The board met last Saturday, and nothing happened. The hyper-expensive law firm sent a representative, but no one, either on the floor or in committees, had even a question for her. Her boss is now Wayne’s Brain, and to question his judgment is to doubt Wayne’s Brain, and no director will run that risk. It was the same way over the 30 years that Angus McQueen and his firm were Wayne’s Brain. Never doubt their judgement, never question their looting, keep your complaints private and only with trusted friends. In public, applaud their productions and approve their budget.
The latest development — that Lloyd’s of London, the people you turn to to insure your jumping the Snake River Canyon in a rocket-assisted motorcycle, have refused to insure NRA’s board and officers against misconduct — was never revealed to the board. The story hit the gun blogs only five days after the board meeting. NRA leadership must have known about it well before then. The refusal probably came only after negotiation, and Lloyd’s is a consortium of 76 groups of investors. Bad news like that is kept hidden from the board, lest the sheep take fright and wonder if they are being led into disaster. They don’t WANT to believe that, but really bad news like this might start some thinking.
It is really bad news. They’ll probably go into the September meeting with no insurance protection. NRA leadership announced it has set up a $5 million fund to protect them, but wait a minute. Director liability would be to the NRA, for having failed in their fiduciary duty to protect the corporation from fraud and waste. NRA thinks it can set up an arrangement where, if a court orders them to pay NRA, NRA will give them the money to pay it? NRA will pay itself? My attorney friend is out of town, but that arrangement just can’t be legal.