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

Author(s): Daniel Quinn Mills

Year: 2003

Description:
Today's global financial scandals are endemic, encompassing many of the world's largest and most respected "blue chip" companies. Reform efforts have only scratched the surface. In this compelling and readable book, Harvard Business School professor D. Quinn Mills shows investors exactly how the financial frauds work, where the money goes, why fraud continues, who's to blame, and what can be done about it. Mills explains how imperial CEOs continue to mislead and steal from their investors -- and how the checks and balances intended to protect investors continue to fail. He details reforms that will realign the interests of stockholders and executives, and fix the failed system of incentives that has promoted massive corruption in companies, investment institutions, and auditors alike. Mills also offers specific steps small investors can take right now to protect their remaining assets -- and, in some cases, even recover losses. This book complements Mills' 2001 book, Buy, Lie, and Sell High, in which he exposed and explained the frauds associated with massive financial losses that occurred as a result of the Internet stock bubble.