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Precisely how these failures of oversight occurred is not clear.
WorldCom and other failures of oversight at the start of the decade did much to erode traditional deference towards management and boards.
This week, Naomi wrote about the health risks of silicone breast implants and failures of oversight and regulation by the government agencies in the US and UK charged with safeguarding women's health.
HSBC was last year fined $1.9bn£1.2bnby) by the US department of justice for "stunning failures of oversight", which allowed drugs cartels and terrorists to launder hundreds of millions of pounds through its US and Mexican businesses.
"HSBC is being held accountable for stunning failures of oversight — and worse — that led the bank to permit narcotics traffickers and others to launder hundreds of millions of dollars through HSBC subsidiaries, and to facilitate hundreds of millions more in transactions with sanctioned countries," Lanny A. Breuer, the head of the Justice Department's criminal division, said in a statement.
Congress had to confront its own failures of oversight; private companies had to rethink their obligations to their customers and to law enforcement; and people had conversations at home and at school and pretty much everywhere about what they, themselves, would be willing to let the N.S.A. do to them.
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"Clearly, there was a systematic failure of oversight".
It's a real failure of oversight by the district attorney's office".
Privacy International said the letters exemplified the "total failure" of oversight.
This failure of oversight — called "motivated blindness" — is unconscious and common.
After the report's release, trustees accepted responsibility for a failure of oversight and said they were "deeply ashamed".
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