Execs don't get punished at all because of the collusion between boards of directors and executives. This collusion comes into being because both directors and

Execs don't get punished at all because of the collusion between boards of directors and executives. This collusion comes into being because both directors and execs belong to the same class. This is not the case with others (the relationship between execs and middle mgmt, between middle mgmt and worker bees). Thanks to the dominance of mega index funds and pension funds, there is no way to rein in on boards of directors. Activist investors can control a bit. Remember the fight between Carly Florina and her hand-picked board on one hand and Walter Hewlett on the other hand about HP and Compaq merger.