Jesse Fried, faculty co-director of Boalt Hall’s Berkeley Center for Law and Business (BCLB), points to a systemic failure in corporate governance as the chief culprit in runaway pay packages. In an interview with BCLB on his new book, Pay Without Performance, co-written with Harvard’s Lucian Bebchuk, Fried says the problem with executive compensation arrangements is not “a few bad apples, it’s the entire barrel.” Furthermore, he says, the first wave of reforms adopted to deal with the issue “fall short of what’s necessary” to fix it.