We've been talking a bit about how the Goldman Sachs (NYSE: GS) board should handle the SEC's charges against the bank. Some think it will be forced eventually to effect some change at the top, either sacking the CEO or the president or perhaps naming an independent chairman. But Fortune raises the issue of whether the board itself needs to be retooled.

It argues that the board "is packed with honchos who led companies that have paid large fees to Goldman, such as Indian steel magnate Lakshmi Mittal and former Fannie Mae chief James Johnson." They may have long-standing ties to the bank and may not be disposed to taking a tough line. In addition, the board seems to lack financial expertise. It lacks former bank CEOs or former top regulators. 

"And then there are the scandals. Regulators are examining the role of Rajat Gupta, who said last month he won't return to Goldman's board, in the Galleon insider trading case. Stephen Friedman, who remains on Goldman's board, quit the New York Fed after he was found trading Goldman stock, which is a no-no," reports Fortune. We may see shareholders take a tougher line going forward, especially if the stock ends up stuck in neutral.  

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