Former Delaware Chief Justice Veasey: "The financial meltdown of 2008–2009 was not, in my opinion, the result of a pervasive failure of good governance practices of the boards of the thousands of U.S. public companies."
Absolutely right. So what is he worried about now? That courts outside of Delaware will get corporate governance wrong, just like Congress does:
The law relating to risk is still evolving, and the prevalent media/political condemnation of "excessive risk" may drive some bad results in litigation, just as it apparently has driven Congress to assume (erroneously in my view) that pervasive corporate governance failures caused the 2008–2009 financial meltdown.
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