If the board capitulates to this top-down ultimatum, it ought to disband, drop the pretense of outside supervision, and turn the whole place over to the faculty that really runs it.

WSJ: Review & Outlook: The Virginia Fracas

There probably are teenagers who can handle alcohol responsibly outside the direct supervision of an adult.

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"A player spends 80% of his time outside of the club's supervision and only 20% inside of the club, " continued the Frenchman.

CNN: February 1, 2013 -- Updated 1239 GMT (2039 HKT)

James A. Gross, professor of labor relations at Cornell University said using an outside auditor "frees the company of any independent supervision or assessment of what they are doing, " he said.

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This dearth of activity, however, may reflect the lack of backing from local councils, which were miffed because the grounds were built under the supervision of now-defunct development corporations that operated outside their control.

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Based upon the above allegations, the AWC asserted that Weiss knew or should have known that the answers provided by the two reps on the Outside Business Activity Disclosure Statements were inaccurate, resulting in his failure to properly supervise in accordance with NASD Conduct Rule 3030: Outside Business Activities of an Associated Person, which caused violations of NASD Conduct Rules 3010: Supervision and 2110: General Standards.

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