Infectious Greed: How Deceit and Risk Corrupted the Financial Markets
Condition: SECONDHAND
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The still-unfolding financial story is scary. One by one major companies - Enron, Worldcom, Anderson, Global Crossing are imploding, prey to greed, fraud and illegal finance and accounting.The global financial crossroads is at a perilous crossroads. By 2002, the closing bell of the NY Stock Exchange was barely relevant, as securities traded 24 hours a day, around the world. The largest markets were private and weren't regulated at all. Companies' reported earnings were a fiction, and financial reports were chock full of disclosures that would shock the average investor if she ever even glanced at them, not that anyone - including financial journalists ever did .Simply put the appearance of control in the financial markets has become a fiction. What Enron did was no different to what hundreds companies - aided by their auditors - do all the time, what they put on their balance sheet and what they hide off it, and how they exploit unfathomable derivatives.
Author: Frank Partnoy
Format: Hardback, 480 pages, 161mm x 242mm, 850 g
Published: 2003, Profile Books Ltd, United Kingdom
Genre: Management & Business: General
Description
The still-unfolding financial story is scary. One by one major companies - Enron, Worldcom, Anderson, Global Crossing are imploding, prey to greed, fraud and illegal finance and accounting.The global financial crossroads is at a perilous crossroads. By 2002, the closing bell of the NY Stock Exchange was barely relevant, as securities traded 24 hours a day, around the world. The largest markets were private and weren't regulated at all. Companies' reported earnings were a fiction, and financial reports were chock full of disclosures that would shock the average investor if she ever even glanced at them, not that anyone - including financial journalists ever did .Simply put the appearance of control in the financial markets has become a fiction. What Enron did was no different to what hundreds companies - aided by their auditors - do all the time, what they put on their balance sheet and what they hide off it, and how they exploit unfathomable derivatives.
Infectious Greed: How Deceit and Risk Corrupted the Financial Markets