The Best Way to Rob a Bank Is to Own One

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Overview

The catastrophic collapse of companies such as Enron, WorldCom, ImClone, and Tyco left angry investors, employees, reporters, and government investigators demanding to know how the CEOs deceived everyone into believing their companies were spectacularly successful when in fact they were massively insolvent. Why did the nation's top accounting firms give such companies clean audit reports? Where were the regulators and whistleblowers who should expose fraudulent CEOs before they ...

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2005-04-01 Paperback New NewMendoPower Employment Services will immediately and carefully pack this book in high-quality bubble lined, envelopes. Then we send you a ... confirmation e-mail. We appreciate your business and welcome any questions. Read more Show Less

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Overview

The catastrophic collapse of companies such as Enron, WorldCom, ImClone, and Tyco left angry investors, employees, reporters, and government investigators demanding to know how the CEOs deceived everyone into believing their companies were spectacularly successful when in fact they were massively insolvent. Why did the nation's top accounting firms give such companies clean audit reports? Where were the regulators and whistleblowers who should expose fraudulent CEOs before they loot their companies for hundreds of millions of dollars?

In this expert insider's account of the savings and loan debacle of the 1980s, William Black lays bare the strategies that corrupt CEOs and CFOs—in collusion with those who have regulatory oversight of their industries—use to defraud companies for their personal gain. Recounting the investigations he conducted as Director of Litigation for the Federal Home Loan Bank Board, Black fully reveals how Charles Keating and hundreds of other S&L owners took advantage of a weak regulatory environment to perpetrate accounting fraud on a massive scale. He also authoritatively links the S&L crash to the business failures of the early 2000s, showing how CEOs then and now are using the same tactics to defeat regulatory restraints and commit the same types of destructive fraud.

Black uses the latest advances in criminology and economics to develop a theory of why "control fraud"—looting a company for personal profit—tends to occur in waves that make financial markets deeply inefficient. He also explains how to prevent such waves. Throughout the book, Black drives home the larger point that control fraud is a major, ongoing threat in business that requires active, independent regulators to contain it. His book is a wake-up call for everyone who believes that market forces alone will keep companies and their owners honest.

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Editorial Reviews

Journal of Economic Issues - Robert E. Prasch
Persons interested in the economics of fraud, the S&L debacle, the problems of financial regulation, and microeconomics more broadly will find this book to be very important. It is a marvelous combination of insider experiences, well-grounded generalizations, and the foundations of a broader research agenda. It merits a wide readership and, one hopes, sustained reflection on its arguments and conclusions.
Journal of Economic Issues
Persons interested in the economics of fraud, the S&L debacle, the problems of financial regulation, and microeconomics more broadly will find this book to be very important. It is a marvelous combination of insider experiences, well-grounded generalizations, and the foundations of a broader research agenda. It merits a wide readership and, one hopes, sustained reflection on its arguments and conclusions.
— Robert E. Prasch
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Product Details

  • ISBN-13: 9780292721395
  • Publisher: University of Texas Press
  • Publication date: 4/1/2005
  • Pages: 352
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.90 (d)

Meet the Author

WILLIAM K. BLACK is the Interim Executive Director of the University of Texas at Austin Institute of Fraud Studies and Assistant Professor of Public Affairs at the LBJ School of Public Affairs.
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Table of Contents

Abbreviations
Preface
Acknowledgments
Chapter 1: Theft by Deception: Control Fraud in the S&L Industry
Chapter 2: "Competition in Laxity"
Chapter 3: The Most Unlikely of Heroes
Chapter 4: Keating's Unholy War against the Bank Board
Chapter 5: The Texas Control Frauds Enlist Jim Wright
Chapter 6: "The Faustian Bargain"
Chapter 7: The Miracles, the Massacre, and the Speaker's Fall
Chapter 8: M. Danny Wall: "Child of the Senate"
Chapter 9: Final Surrender: Wall Takes Up Neville Chamberlain's Umbrella
Chapter 10: It's the Things You Do Know, But Aren't So, That Cause Disasters
Appendix A: Keating's Plan of Attack on Gray and Reregulation
Appendix B: Hamstringing the Regulator
Appendix C: Get Black . . . Kill Him Dead
Notes
Names and Terms
References
Index
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Customer Reviews

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Sort by: Showing all of 7 Customer Reviews
  • Anonymous

    Posted May 13, 2012

    interesting but keeps repeating itself

    the books premise is interesting but the way the author is laying down his argument, he keeps repeating himself and doesn't provide enough background.

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    Posted April 9, 2009

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    Posted April 29, 2009

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    Posted November 19, 2009

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