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Corporate Scandals: The Many Faces of Greed

Corporate Scandals: The Many Faces of Greed
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Index , Notes , Bibliography , Appendix
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Corporate Scandals: Amazon Kindle Edition

"Choose Corporate Scandals for a primer on how business should behave, how Wall Street and others should address the specter of corporate greed, and examples of what happens when scandal spreads in the business world."
Midwest Book Review, December 2005

"...should be on the reading list of corporate CEOs and mandatory reading for every student in a 'Business Ethics' class in every college and university Business School in the country."
Library Bookwatch, June 2005

"...broad topical coverage makes it useful for nonspecialist readers wanting a brief, readable encyclopedic account."
Choice June 2005

Corporate Scandals is the encyclopedia of corporate scandals and an essential text for Business Ethics.”
—Dr. Gary Quinlivan, Dean of the Alex G. McKenna School of Business, Economics, and Government at Saint Vincent College

"…the definitive and complete guide to understanding the topic of corporate scandals and their impact on the U.S. economy. Their writing style and case methodology put the reader in the middle of the action, thereby encouraging reflection on how one would behave if placed in a similar situation.
They not only detail what went wrong, but they offer provocative insights on the institutional changes necessary to restore confidence and trust in business accounting. This book should be required reading in every MBA program, and for undergraduate business majors as well."
—Harvey Rosenblum, Senior Vice President and Director of Research, Federal Reserve Bank of Dallas, and University Professor of Finance, Cox School of Business, Southern Methodist University

“The Gray, Frieder, and Clark author team does a terrific job integrating the diverse elements that resulted in unparalleled scandal. This work is detailed, objective, definitive, and includes the latest developments. Its insightful presentation of a $1.6 trillion financial “heist” is must reading for all observers of U.S. capitalism and corporate governance.”
—Dr. Stanley D. Smith, SunTrust Chair of Banking and Professor of Finance, University of Central Florida

The authors pull together a great deal of material while providing important analytical insights. I found their exposure of “the great heist” scheme fascinating. Also, their presentation of the abuses perpetrated by the mutual fund industry points to the serious damage that has been done to the very foundation of our investment markets, if not our entire free-market system.
—John M. Baker, Senior Investmant Manager, Banc Funds, Chicago, IL.

"Corporate Scandals is accurate and well-grounded both in business theory and in ethical perception of just how much a good society needs a moral foundation. It is a critique and a road-map forward combined in one wide-ranging discussion of stock-market capitalism and how to improve it.
—Steve Young, Global Executive Director, The Caux Round Table

“...it speaks to the deep failure of public auditors and the accounting profession, the need to address breakdowns in corporate governance, and the potential opportunities that exist in business education. Having spent my entire professional life in these areas, I can confidently say that readers of this book will be well served.”
—Sybil C. Mobley, C.P.A., Ph.D., Dean Emeritus, School of Business & Industry, Florida A & M University


Chapter 1: Corporate Scandals
The Need to Restore Trust and Integrity
Root Causes of the Current Crisis
Remedies to the Current Crisis
Corruption and Greed on Wall Street
Overview of the Text

Chapter 2: A Short History of Business Scandals
The Mississippi Company Bubble of France
The South Sea Bubble of England
Age of the Railways
Railroad Scandals
Railway Stocks in the U.S. & the Stock Market Crash of 1873
Jay Cooke—America’s First Investment Banker
The Ponzi Pyramid Scheme of Finance
The Martin Act and State Blue Sky Laws
The Boom Era of the 1920s
A Respected Executive & the Middle West Utilities Holding Company
From Popularity to Obscurity—A Hard Fall
A Fall from Grace with a Rebound
Government Efforts to Address the Stock Market Crash—Glass-Steagall
More Scandals—McKesson & Robbins Company
Savings & Loan Scandals
Final Thoughts

Chapter 3: Corporate Malfeasance: Fraud, Regulatory Laxity and Theft
Major American Corporations Lose Their Way
Global Crossing
Scandals Appear in Europe
Missing Oil Reserves At Shell
Royal Ahold
Europe Readies Itself for Future Scandals
International Reactions

Chapter 4: Addressing Corporate Scandals: The Sarbanes-Oxley Act as a Panacea?
The Public Company Accounting Oversight Board (PCAOB)
CEO/CFO Reporting Certification
Disgorgement of CEO and CFO Compensation and Profits
Ban on Personal Loans to Executive Officers and Directors
Dramatically Accelerated Reporting of Trades by Insiders
Prohibition on Insider Trades During Pension Fund Blackout Periods
New Audit Committee Standards
HealthSouth: An Early Test of the Sarbanes-Oxley Act
Sarbanes-Oxley Already Paying Dividends
Demise of Author Andersen
The Plight of Other Accounting Firms
Freddie Mac Suppresses Profits
Macro Effects of Corporate Malfeasance
Economic Recovery Held Hostage
Assessment and Final Thoughts

Chapter 5: Scandal Spreads to Wall Street
Pressures Mount in Washington
SEC Chairman, Harvey Pitt, at Center of Controversy
Bush’s Reaction: Status Quo?
Wall Street Tackled by New York Attorney General
The Martin Act Addresses Wall Street Wrongdoing
Eliot Spitzer—The Public’s Hero
Reforms Started: The Global Settlement for Investment Banks
Penalties, Disgorgement, Funds for Independent Research, and Investor Education
Summary of the Enforcement Actions
Celebrity Investment Analysts Investigated
Henry Blodget’s Resignation: E-mails Can Come Back to Haunt You!
Mary Meeker Remains Unindicted
Jack Grubman: Permanently Barred from the Securities Industry
Frank Quattrone: The Master of Technology IPOs
Summary of Global Settlement
The New York Stock Exchange (NYSE): Another Self-Regulation Failure
Richard Grasso: From Hero to Goat
Carl McCall’s Role
John Reed Begins Work
Violations of “Trade Through Rules”
Final Thoughts and Conclusion

Chapter 6: Mutual Funds Scandals: More than a Few Bad Apples
Mutual Fund “Late Trading” and “Market Timing” Scandals
The First Domino: Canary Capital Partners
Bank of America—Nations Funds Family
Putnam Investments
The Strong Funds
Janus Capital Group
Massachusetts Financial Services Company (MFS)
Alliance Capital Management
Other Prominent Funds Involved
Mutual Fund Fees Questioned
Illegal Sales Practices—Directed Brokerage Businesses
Fund Trustees As Chihuahuas
Fidelity’s Johnson Argues Against Proposed Board Reform
Commission Bundling and Soft Dollar Payments
Malfeasance at Insurance Companies
Funds Withdrawal and the Effect on Funds Size
SEC Reform
Final Thoughts

Chapter 7: Executive Perversion of Financial Management
Agency Theory
The Agency Problem in Full Bloom
Era of LBOs and Junk Bonds
Options: The Major By-Product of the LBO Movement
The Economic Boom of the 1990s
Dividend Conventions Violated
The Fundamentals of Share Repurchase Strategies
Buybacks Substituted For Dividends
The Inappropriate Use of Share Buybacks
Anything But Chump Change
At the End of the Day, What Happened?
A Trillion Plus $ Heist
What About Agency Theory?
Concluding Thoughts and Analysis

Chapter 8: Market System and Societal Institutions Called into Question
Institutions Establish the Rules of the Game
The Role of Organizations
The Market Economy as an Institution
Public Education is Necessary to Avoid “Atrophied Personalities”
Transaction Costs and Property Rights Give Rise to Institutions
Non-Market Institutions that Counter the Negative Effects of the Market
The Family as an Institution
The State as an Indispensable Institution
The Nation and Cultural Institutions
Professional Associations Let Us Down
Choices Devoid of Meaning
Organization Theory: Incentives Versus Leadership
Spill-Over Effects of the Market
Executive Compensation: A Simple Disgraceful Process
Paying for Performance as a Joke
CEO Compensation Excesses: How Much is Enough?
Transparency as a Panacea
Final Thoughts and Analysis

Chapter 9: Virtuousness: Medicine for Business Ethics
Reflections on the Virtuous Life—Early Philosophies
The Study of Virtue in History
Adam Smith Relates Morality to the Invisible Hand
And Confucius Says!
Developing Character Through Virtuous Behavior
Blindsided By Greed
Education and Business Ethics
Final Thoughts and Analysis
Appendix: Caux Round Table
Listing of Virtues

Chapter 10: Corporate Scandals: Reflections
The Six Key Questions
Who Was the Central Villain?

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