Can We Blame Bad Corporate Governance For Failing .

and banks sit somewhere in the middle of the networkCorporate boards are all connected by shared directorsGOLDEN WEST FINANCIAL CORPONEOK INC NEWWESTERN RESOURCES INC KSABM INDUSTRIES INCMURPHY OIL CORPREGIONS FINANCIAL CORPALASKA AIR GROUP INCAVISTA CORPSCHOLASTIC CORPThe Fortune1000 board ofdirectorsnetworkLANDSTAR SYSTEM INCTESORO PETROLEUM CORPPERFORMANCE FOOD GROUP COGEORGIA GULF CORPUNIVERSAL FOREST PRODUCTS INCTECH DATA CORPNATIONAL FUEL GAS COQUINTILES TRANSNATIONAL CORPWATSCO INCPROVIDENT FINANCIAL GROUP INCNASH FINCH COOLD KENT FINANCIAL CORPPINNACLE WEST CAPITAL CORPSILGAN HOLDINGS INCCHAMPION ENTERPRISES INCM&T BANK CORPGENERAL CABLE CORP NEWDEVON ENERGY CORP NEWJDS UNIPHASE CORPFAIRCHILD SEMICONDUCTOR INTL INCUNITED STATIONERS INCSERVICE CORP INTERNATIONALHUB GROUP INCPAYCHEX INCSIERRA PACIFIC RESOURCESGENESIS HEALTH VENTURES INCFOAMEX INTERNATIONAL INCPUGET ENERGY INCRGS ENERGY GROUP INCGREENPOINT FINANCIAL CORPPAYLESS CASHWAYS INCPHAR MOR INCPSS WORLD MEDICAL INCJABIL CIRCUIT INCUNIVERSAL CORPEMCOR GROUP INCVALERO ENERGY CORP NEWPENTAIR INCMICRON TECHNOLOGY INCMITCHELL ENERGY & DEVELOPMENT CORPMILACRON INCABERCROMBIE & FITCH CO DESTEELCASE INCCOVENTRY HEALTH CARE INCMASCO CORPLANDAMERICA FINANCIAL GROUP INCKELLY SERVICES INCGREAT LAKES CHEMICAL CORPTYSON FOODS INCPUBLIC SERVICE CO OF NEW MEXICOMAXXAM INCALTERA CORPMANPOWER INCMICROAGE INCSPARTAN STORES INCDEL WEBB CORPWHOLE FOODS MARKET INCALLIANT ENERGY CORPPERKINELMER INCHARTFORD FINANCIAL SERVICES GROUP ILEAR CORPMARSHALL & ILSLEY CORPINTERNATIONAL MULTIFOODS CORPPATHMARK STORES INCEMC CORPQUANTA SERVICES INCTELEPHONE & DATA SYSTEMS INC DEWHX CORPINTERSTATE BAKERIES CORPDIEBOLD INCLAM RESEARCH CORPTORO COCYPRESS SEMICONDUCTOR CORPPOLARIS INDUSTRIES INCTELLABS INCNIAGARA MOHAWK HOLDINGS INCBORDERS GROUP INC MIWESTERN DIGITAL CORPFURNITURE BRANDS INTERNATIONAL INCMARK IV INDUSTRIES INCADMINISTAFF INCVECTREN CORPBROADWING INCWILLAMETTE INDUSTRIES INCMERISEL INCDTE ENERGY COCARDINAL HEALTH INCWHIRLPOOL CORPFLOWSERVE CORPE W SCRIPPS CO OHMOHAWK INDUSTRIES INCSMURFIT STONE CONTAINER CORPAMERICAN ELECTRIC POWER CO INCHEILIG MEYERS COKENNAMETAL INCLSI LOGIC CORPHEALTH NET INCWESCO INTERNATIONAL INCTERADYNE INCSUPERVALU INCWORLDCOM INC NEWFOOTSTAR INCREYNOLDS & REYNOLDS JACOBSCOENGINEERING GROUP INCUNIFI INCQWEST COMMUNICATIONS INTERNATIONALAGCO CORP DEMANDALAY RESORT GROUPSTANDARD REGISTER CODOLLAR GENERAL CORPRITE AID CORPGALILEO INTERNATIONAL INCANIXTER INTERNATIONAL INCMCN ENERGY GROUP INCCALPINE CORPSMITHFIELD FOODS INCPRINCIPAL FINANCIAL GROUP INCAMERICAN AXLE & MANUFACTURING HLDGSIMATION CORPFMC CORPVOLT INFORMATION SCIENCES INCCABLEVISION SYSTEMS CORP NEWDQEOCCIDENTAL PETROLEUM CORPLINENSUNITED AUTO GROUPINCN THINGS INCAK STEEL HOLDING CORPSTATE STREET CORPLIZ CLAIBORNE INCMELLON FINANCIAL CORPA O SMITH CORPVALSPAR CORPALBERTSON S INCHEALTHSOUTH CORPRYLAND GROUP INCITT INDUSTRIES INCLA Z BOY INCHILLENBRAND INDUSTRIES INCHUMANA INCBANTA CORPNAVISTAR INTERNATIONAL CORPTRIGON HEALTHCARE INCSUNGARD DATA SYSTEMS INCMOLEX INCOXFORD HEALTH PLANS INCUTILICORP UNITED INCPOLO RALPH LAUREN CORPMODIS PROFESSIONAL SERVICES INCRAYTHEON CO NEWBANK ONE CORPFIRST TENNESSEE NATIONAL CORPDOW CHEMICAL COABBOTT LABORATORIESUNOCAL CORPALLIED WASTE INDUSTRIES INCH & R BLOCK INCCINTAS CORPTEMPLE INLAND INCHARCOURT GENERAL INCSTANLEY WORKSWASHINGTON MUTUAL INCGENERAL ELECTRIC COPHELPS DODGE CORPEASTMAN KODAK COKB HOMEMARRIOTT INTERNATIONAL INC NEWST PAUL COS INCROHM & HAAS COGOLDMAN SACHS GROUP INCGANNETTSCIENCECO INC APPLICATIONS INTERNATIONALESTEE LAUDER COS INCWALT DISNEY CO NEWMOTOROLA INCPOTOMAC ELECTRIC POWER COROCKWELL INTERNATIONAL CORP NEWU S BANCORP DEPACTIV CORPORACLE CORP DEWASTE MANAGEMENT INC NEWSCIENTIFIC ATLANTAINCLUCENT TECHNOLOGIESINCEATON CORPKROGER COTEXAS INSTRUMENTS INCLANIER WORLDWIDE INCFRONTIER OIL CORP WYDELTA AIR LINES INCAOL TIME WARNER INCFPL GROUP INCANHEUSER BUSCH COS INCNORFOLK SOUTHERN CORPEDISON INTERNATIONALROADWAY CORPPROVIDIAN FINANCIAL CORPMARSH & MCLENNAN COS INCDUN & BRADSTREET CORP DE NEWWINN DIXIE STORES INCJONES APPAREL GROUP INCEL PASO CORPAMERICAN GREETINGS CORPNORTHROP GRUMMANCORPTJX COSINCNEWTRW INCBOEING COOMNICOM GROUP INCSUNTRUST BANKSINC COLA ENTERPRISES INCCOCAAUTONATION INC DEANNTAYLOR STORES CORPYELLOW CORPMERRILL LYNCH & CO INCAMES DEPT STORES INCENTERGY CORP DEPAYLESS SHOESOURCE INC NEWPROGRESSIVE CORPBEAR STEARNS COS INCPRICELINE COM INCAPPLERA CORPQUORUM HEALTH GROUP INCNICOR INCKEYSPAN CORPRALSTON PURINA COSOUTHERN COCENTEX CORPSCHERING PLOUGH CORPLOWE S COS INCLITTON INDUSTRIES INCENTERASYS NETWORKS INCPEP BOYS MANNY MOE & JACKCIT GROUP INCBORDEN INCAUTOMATIC DATAFLEMINGPROCESSINGCOS INCINCCOLGATE PALMOLIVE COBANK OF AMERICA CORPKEYCORP OHIO MCKESSON CORP DENACCO INDUSTRIES INCDIMON INCLEGG MASON INCAPPLE COMPUTER INCMANOR CARE INC NEWPITTSTON COENGELHARD CORPUNOVA INCDOVER CORPAMEREN CORPLINCOLN NATIONAL CORPPRIMEDIA INCCOCA COLA COKERR MCGEE CORPSPORTS AUTHORITY INCTRIAD HOSPITALS INCBECTON DICKINSON & COMERCK & CO INCUS AIRWAYS GROUP INCCENDANT CORPBELLSOUTH CORPDIME BANCORP INCCOX COMMUNICATIONS INC DEBAUSCH & LOMB INCNATIONAL CITY CORPANALOG DEVICES INCVIASYSTEMS GROUP INCAMERICAN WATER WORKS CO INCWACHOVIA CORP NEWFLUOR CORP NEWHARRIS CORP FLAWASHINGTON POST COBRUNSWICK CORPUNISYS CORPLONGS DRUG STORES CORPTELEFLEX INCBERGEN BRUNSWIG CORPMCLEODUSA INCAMERADA HESS CORPARAMARK CORPMAY DEPARTMENT STORES COBELO CORPVULCAN MATERIALS COEQUIFAX INCFLOWERS FOODS INCCOORS COTRINITY INDUSTRIESADOLPHINCINTERPUBLIC GROUP OF COS INCSTILWELL FINANCIAL INCGENTEK INCUNITRIN INCKINDER MORGAN INC NEWTRANSOCEAN SEDCO FOREX INCWARNACO GROUP INCSAFEWAY INCGATX CORPDYNEGY INC ILBOISE CASCADE CORPDIAL CORP NEWOWENS CORNINGCORPUNION PACIFIC CORPBURLINGTONNORTHERNSANTAFE CORPGOODRICHPARKERHANNIFINCORPBLACK & DECKERCORPMETRIS COS INCAMSOUTH BANCORPORATIONSAFEGUARD SCIENTIFICS INCALLEGHENY TECHNOLOGIES INCAMERICAN EXPRESS COAMERICAN INTERNATIONAL GROUP INCCIGNA CORPAMR CORPPACCAR INCRYDER SYSTEM INCBMC SOFTWARE INCIT GROUP INCPOPULAR INCAMPHENOL CORPCOMMUNITY HEALTH SYSTEMS INCEOG RESOURCES INCGOODYEAR TIRE & RUBBER CO FEDERAL HOME LOAN MORTGAGE CORPKNIGHT RIDDER INCCHARLES SCHWAB CORPBEST BUY CO INCTIFFANY & COLEGGETT & PLATT INCOWENS ILLINOIS INCNEWELL RUBBERMAID INCDUKE ENERGY CORPCIRCUIT CITY STORES INCREVLONW W GRAINGERINCINCVERIZON COMMUNICATIONSFOOTINC LOCKER INCLUBRIZOL CORPBANK OF NEW YORKCO INCCLARK CORPKIMBERLYREEBOK INTERNATIONAL LTDSBC COMMUNICATIONS INCOGE ENERGY CORPAUTOZONE INCQUEST DIAGNOSTICS INCV F CORPINCPRAXAIR INCJOHNSON & JOHNSONUNITEDHEALTH GROUP INCMORGAN STANLEY DEAN WITTER & CO CATERPILLAR INCPROCTER & GAMBLE CODELL COMPUTER CORPSUNOCO INCCOOPER INDUSTRIES INCGENERAL MILLS INCGEORGIA PACIFICCORP RAND COINGERSOLLGENERAL DYNAMICS CORPBRISTOL MYERS SQUIBB COSYSCO CORPMATTEL INCHCA INC NEWSTORAGE TECHNOLOGY CORPAON CORPBAXTER INTERNATIONALDPL INCSEARS ROEBUCK & COFEDEX CORPKELLOGG COBOSTON SCIENTIFIC CORPUNION CARBIDE CORP NEWTEXACO INC SARA LEE CORPQUAKER OATS COINTERNATIONAL BUSINESS MACHINES CORCONOCO INCNATIONAL SERVICE INDUSTRIES INCDOMINION RESOURCES INC VAWESTVACO CORPHASBRO INCPG&E CORPHARMAN INTERNATIONAL INDUSTRIES INCDANA CORPMICROSOFT CORPALLSTATE CORPINTERNATIONAL PAPER COCLOROX COMCDONALD S CORPFORD MOTOR COMBNA CORPWESTPOINT STEVENS INCJ P MORGAN CHASE & COMGM MIRAGEMEAD CORPGENERAL MOTORS CORPAVON PRODUCTS INCAMERICA WEST HOLDINGS CORPPOLYONE CORPWYNDHAM INTERNATIONAL INCCONEXANT SYSTEMS INCPEPSIAMERICAS INC NEWFEDERATED DEPARTMENT STORES INC NEWMINNESOTA MINING & MANUFACTURING COHARLEY DAVIDSON INCDYNCORPW R BERKLEY CORPUSA EDUCATION INCCSK AUTO CORPKMART CORPELECTRONIC DATA SYSTEMS CORPSUMMIT BANCORP NJPEPSICO INCW R GRACE & CO NEWARROW ELECTRONICS INCSTRYKER CORPDARDEN RESTAURANTS INCWM WRIGLEY JR COUSG CORPARMSTRONG WORLD INDUSTRIES INCVIACOM INCHONEYWELL INTERNATIONAL INCXEROX CORPPNC FINANCIAL SERVICES GROUP INCJ C PENNEY CO INCASHLAND INCMDU RESOURCES GROUP INCPACKAGING CORP OF AMERICAOWENS & MINOR INC NEWHAWAIIAN ELECTRIC INDUSTRIES INCCH2M HILL COMPANIES LTDCDI CORPSNAP ON INCWEYERHAEUSER COEMERSON ELECTRIC COTEXTRON INCCITIGROUP INCSERVICEMASTER COSTANCORP FINANCIAL GROUP INCZIONS BANCORPORATIONNOBLE AFFILIATES INCUNIVERSAL HEALTH SERVICES INCUGI CORP PAPEPSI BOTTLING GROUP INCTHOMAS & BETTS CORPGPU INCEXELON CORPTRANSMONTAIGNE INCKELLWOOD CORADIOSHACK CORPAMERICAN STANDARD COS INCPUBLIC SERVICE ENTERPRISE GROUP INCUSEC INCLEXMARK INTERNATIONAL INCCHUBB CORPPHILIP MORRIS COS INCD & K HEALTHCARE RESOURCES INCFINOVA GROUP INCBRIGHTPOINT INCBRM HOLDINGS INCUNITED TECHNOLOGIES CORPCVS CORPPFIZER INCFLEETBOSTON FINANCIAL CORPPETSMART INCIMC GLOBAL INCCLEAR CHANNEL COMMUNICATIONS INCCONVERGYS CORPTARGET CORPHOUSEHOLD INTERNATIONALCSX CORP INCCUMMINS INCSTAPLES INCCONTINENTAL AIRLINES INCWALTER INDUSTRIES INCTRICON GLOBAL RESTAURANTS INCDOW JONES & CO INCNORTHERN TRUST CORPE I DU PONT DE NEMOURS & COCOMCAST CORPAMERISOURCE HEALTH CORPWALGREEN COCAMPBELL SOUP COHERSHEY FOODS CORPAIR PRODUCTS & CHEMICALS INCINGRAM MICRO INCHERMAN MILLER INCAETNA INC PAEXXON MOBIL CORPNEWMONT MINING CORPHOME DEPOT INCALCOA INCAT&T CORPJOHN HANCOCK FINANCIAL SERVICES INCLEHMAN BROTHERS HOLDINGS INCAES CORPINTERNATIONAL FLAVORS & FRAGRANCESAUTOLIV INCGRANITE CONSTRUCTION INCCONSTELLATION ENERGY GROUP INCILLINOIS TOOL WORKS INCWAL MART STORES INCSOLUTIA INCHORMEL FOODS CORPLIMITED INCTECUMSEH PRODUCTS COCOMFORT SYSTEMS USA INCUNUMPROVIDENT CORPCABOT CORPWISCONSIN ENERGY CORPNEW YORK TIMES CORYERSON TULL INC NEWCHARMING SHOPPES INCTEKTRONIX INCLOUISIANA PACIFIC CORPIBP INCTENNECO AUTOMOTIVE INCTHERMO ELECTRON CORPSTARBUCKS CORPTRANS WORLD AIRLINES INCMERITOR AUTOMOTIVE INCCRANE COJOHNSON CONTROLSINCCORPSPRINTECOLAB INCTRIBUNE COPHARMACIA CORP DESAKS INCKOHL S CORPCOUNTRYWIDE CREDIT INDUSTRIES INCOHIO CASUALTY CORPUSFREIGHTWAYS CORPBAKER HUGHES INCMONY GROUP INCPITNEY BOWES INCBRIGGS & STRATTON CORPRUSSELL CORPUNITED RENTALS INC NEWCADENCE DESIGN SYSTEMS INCSHOPKO STORES INCGREY GLOBAL GROUP INCNCR CORPTIMKEN COUAL CORPSERVICE MERCHANDISE CO INCJP Morgan ChasePREMCOR USA INCEQUITABLE RESOURCES INCAMERICAN HOME PRODUCTS CORPGENTIVA HEALTH SERVICES INCCORNING INCSCI SYSTEMS INCALLMERICA FINANCIAL CORPNEWPORT NEWS SHIPBUILDING INCSHERWIN WILLIAMS COJO ANN STORES INCCERIDIAN CORP NEWMAYTAG CORPPOLAROID CORPNORDSTROM INCADVANTICA RESTAURANT GROUP INCXCEL ENERGY INCDEERE & COWILLIAMS COMPANIESINC CHEMICAL COEASTMANWALLACE COMPUTER SERVICES INCCMS ENERGY CORPNEIMAN MARCUS GROUP INCKLA TENCOR CORPIMS HEALTH INCHUBBELLCOLLINSINC& AIKMAN CORP NEWLYONDELL CHEMICAL COCOMERICA INCON SEMICONDUCTOR CORPSEQUA CORPBIG LOTS INCGRAND UNION COMCCORMICK & CO INCTECO ENERGY INCWELLPOINT HEALTH NETWORKS INC NEWREADER S DIGEST ASSOCIATION INCFEDERAL MOGUL CORPCINERGY CORPJOY GLOBAL INCCBRL GROUP INCCOMMERCIAL METALS COLENNOX INTERNATIONAL INC3COM CORPR R DONNELLEY & SONS COWELLS FARGO & CO NEWAVNET INCKINDRED HEALTHCARE INCSAFECOHARRAH S ENTERTAINMENTINCCORPFIFTH THIRD BANCORPCLAYTON HOMES INCOSHKOSH TRUCK CORPALLEGHENY ENERGY INCSTATER BROS HOLDINGS INCHALLIBURTON COSEALED AIR CORPAMGENNEW INCDELPHI AUTOMOTIVE SYSTEMS CORPJ B HUNT TRANSPORT SERVICESRELIANTINCENERGY INCDEL MONTE FOODS COQUESTAR CORPINDUSTRIES INCSTARWOOD HOTELS & RESORTSPPGWORLDWIDEWGL HOLDINGS INCNSTARENCOMPASS SERVICES CORPSONOCO PRODUCTS COPROGRESS ENERGY INCNORTHWEST AIRLINES CORP NEWDEAN FOODS COTRUE NORTH COMMUNICATIONS INCSEMPRA ENERGYUSA NETWORKS INCENRON CORP ORLOCKHEED MARTIN CORPBETHLEHEM STEEL CORPLTV CORPFIRSTENERGY CORPPHILLIPS PETROLEUM COSUN MICROSYSTEMS INCBRINKER INTERNATIONAL INCRELIANCEGROUP COHOLDINGS INCGILLETTEENERGIZER HOLDINGS INCTXU CORPALLERGAN INCCOMPUTER SCIENCES CORPVIAD CORPGENUINE PARTS COOFFICE DEPOT INCAMAZON COM INCCHEVRONTEXACO CORPFISHER SCIENTIFIC INTERNATIONAL INCMETALS USA INCUNITED PARCEL SERVICE INCCISCO SYSTEMS INCCOMPAQ COMPUTER CORPELI LILLY & COGAP INCPETER KIEWIT SONS INC NEWWEATHERFORD INTERNATIONAL INC NEWCONSOLIDATED EDISON INCSYNOVUS FINANCIAL CORPSODEXHO MARRIOTT SERVICES INCLOEWS CORPNISOURCE INCCONAGRA FOODS INCTORCHMARK CORPTRANS WORLD ENTERTAINMENT CORPWACKENHUT CORPREPUBLIC SERVICES INCRAYONIER INCNIKE INCCB RICHARD ELLIS SERVICES INCALLTEL CORPAMERICAN GENERAL CORPURS CORPYORK INTERNATIONAL CORPULTRAMAR DIAMOND SHAMROCK CORPINTEL CORPCHARTER ONE FINANCIAL INCFIRST DATA CORPBURLINGTON INDUSTRIES INCELECTRONIC ARTS INCCORN PRODUCTS INTERNATIONAL INCPHILLIPS VAN HEUSEN CORPPENNZOIL QUAKER STATE COFERRO CORPOAKWOOD HOMES CORPCARLISLE COMPANIES INCBROWN SHOE CO INCGOLDEN STATE BANCORP INCHON INDUSTRIES INCIKON OFFICE SOLUTIONS INCARCHER DANIELS MIDLAND COHILTON HOTELS CORPBEVERLY ENTERPRISES INC NEWAMERICAN FINANCIAL GROUP INC NEWAPPLIED INDUSTRIAL TECHNOLOGIES INCEXPRESS SCRIPTS INCCONSECO INCAVERY DENNISON CORPCONSOLIDATED FREIGHTWAYS CORPFIRST AMERICAN CORPPRECISION CASTPARTS CORPBORGWARNER INCBECKMAN COULTER INCRPM INCDOLLAR TREE STORES INCIMPERIAL SUGAR CO TXBERKSHIRE HATHAWAY INC NEWTOYS R US INC NEWBALL CORPR J REYNOLDS TOBACCO HOLDINGS INCRUDDICK CORPAMERICAN MANAGEMENTNEXTELSYSTEMSCOMMUNICATIONSINCINC NEWCOOPER TIRE & RUBBER CODST SYSTEMS INCBANKNORTH GROUP INC MECAREMARK RX INCANADARKO PETROLEUM CORPAFLAC INCPROTECTIVE LIFE CORPNUCOR CORPROCK TENN COUST INCGROUP 1 AUTOMOTIVE INCADELPHIA COMMUNICATIONS CORPOFFICEMAX INCBROWN FORMAN CORPSTANDARD PACIFIC CORPCHIQUITA BRANDS INTERNATIONAL INCFREEPORT MCMORAN COPPER & GOLD INCMILLENNIUM CHEMICALS INCCOMDISCO INCL 3 COMMUNICATIONS HOLDINGS INC BURLINGTON RESOURCES INCE TRADEGROUP INCLABORATORY CORP OF AMERICAHOLDINGSBank of AmericaFRANKLIN RESOURCES INCPARK PLACE ENTERTAINMENT CORPWENDY S INTERNATIONAL INCNORTHWESTERN CORPTENET HEALTHCARE CORPDELUXE CORPHEWLETT PACKARD COCRESTLINE CAPITAL CORPCHARTER COMMUNICATIONS INC DEBELK INCBOWATER INCZALE CORPJEFFERSON PILOT CORPPENN TRAFFIC COHEALTH MANAGEMENT ASSOCIATES INCQUALCOMM INCAPPLIED MATERIALS INCJACK IN THE BOX INC DEPIER 1 IMPORTS INCCKE RESTAURANTS INCASTORIA FINANCIAL CORPFLEETWOOD ENTERPRISES INCCROWN CORK & SEAL CO INCSCANA CORPDANAHER CORPFIDELITY NATIONAL FINANCIAL INCEXIDE TECHNOLOGIESGUIDANT CORPHOUSE2HOME INCWILLIAMS SONOMA INCBARNES & NOBLE INCWABASH NATIONAL CORPHARSCO CORPADC TELECOMMUNICATIONS INCTEREX CORPDOLE FOOD CO INCMARTIN MARIETTA MATERIALS INCSOLECTRON CORPCitigroupBJ S WHOLESALE CLUB INCAPACHE CORPLANDS END INCCOMPUTER ASSOCIATES INTERNATIONAL IWORTHINGTON INDUSTRIES INCCNF INCNORTHEAST UTILITIESCOSTCO WHOLESALE CORP DEHUGHES SUPPLY INCCAPITAL ONE FINANCIAL CORPTEXAS INDUSTRIES INCCDW COMPUTER CENTERS INCPIONEER STANDARD ELECTRONICS INCCOMPUWARE CORPPACIFICARE HEALTH SYSTEMS INC NEWTOWER AUTOMOTIVE INCSYMBOL TECHNOLOGIES INCFISERV INCMICHAELS STORES INCRENT A CENTER INC NEWPEOPLES ENERGY CORPSOUTHWEST AIRLINES CODILLARD S INCAMKOR TECHNOLOGY INCSPHERION CORPPPL CORPBANK UNITED CORPDURA AUTOMOTIVE SYSTEMS INCSPX CORPSEABOARD CORPEXPEDITORS INTERNATIONAL OF WASH INMAXTOR CORPMASTEC INCPOTLATCH CORPNABORS INDUSTRIES INCBJ SERVICES COCOOPER CAMERON CORP910Bank consolidation since 1990:Banking has changed dramatically since the 1980s(Almost) every New York-based commercial bank became JP Morgan Chase Market-based finance replaced corporate loans, andsecuritization meant that loans were not held inportfolioÆ banks shrank their boards and recruited far fewerCEOs and “stars” Consolidation meant a few large banks grew intotruly national playersÆ bank boards saw increased churn in membershipOf the 10 biggestUS banks in 1989,5 are now part ofJP Morgan Chase1112

Effects of consolidation: NCNB/NationsBank/Bank ofAmerica board composition, 1986-2007Bank consolidation since 1990:North Carolina National Bank bought the biggest banks outside New YorkNumber of Directors30Bank of Americaholds nearly 10%of all deposits inthe US throughits 5800 branches2520FleetBoston(Old) Bank of AmericaBoatmen's 90199219941996199820002002200420060Year1314What does good corporate governance look like(according to reformers)?Case #2: investment banks Boards are comprised primarily of truly independentdirectors Outside directors have relevant expertise andresources The CEO does not serve as Chairman of the Board Directors are elected annually Directors’ and top executives’ wealth is tied to thecompany via share ownership [Optional] The firm has a large institutionalblockholder to hold its board accountable Few investment banks were free-standing publiccorporations prior to the 1990s The partnership model was still observed in somenotable cases (e.g., Goldman Sachs) Among publicly-traded investment banks (Merrill,Morgan Stanley), boards were relatively low-profile:small, and few CEOs1516

Board composition in 2006CompanyBoard sizeIndep.Ownership structure in 2006CEOs “Stars”Annual?CEO Chair?CompanyLargest shareholders% insideAuditorAIG151306YesNo, by charterAIGCV Starr “group” 15.2%; FMR 6.8%2.10% PWCBear Stearns12801YesYesBear StearnsPrivate Capital Mgt, 6.1%; J. Cayne 6.5%Citi161364YesNoCitiNo 5% owner; Sandy Weill owns 0.5%1.10% KPMGFannie121104YesNo, by charterFannieCap Res 17.2%; Citi 6.3%; AXA 5.4%0.40% DeloitteGoldman11924YesYesGoldmanGS “shareholder group,” 11.7%2.90% PWCJP Morgan141134YesNoJP MorganBarclays 5.1%1.20% PWCLehman Bros11902No* (2007)YesLehman BrosSmith Barney et al, 5.1%3.90% E&YMerrill Lynch111015NoYesMerrill LynchState Street (ESOP trustee) 9%1% DeloitteWaMu131003No* (2007)YesWaMuCap Res 10.3%; Barclays 6.2%1% DeloitteWells Fargo141311YesYesWells FargoBerkshire 5.7%9% Deloitte 1% KPMG17AIG after Greenberg: A m

ohio casualty corp lam research corp unitrin inc w r grace & co new oge energy corp kerr mcgee corp lsi logic corp southwest airlines co jds uniphase corp tech data corp jabil circuit inc public service co of new mexico international multifoods corp liz claiborne inc radioshack corp kellwood co pentair inc hughes supply inc teco energy inc hub .