April 03, 2009
Board, CEO ties found among TARP companies
Study by finance professor Geoffrey Tate and doctoral candidate Cesare Fracassi finds social and business links
By Del Jones, USA Today
LOS ANGELES -- The Obama administration's plan to replace a majority of the General Motors board casts a light on boards of other companies that have accepted bailout money, and there is at least one similarity at GM, American International Group, Citigroup and others that have so veered into financial straits.
Troubled Asset Relief Program, or TARP, recipient companies were much more likely than the average company to have had independent directors on the board with social or professional ties to the CEO.
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