Home > Store

Wheel, Deal, and Steal: Deceptive Accounting, Deceitful CEOs, and Ineffective Reforms

Register your product to gain access to bonus material or receive a coupon.

Wheel, Deal, and Steal: Deceptive Accounting, Deceitful CEOs, and Ineffective Reforms

eBook (Watermarked)

  • Your Price: $15.97
  • List Price: $19.96
  • About Watermarked eBooks
  • This PDF will be accessible from your Account page after purchase and requires the free Adobe® Reader® software to read it.

    The eBook requires no passwords or activation to read. We customize your eBook by discreetly watermarking it with your name, making it uniquely yours.

    Watermarked eBook FAQ

Description

  • Copyright 2003
  • Edition: 1st
  • eBook (Watermarked)
  • ISBN-10: 0-13-204447-1
  • ISBN-13: 978-0-13-204447-9

This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version.

Global financial scandals didn't stop with Enron, WorldCom, or Tyco. In fact, they're still notover. In Wheel, Deal, and Steal, Harvard Business School professor Daniel Quinn Mills showsinvestors how imperial CEOs continue to steal from their investors - and how the rules intendedto protect investors continue to fail. Mills outlines comprehensive reforms to clean up the systemand keep it clean. Best of all, he shows small investors how to protect what's left - and maybeeven recover their losses.

Sample Content

Table of Contents

(NOTE: Each chapter concludes with Talking Points.)

Acknowledgments.

I. WHAT HAPPENED TO INVESTORS' MONEY?

1. Why You Should Read This Book.

Investors Aren't Primarily to Blame for Their Losses. Power Is at the Root of the Corporate Financial Scandals. The Internet Bubble and The Big Company Scandals. The Decay of American Capitalism. Returning to a More Honest America.

2. Scandals and More Scandals.

The Scandals in a Nutshell. Why We Didn't See This Coming.

3. Systematic Deception.

What Was Going On? Corrupt Accounting. Restatements. CEOs Ask for Misrepresentation. Hiding Relative Importance. Just Like the Others. The Common Accounting Dodges. SEC Oversight. The Criminal Mind.

4. More Than a Few Bad Apples.

A Lot of Dirty Little Piggies. Bad Actors but No Scandals. Few Prosecutions Doesn't Mean Few Violations. Investors Made Too Little, and CEOs Too Much. Changes in CEOs' Attitudes Led to a Decline in Investors' Trust. Business Isn't Only to Blame. Not a Great Depression-Yet. The American Economic System Is Not Broken. The Business System as a Whole Is Not Broken. Conflicts of Interest: The Core of the Problem in the Securities Industry. Awards for “the Best” in Corporate America.

II. INFECTIOUS GREED: WHO GOT THE MONEY?

5. Shareholders versus CEOs: The CEOs Make It Big.

CEOs Made Fortunes without Building Companies. Aligning CEO and Investor Interests. Stock Options Begin to Dominate CEOs' Pay Packages. Behind the Executive Pay Explosion. Why Options Pay Off When Companies Don't. Stock Options and the Link to Performance. Shareholder-CEO Alignment in Tatters. Is Alignment of CEO and Shareholder Interests Possible?

6. Osama Bin Andersen: The Role of the Accountants.

Peer Review. Deceiving Investors Legally. An Insidious Dynamic Develops. Other Commercial Ventures. The “Integrated Audit”. Widespread but Not Ubiquitous.

III. THE FAILURE OF CHECKS AND BALANCES.

7. Neither Prevent nor Punish.

Rubber Stamps—Boards of Directors. Protection for Deception: The Role of the Attorneys. The Failure of the Regulators. What the Prosecutors, Courts, and the SEC Didn't Do. What the Fed Didn't Do.

8. Ordinary Business at the Banks.

Conniving with Corporations to Deceive Investors. Greasing the CEO's Palm via IPO Allocations.

9. The Corruption of the Analysts.

Use It or Lose It. May Day. Maybe 20 Percent Are Honest. What's Said Isn't What's Done. Actual and Potential Clients. The Language of Recommendations. Efforts at Reform. Independent Analysts. Praise (or Rebuke) for Pay. Stealth Marketing.

IV. WHY IT HAPPENED.

10. The Temptation to Steal.

The New Very Rich: CEOs. How CEOs Get Rich. The Ignorant CEO. So Strong a Temptation. The Crucial Importance of Leadership. The Courage to Speak Out.

11. The Ethics of the Gutter.

Do What's Right: Why Ethics Are Very Important. What Are Ethics? The Failure of Ethics Programs in Companies. The Decline of American Ethics and How it Happened. The “Push the Limits” Environment. Hamstringing Ethics in America. The Role of the Business Schools.

IV. REFORMS TO HELP INVESTORS.

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

What To Do about CEO Compensation. A Critical Change Needed in Federal Tax Law. Boards of Directors versus the CEO in Setting Pay Packages. The CEOnistas—A Parody.

13. Total Regulatory Reform.

A System Full of Holes. Imperiling Investors by Keeping the SEC Weak. Strengthening Investor Protection via a Consolidated Agency. Letting Investors Leave the Market. Keeping Investors in the Market. Overuse and Abuse—the Gnomes of Norwalk.

14. Restraining the Imperial CEO.

American CEOs Have Too Much Power for the Safety of American Investors. Proposals to Strengthen Corporate Boards. Increased Shareholder Activism. America's Imperial CEOs. The Danger of Ineffective Reforms. Power Struggle: What Will Happen with Governance Reforms if the Imperial CEO Retains His or Her Power. America's Leadership Paradigm Is Upside Down. We Don't Have to Have Imperial CEOs. Reining in the CEO.

VI. THE MARKET'S ROLE IN A SOLUTION.

15. Let the Market Choose.

Limitations of the Market. Freeing the Market from Ideological Constraints. Trusting the Imperial CEO Again. Finding a Market Solution in the Not-for-Profit World. Relying on the Market to Reform the Securities Industry. Comments of Fed Chairman Alan Greenspan on the Corporate Financial Scandals.

16. Ethics Can Make the Market Work.

Corporate Leadership's Role. Business Schools' New Role in Teaching Ethics. The Importance of Continuing Education about Ethics. Will Society Reinforce Courses in Ethics?

VII. GETTING YOUR MONEY BACK.

17. Freezing and Seizing: A Direct Route to the CEO's Pocketbook.

Three Routes to the Money. Getting the Company to Sue for You. Appropriate Limitations. Filing a Claim against Your Broker. Going Directly to the Courts. Can Investors Get the Law Enforced? What Happened to Chainsaw Al. Proving that CEOs Were at Fault. Getting Money if You Win the Suit.

18. Getting Congress to Get it for You.

Taking Money from Perpetrators and Giving It to Victims. Idle Redress—Excessive Legalism.

VIII. PROTECTING YOURSELF FROM NEW DANGERS.

19. How Should I Invest?

A Tough Time for Investors. How to Invest. The Fundamentals of the Market: The Economic Environment. Deciding Whether the Market as a Whole Is Becoming Less Dangerous for Investors. Which Way Will the Market Go? Special Considerations for Investing Pension Money.

20. Hedge Funds That Don't Hedge.

The Next Big Thing—The Fund of Funds. Hedge Funds.

21. Do Investors Dare Return to the Market?

A Bear Market, Yes, but Not Only a Bear Market. Diagrammatic Summaries of CEO and Investor Conflict in the Securities Markets. The Temptation Remains. It's Still Going On. Reform, Justice, and Restitution. The Irony of the Investor as a Victim of American Capitalism. The Trembling Foundations of Wall Street. Sources of Investor Risk. American Investment Markets without Investors. Key Ideas of This Book.

Notes.
Index.

Updates

Submit Errata

More Information

InformIT Promotional Mailings & Special Offers

I would like to receive exclusive offers and hear about products from InformIT and its family of brands. I can unsubscribe at any time.

Overview


Pearson Education, Inc., 221 River Street, Hoboken, New Jersey 07030, (Pearson) presents this site to provide information about products and services that can be purchased through this site.

This privacy notice provides an overview of our commitment to privacy and describes how we collect, protect, use and share personal information collected through this site. Please note that other Pearson websites and online products and services have their own separate privacy policies.

Collection and Use of Information


To conduct business and deliver products and services, Pearson collects and uses personal information in several ways in connection with this site, including:

Questions and Inquiries

For inquiries and questions, we collect the inquiry or question, together with name, contact details (email address, phone number and mailing address) and any other additional information voluntarily submitted to us through a Contact Us form or an email. We use this information to address the inquiry and respond to the question.

Online Store

For orders and purchases placed through our online store on this site, we collect order details, name, institution name and address (if applicable), email address, phone number, shipping and billing addresses, credit/debit card information, shipping options and any instructions. We use this information to complete transactions, fulfill orders, communicate with individuals placing orders or visiting the online store, and for related purposes.

Surveys

Pearson may offer opportunities to provide feedback or participate in surveys, including surveys evaluating Pearson products, services or sites. Participation is voluntary. Pearson collects information requested in the survey questions and uses the information to evaluate, support, maintain and improve products, services or sites, develop new products and services, conduct educational research and for other purposes specified in the survey.

Contests and Drawings

Occasionally, we may sponsor a contest or drawing. Participation is optional. Pearson collects name, contact information and other information specified on the entry form for the contest or drawing to conduct the contest or drawing. Pearson may collect additional personal information from the winners of a contest or drawing in order to award the prize and for tax reporting purposes, as required by law.

Newsletters

If you have elected to receive email newsletters or promotional mailings and special offers but want to unsubscribe, simply email information@informit.com.

Service Announcements

On rare occasions it is necessary to send out a strictly service related announcement. For instance, if our service is temporarily suspended for maintenance we might send users an email. Generally, users may not opt-out of these communications, though they can deactivate their account information. However, these communications are not promotional in nature.

Customer Service

We communicate with users on a regular basis to provide requested services and in regard to issues relating to their account we reply via email or phone in accordance with the users' wishes when a user submits their information through our Contact Us form.

Other Collection and Use of Information


Application and System Logs

Pearson automatically collects log data to help ensure the delivery, availability and security of this site. Log data may include technical information about how a user or visitor connected to this site, such as browser type, type of computer/device, operating system, internet service provider and IP address. We use this information for support purposes and to monitor the health of the site, identify problems, improve service, detect unauthorized access and fraudulent activity, prevent and respond to security incidents and appropriately scale computing resources.

Web Analytics

Pearson may use third party web trend analytical services, including Google Analytics, to collect visitor information, such as IP addresses, browser types, referring pages, pages visited and time spent on a particular site. While these analytical services collect and report information on an anonymous basis, they may use cookies to gather web trend information. The information gathered may enable Pearson (but not the third party web trend services) to link information with application and system log data. Pearson uses this information for system administration and to identify problems, improve service, detect unauthorized access and fraudulent activity, prevent and respond to security incidents, appropriately scale computing resources and otherwise support and deliver this site and its services.

Cookies and Related Technologies

This site uses cookies and similar technologies to personalize content, measure traffic patterns, control security, track use and access of information on this site, and provide interest-based messages and advertising. Users can manage and block the use of cookies through their browser. Disabling or blocking certain cookies may limit the functionality of this site.

Do Not Track

This site currently does not respond to Do Not Track signals.

Security


Pearson uses appropriate physical, administrative and technical security measures to protect personal information from unauthorized access, use and disclosure.

Children


This site is not directed to children under the age of 13.

Marketing


Pearson may send or direct marketing communications to users, provided that

  • Pearson will not use personal information collected or processed as a K-12 school service provider for the purpose of directed or targeted advertising.
  • Such marketing is consistent with applicable law and Pearson's legal obligations.
  • Pearson will not knowingly direct or send marketing communications to an individual who has expressed a preference not to receive marketing.
  • Where required by applicable law, express or implied consent to marketing exists and has not been withdrawn.

Pearson may provide personal information to a third party service provider on a restricted basis to provide marketing solely on behalf of Pearson or an affiliate or customer for whom Pearson is a service provider. Marketing preferences may be changed at any time.

Correcting/Updating Personal Information


If a user's personally identifiable information changes (such as your postal address or email address), we provide a way to correct or update that user's personal data provided to us. This can be done on the Account page. If a user no longer desires our service and desires to delete his or her account, please contact us at customer-service@informit.com and we will process the deletion of a user's account.

Choice/Opt-out


Users can always make an informed choice as to whether they should proceed with certain services offered by InformIT. If you choose to remove yourself from our mailing list(s) simply visit the following page and uncheck any communication you no longer want to receive: www.informit.com/u.aspx.

Sale of Personal Information


Pearson does not rent or sell personal information in exchange for any payment of money.

While Pearson does not sell personal information, as defined in Nevada law, Nevada residents may email a request for no sale of their personal information to NevadaDesignatedRequest@pearson.com.

Supplemental Privacy Statement for California Residents


California residents should read our Supplemental privacy statement for California residents in conjunction with this Privacy Notice. The Supplemental privacy statement for California residents explains Pearson's commitment to comply with California law and applies to personal information of California residents collected in connection with this site and the Services.

Sharing and Disclosure


Pearson may disclose personal information, as follows:

  • As required by law.
  • With the consent of the individual (or their parent, if the individual is a minor)
  • In response to a subpoena, court order or legal process, to the extent permitted or required by law
  • To protect the security and safety of individuals, data, assets and systems, consistent with applicable law
  • In connection the sale, joint venture or other transfer of some or all of its company or assets, subject to the provisions of this Privacy Notice
  • To investigate or address actual or suspected fraud or other illegal activities
  • To exercise its legal rights, including enforcement of the Terms of Use for this site or another contract
  • To affiliated Pearson companies and other companies and organizations who perform work for Pearson and are obligated to protect the privacy of personal information consistent with this Privacy Notice
  • To a school, organization, company or government agency, where Pearson collects or processes the personal information in a school setting or on behalf of such organization, company or government agency.

Links


This web site contains links to other sites. Please be aware that we are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of each and every web site that collects Personal Information. This privacy statement applies solely to information collected by this web site.

Requests and Contact


Please contact us about this Privacy Notice or if you have any requests or questions relating to the privacy of your personal information.

Changes to this Privacy Notice


We may revise this Privacy Notice through an updated posting. We will identify the effective date of the revision in the posting. Often, updates are made to provide greater clarity or to comply with changes in regulatory requirements. If the updates involve material changes to the collection, protection, use or disclosure of Personal Information, Pearson will provide notice of the change through a conspicuous notice on this site or other appropriate way. Continued use of the site after the effective date of a posted revision evidences acceptance. Please contact us if you have questions or concerns about the Privacy Notice or any objection to any revisions.

Last Update: November 17, 2020