1.   Stanford #1

2.   Seachange in Corporate Governance within a month

            Alan Greenspan (3/26) & Walter Hewlett v. HP

3.  Greenspan – limitations of economist mode

      A.  Myth of Independent Director – Drucker

      B.  CEO dominant paradigm – CEO pay – power over Congress

                                   - Proxy Contests – power over shareholders

      C.  Institutional Investor = Disinterested?

4.   Institutional Investor World

      NGI – Pension Funds – Universities

      Federal Law of Ownership – Unenforced

5.   Walter Hewlett’s Proxy Contest & Suits

     Can shareholders ever win?

     Need for Proxy Campaign Reform - $ expended

                                                            - company power

Improper use of Power ▪ DAM

Votes of Compaq & HP ERISA fiduciaries

DOL

6.   How did Stanford vote? – The responsibility of #1

7.   “To Harvard with Love”

            - Need for shareholder base

            - Corruption of fiduciaries

            - Who else to lead.