Risk Management

Download Disorganized Crimes: Why Corporate Governance and Government by Bernard E. Munk PDF

By Bernard E. Munk

Company misgovernance and the failure of presidency law have resulted in significant monetary fiascos. 'Disorganized crimes' are disruptive and dear. Munk hyperlinks the 2 significant eras of company misgovernance over the last decade to provide an explanation for how those occasions ensue and what may be performed to avoid them from re-occurring.

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Additional resources for Disorganized Crimes: Why Corporate Governance and Government Intervention Failed, and What We Can Do About It

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6 Bankruptcy was merely the method used to stop the bleeding and salvage whatever value remained from the existing assets of the ongoing business enterprise. The value deficit was largely borne by the equity shareholders, although some bondholders suffered as well. Ironically, despite the sage advice that investors should invest for the long run, common stock shareholders who had invested for the long run suffered the largest losses, while those who flipped out of their declining stocks salvaged something.

3 In the midst of the financial downturn, the US economy was buffeted by the massive terrorist assault on the World Trade Center on September 11, 2001 (9-11). Yet, sandwiched between both internal and external shocks, the economy still did not sink into a deep depression. Why not? 75 percent in just 12 months. 6 Fiscal policy was highly stimulative. The Bush Administration enacted substantial tax cuts in 2002 in the midst of this massive Fed easing. Taken together, these monetary and fiscal actions appeared to restore the economy and financial markets.

Misgovernance and fraud occurred, sometimes coupling 30 Disorganized Crimes outlandish compensation with the worst in competent risk management and sufficient corporate transparency to protect shareholder interests. Conflicts that ran deeper than the divided interests between managers and shareholders were quite visible in the scandal companies. 22 These are not new conflicts, but they are deeply troubling ones. 23 When the smoke cleared, and the legal settlements against some of these investment banks were announced, the failures in the capital market were exposed for what they were: a huge sacrifice of stewardship and diligence in the pursuit of high fees and munificent compensation for the bankers that provided the underwriting services.

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