Papa John offers fatherly advice
John Schnatter, founder and chairman of Papa John’s International, penned a mighty article in Saturday’s edition of The Wall Street Journal, calling out the boards of investment banks and home equity lenders.
“Behind the CEO of every Freddie Mac, Bear Stearns or Lehman Brothers who led their company down a path toward financial ruin, there was a board of directors that sat by silently and let it happen.”
Somewhat surprisingly for a active board member, Schnatter calls for more federal oversight.
“But politicians in Washington would be wise to adjust their focus upward — where the true power lies — and set greater levels of accountability for boards, requiring more stringent oversight by those who are empowered to set the ground rules for American companies.”
Hat tip to you, Papa John. Click here for the article.
