Here is the reality. If SF were a "stock" company, members of the board would be major stockholders and have a financial interest in the company. As a mutual company, and a board full of retired individuals, there is no financial incentive for the board. In short, the board doesn't lose money when there is a downturn. Do you really think MT is going to be out? Welcome to reality. The policy loss alone would get him a parachute in the stock world. Here, not so much.
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CDE would not have happened.
MAss firing would not have happened because constant hiring and firing of the incompetent idiots would have taken its due course saving the good guys.
This is exactly why organizations avoid becoming publicly traded corporations, if at all possible (this and the requirement to more fully disclose financial details). As a Mutual you can hand-pick your good old boy network of buddies and loyal soldiers to be on your board. As soon as you go public you are at the mercy of your major shareholders be they individuals or institutions (pension funds, equity investment firms, mutual funds...). If your performance isn't good a shake up is usually brought about by investor pressure. The lineage of maherle, rust, rust, rust, tipsy would no longer be controlled by the hand picked bod.
good post