radioshack is in damage control, now that it's closing down stores after announcing its fourth quarter profit plunged 62 per cent.

But not surprisingly, most of the focus is on the lies that CEO David Edmondson put on his resume and the board's apparent ethical dilemma.

This is the same David Edmondson who said that "the integrity, reputation and profitability of RadioShack are ultimately dependent upon the individual actions of each employee." You'll find that on RadioShack's Code of Ethics.

Mr Edmondson's lies are not necessarily that unusual. Fibs about qualifications are ranked in the top five resume lies.

The more important question is what does the RadioShack board do now? If an executive lies about his resume, does that cast doubt on his overall credibility? And if the board acts too quickly, what does that do to the share price? On the other hand if it doesn't act decisively, what signal is that sending the market about its corporate governance standards? Certainly the signs at the moment are that the company is sticking its head in the sand.