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Wheel, Deal, and Steal: Deceptive Accounting, Deceitful CEOs, and Ineffective Reforms by D. Quinn Mills

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Chapter 12. Ties, Belts, and Shoelaces: Changing Incentives for CEOs

 

Ties, belts, and shoelaces

 
 --What marshals took from WorldCom’s CFO when he was arrested

A business executive was continually urging his associates to be concerned about ethics.

“Why is he so concerned with ethics?” a close friend was asked.

“Because most of his friends are in jail.”

Americans are basically tolerant people, adopting a live-and-let-live attitude. Many of us think that, “as long as my own money wasn’t lost in investments taken by fraud, it’s of no interest to me.” When fraud occurs on a small scale, that attitude may be justified. But when fraud occurs on the scale we have seen recently, then everyone is affected. The value of all investments becomes suspect, the ...

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