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I can connect to the sentiment of that, but it's a ridiculous thought in practice. The board, which can come and go, is not a personal guarantor. They have a fi
by mrcwinn 3y ago
I can connect to the sentiment of that, but it's a ridiculous thought in practice. The board, which can come and go, is not a personal guarantor. They have a fiduciary duty, of course, but they're not individually bringing in the billions of dollars of public investment in the public company they serve. And so why should they be personally liable for its debt? And even if they should, how could they be?
If a company goes bankrupt and it owes creditors, say, $10 billion, but together the board members have, say, $5 million in their accounts, creditors are still short $9.99+ billion. What value is there in that, apart from the moralizing?