Is there a problem? And is there a solution? My answers: yes, and yes.

Here are some numbers for the compensation received in 2006 by some of the folks who helped get us into our current mess:

Bear Stearns: $34 million for CEO James Cayne. The acknowledged direct cost to the taxpayers from Bear's demise so far is $2.7 billion; ten times that number may be a more reasonable assessment of the actual cost. Lehman Brothers: $27 million for CEO Richard Fuld. The financial freeze that followed the collapse of Lehman is seen by many as the key event that turned the recession of 2007-08 into the frightening freefall currently under way. Citigroup: $25 million for CEO Charles Prince. Citi's stock price has since fallen from $50 a share to $3.50. Countrywide Financial: $43 million for CEO Angelo Mozilo. According to Ashcraft

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Hedge Fund ActivismCorporations & Activist Hedge FundsThe Conference Board Working Group on Hedge Fund Activism has released its final recommendations for those corporations and institutional investors that may find themselves involved in an activism campaign mounted by hedge funds.The recommendations were formulated by a heterogeneous group of high-level corporate and investor representatives, instituted under the auspices of The Conference Board Governance Center. They include guidelines on monitoring securities holdings, responding to requests for change, ensuring voting integrity, and overseeing hedge fund management. Working Group members include:• Major pension funds and asset management firms, including TIAA-CREF, Florida State Board of Administration, and Barclays;• Corporations at the forefront of corporate governance developments, including Pfizer, American Express, and The Coca-Cola Company; and• Industry associations and service providers such as Managed Funds Association, the National Investor Relations Institute, ISS-RiskMetrics Group, Standard ...