Why Don't Directors Want to Clawback Pay from Corrupt CEOs?

Gretchen Morgenson had an interesting piece pointing out that it is rare that corporate boards ever clawback substantial sums from CEOs involved in illegal or inappropriate activity. (The immediate context is the clawback of some future performance pay from Wells Fargo CEO John Stumpf.) The issue, as Morgenson presents it, is that boards don't generally do clawbacks except where it is legally required.

The point is that boards do not want to do clawbacks. This raises the obvious question as t...