In today's Washington Post, Carl Icahn asks, "While executives and regulators have justifiably taken heat for this multifaceted debacle, board members have largely been let off the hook. Why?"
by 
Jim in a Nautilus COAT
ANSWERS: 3
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Because they, and what they do, or don't do, is largely invisible.
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Because its strength in numbers. Its all a big "one hand washes the other" scheme. If a board votes collectively to raise the salary of a President, Vice-President and CEO, how can you hold any one person accountable.
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Most boards are nothing more than figure heads that are often hand picked by the upper executives to appease stock holders. It's a nice gig to sit on several different boards, get paid thousands, rake in the fringes and allow the company to print your name in their annual reports.
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