Easy tends to lead to dumb, whether it's High School Kids or Board Directors

from The Aleph Blog
Thirteen Aspects to our Current Economic Situation:
It’s tough being a corporate director. No, it’s altogether too easy, which leads to complacency. Consider the situation at the banks, or at the FHLBs. Years of leverage expansion, where the livin’ was easy, made them lazy, and unwilling to challenge their managements. No surprise that their reasons for existence are being chalenged now.