Why don't the Board of Governors resign?

The Board of Governors may rightly feel that their reputations are at stake.

As the Independent can reveal, London Met's board of governors has 15 members and "contains movers and shakers of the City of London Corporation, including one key member who has spent his life in accountancy. Sir Michael Snyder, a former chairman of the university's audit committee, the Corporation's policy and resources committee and its finance committee, is a senior partner of the accountancy firm Kingston Smith.
In September 2007, Snyder wrote the following article in the Observer, "Why fat cats deserve their pay and our respect." http://www.guardian.co.uk/business/2007/sep/16/executivepay
In a portrait interview in The Telegraph with the title "MIchael Snyder keeps the City in first place," he claimed that the Northern Rock crisis wasn't such a bad thing. In the interview that took place three days after the first run on a British bank since the 19th century, Snyder reasoned that "It illustrates the robustness of the London financial market and regulatory system." Even after the Government stepped in and pumped money into the bank system and when Northern Rock slid further into difficulty, Snyder was not
fazed by the criticism. He says: "My view still stands. It's reasonable in a free and open market place to have an individual failure as long as the system remains intact."
http://www.telegraph.co.uk/finance/markets/2816811/Michael-Snyder-keeps-the-City-in-first-place.html

Another governor is Jeremy Mayhew who is also a Common Councilman on the City of London. He is also a member of the London Development Agency (DLA), a functional body of the Greater London Authority (GLA) and a board member of Barbican Arts Centre.

The board of governors is chaired by Peter Anwyl, director of International Students House, which provides accommodation for students in the capital.

Other governors include Professor Zanobia Nadirshaw, head of psychology at Kensington and Chelsea primary care trust, Raj Patel, director of policy at Enterprise Insight, Abduhl Rahim, managing director of Platinumlinks Ltd; Tony Millns, chief executive of English UK Ltd, and Bob Morgan, dean of London Met's business school.