Professor Joe Grundfest is quoted in a Wall Street Journal story about whether CEOs should give back their bonuses after their companies have had a bad year:

Just because bonus recipients couldn't sustain their winning ways isn't automatically reason to go after them, says Joseph Grundfest, a governance expert at Stanford Law School. Many of those stumbles may reflect bad luck or slumping conditions in the executives' industries. That's life, he says, just as sports teams don't win rebates if a star athlete has a bad year. "These contracts are decisions made among consenting adults," Prof. Grundfest adds.