Book description
Resisting Corporate Corruption teaches business ethics in a manner very different from the philosophical and legal frameworks that dominate graduate schools. The book offers twenty-eight case studies and nine essays that cover a full range of business practice, controls and ethics issues. The essays discuss the nature of sound financial controls, root causes of the Financial Crisis, and the evolving nature of whistleblower protections. The cases are framed to instruct students in early identification of ethics problems and how to work such issues within corporate organizations. They also provide would-be whistleblowers with instruction on the challenges they’d face, plus information on the legal protections, and outside supports available should they embark on that course. Some of the cases illustrate how ‘The Young are the Most Vulnerable,’ i.e. short service employees are most at risk of being sacrificed by an unethical firm. Other cases show the ethical dilemmas facing well-known CEOs and the alternatives they can employ to better combine ethical conduct and sound business strategy. Through these case studies, students should emerge with a practical toolkit that better enables them to follow their moral compass. Finally, the cases provide an in depth look at how a corporation becomes progressively corrupted (Enron), how the Financial Crisis was rooted in ethical decay at institutions as diverse as Countrywide, Goldman Sacks, Citigroup, Fannie Mae and Moody’s, and at the ethical challenges that persist in the post-Crisis, post-Dodd-Frank environment.Table of contents
- Cover
- Title page
- Copyright page
- Foreword
- Preface
- Note to Faculty: How to Use this Book
- Acknowledgements
-
Section 1: The Enron Cases
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Part 1: Demolishing Financial Control, Neutering the Gatekeepers
- Case 1: Enron Oil Trading (A): Untimely Problems in Valhalla
- Essay 1: How to Do an Ethics Case Study
- Case 2: Enron Oil Trading (B): An Opening for Enron Audit?
- Essay 2: How a Corporation Becomes Corrupt
- Case 3: Enter Mark-to-Market: Exit Accounting Integrity?
- Essay 3: Necessary Ammunition: Economic Rationales for Financial Control
- Part 2: Business Struggles, Accounting Manipulations
-
Part 3: Resisting Corruption at Enron
- Case 7: New Counsel for Andy Fastow
- Case 8: Nowhere to Go with the ‘Probability of Ruin’
- Case 9: Lay Back … and Say What?
- Case 10: Whistleblowing Before Imploding in Accounting Scandals
- Essay 4: Resisting Corporate Corruption: The Enron Legacy
- Essay 5: Underappreciated Origins of the Financial Crisis – A Personal Memoir
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Part 1: Demolishing Financial Control, Neutering the Gatekeepers
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Section 2: The Financial Crisis Cases
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Part 1: New Business Models Undermine Standards and Controls
- Case 1: Seeking a Sustainable Business Model at Goldman Sachs
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Case 2: Juggling Public Policy, Politics and Profits at Fannie Mae
- Origins of a Conflicted Government Entity
- New Law, Politics and the ‘Housers’ Complicate Fannie Mae’s Mission
- Reconciling Wall Street Performance and ‘Affordable Housing’
- Beating Back the Privatizers
- Wall Street Mounts an End Run, and Fannie Lowers its Standards
- The Year 1998
- Guidance for Franklin Raines
- Author’s Note
- Notes
-
Case 3: Should Countrywide Join the Subprime ‘Race to the Bottom?’
- Nature and Structure of the U.S. Mortgage Business, 1940–85
- Wall Street Develops Collateralized Mortgage Obligations (CMOs)
- ‘Subprime 1.0’ Temporarily Sobers the Market
- Countrywide’s Strategy in the 1990s
- AmeriQuest Launches a Subprime ‘Race to the Bottom’
- Mozilo Reconsiders Countrywide’s Subprime Strategy
- Author’s Note
- Notes
-
Case 4: Subprime Heading South at Bear Stearns Asset Management
- Hedge Funds Develop on Wall Street
- Bear Stearns Forms its Own Hedge Funds
- Mortgage Market Trends and HGF Disclosure
- Financial Control Issues at HGF
- Cioffi and Tannin Respond to Growing Pressures
- February 2007: ELF Performance Turns Negative
- Matthew Tannin Considers His Response to Barclays Bank
- Author’s Note
- Notes
-
Part 2: Consequences for Gatekeepers and Firms
- Case 5: Ratings Integrity vs. Revenues at Moody’s Investors Services
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Case 6: Admission of Material Omission? Citigroup’s SIVs and Subprime Exposure
- Citibank’s Subprime Product Flow and its SIVs
- Citibank Structures and Launches Subprime SIVs
- Citibank’s SIVs Finesse the VIE Rules
- Conditions Worsen in the Mortgage and RMBS/CDO Markets
- Citibank Reports Second Quarter Results
- Third Quarter Events Hammer Citi’s Results
- Considering Citi’s 3Q Results and IR’s Proposed Pre-Announcement
- Author’s Note
- Notes
- Case 7: Facing Reputational Risk on Goldman’s ABACUS 2007-AC1
- Case 8: Time to Drop the Hammer on AIG’s Controls?
- Part 3: Financial Firms and Resisters
-
Part 1: New Business Models Undermine Standards and Controls
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Section 3: The Post-Crisis Cases – Reforms, Resistance, Continuing Realities
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Part 1: The Dodd-Frank Act: A primer
- Case 1: Morgan Stanley Seeks a Sustainable Business Model after the Financial Crisis
- Case 2: Back to the Future on Goldman Sachs Reputational Risk
- Case 3: ‘Take Customer Cash to Survive?’ Compliance and Chaos at MF Global
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Case 4: Fix the LIBOR Fix?
- LIBOR, its Fix Procedures, and Growth as a Global Benchmark
- LIBOR Fixing Flaws and Incentives to Manipulate
- London Banks Begin to Manipulate LIBOR Fixings
- The Bank of England Learns LIBOR is Being Manipulated
- The Financial Crisis Hits Barclays and LIBOR
- Tucker Considers His Messages for Barclays
- Author’s Note
- Notes
- Case 5: Too Big to Know What’s Going on at Banamex?
- Case 6: Take CitiMortgage to the Feds?
- Case 7: Chipping Away at Dodd-Frank’s Volcker Rule?
- Essay 7: ‘And the Young Shall be Thrown Under the Bus’ – Lessons in Resisting Unethical Conduct from Enron Through the Financial Crisis
- Essay 8: Resisting Corporate Corruption, 2017 – Improved Conditions, Unresolved Issues
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Part 1: The Dodd-Frank Act: A primer
- A Note on Blogs and Law Firms
- A Note on Sources
- Index
- The Financial Crisis Cases
- The Post-Financial Crisis Cases
- End User License Agreement
Product information
- Title: Resisting Corporate Corruption, 3rd Edition
- Author(s):
- Release date: October 2017
- Publisher(s): Wiley-Scrivener
- ISBN: 9781119323341
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