AMS additional comments on D&O insurance. It would be great if our management was more like the exception, those at Berkshire Hathaway, and not more like the norm. Most companies in order to attract outside directors, must purchase D&O insurance on their behalf. Berkshire Hathaway does not but considering their prestige, you can understand why they are able to get away with this practice while IDCC would never stand a chance.
Over here in the States, too many people want to hit the legal lottery and there is way too much of a feeling of entitlement. If someone loses money, many feel that someone must be held accountable and must be made to pay. Some people never want to admit they are responsible for anything, let alone making a bad investment. How many posts are made on IDCC boards in a given year that say we should file a class action suit against the company? Thank god they have only been rantings of some cry babies and suits were never brought, but at some point some idiot will probably initiate one. Without the D&O insurance, who should be responsible for defending the actions of the directors, the directors themselves out of their own pockets or the company?
In our way too litigious society, too many bogus lawsuits are filed every day. If I were asked to serve on a public board, there is no way I would ever do it unless there was protection offered to me for this. You can win lawsuits but still lose a fortune if you are required to shoulder the cost of defending yourself. D&O insurance picks up the tab on this.
You can continue commenting on subjects you know nothing about or be little smarter about it and not show your ignorance by posting until you have understand what you are talking about.
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