occurs in corporate boardrooms every day.

Unfortunately, the rules governing or intentionally not governing executives practically guarantee top executive corruption, including their exploitation of stockholders and hard-working employees. And it is mostly legal. We will only see more of the same.

For, of course, corporate regulation is disappearing under this business-friendly Bush administration and the majority in Congress.

Jim Hoover

Huntington Beach

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