Lehman - another eyewitness account

Larry McDonald has just finished and interesting book about Lehman. It just underlines that the all-purpose boards at best are an expensive form of consultant and at worst useless decoration. Would you like to have the ex-CEO of a brezel manufacturer discuss the details of your forthcoming brain surgery with your doctor? As we argue at another place we think that non-executive directors without any experience in the business a company is engaged can more cheaply and effectively be used in the form of consultants. That way it will be much more transparent if the can make a meaningful contribution to a company's progress.