Foreword by Joseph Wells
Founder of the Association of Certified Fraud Examiners
"What a great read! Every investor should heed Farrell's call to action. This is a fascinating, fast-moving narrative to guide stockholders in understanding how self-serving executives, seduced boards, and politicians poisoned our markets during the go markets of recent years."
Arthur Levitt"Insightful and totally comprehensible to the layperson, this examination of corporate America will anger even as it spells out exactly how conditions arose that allowed corruption on such a massive scale to occur. Investors of all levels should read and consider Farrell’s sound advice and heed the warnings presented by the biggest examples of corporate greed."
Former Chairman, US Securities and Exchange Commission
and author of Take on The Street
How did the most trusted financial system in the world become the breeding ground for the massive corruption uncovered in the Enron and WorldCom scandals? The simple answer is greed. Greed so blinded CEOs, auditors, and even members of Congress that they allowed a gang of rogue executives to rig the game and cheat investors out of $200 billion, wiping out the life savings of many unsuspecting Americans.
In Corporate Crooks, veteran Financial Times and former USA Today investigative journalist Greg Farrell explains how this breakdown happened. The book shows how incentive compensation for CEOs, combined with the decline of the American auditing industry, led to a series of spectacular accounting frauds, not just at Enron and WorldCom, but at other companies as well. Farrell details how a series of seemingly minor Congressional actions — from a law penalizing corporations for paying salaries in excess of $1 million to a Senate vote to scuttle a rule calling for the expensing of stock options — created the conditions that led to the accounting abuses that eventually brought gigantic corporations down.
Written in a straightforward, explanatory style, Corporate Crooks allows the average investor to understand the root causes of the biggest accounting frauds of the past five years. But understanding how these frauds took place isn’t enough. Farrell also arms readers with the knowledge they’ll need to judge whether the next fantastic, fast-growing company of the new economy is a genuine business success or another Enron waiting to implode.
Book Binding: Hardcover
Shipping Weight: 1lbs
Greg Farrell (Pelham, NY) is an award-winning investigative reporter who writes for the Financial Times. Previously, he wrote for the Money section of USA Today. He specializes in white-collar crime, legal affairs, and the regulation of corporate behavior. He is the winner of the American Business Press’s Jesse Neal Award for investigative reporting and a recipient of the Knight-Bagehot Fellowship for business journalism.