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Wall Street on Trial: A Corrupted State?by Justin O'Brien
Synopses & Reviews
The politics of business have become the business of politics. Across the world the lesson is clear: just as too much governmental interference leads to dysfunctional economies, left to its own devices the market is incapable of adequate self-regulation.
The corporate malfeasance crisis in the United States has transformed global perceptions about the efficacy of regulatory structures in combating corrupt practices in private and public sectors. The design of effective corporate governance structures depends not just on internal factors but also on the inter-relationship between various actors that constitute wider governance: politicians, lobbyists, corporations and regulators.
Wall Street on Trial: A Corrupted State breaks new ground by deconstructing the systemic flaws inherent in the model itself. It reveals that the 'rotten apple' theory, positing the problems in corporate America as merely the result of deviancy by an individual or a single firm, is an intellectual deceit not supported by the facts.
The crisis in the capital markets is not merely the result of venal personalities - although there are many in this story - but a system that allows for full expression of those characteristics. Looking beyond the undoubted greed exhibited by corrupted actors, Wall Street on Trial critically examines the structural imbalances within the contemporary American regulatory framework, the reasons for the failure of federal oversight, and the long-term political implications of the erosion of confidence in the probity of the system.
Dr Justin O'Brien is Senior Fellow at the Institute of Governance, Public Policy and Social Research, Queen's University, Belfast. A specialist in corporate governance and political corruption, he is the author of The Modern Prince, the acclaimed biography of Charles Haughey. Before transferring to academia, Dr O'Brien was an investigative current affairs journalist with the BBC, RTE and UTV, where his last position was Editor, Current Affairs. Married with two children, he lives in Belfast.
About the Author
"…there is much useful information in this book, it is probably of greater interest to the specialist academic…" (Professional Investor, October 2003)
Table of Contents
Introduction: the Corruption Cycle.
1. Assessing Guilt: the Wall Street shakedown.
2. Power Failure: the fall of Enron.
3. An Appalling Vista: the Rogue of Rhode Island.
4. Lynching Merrill.
5. Enforcing the enforcers: the politics of business.
6. Corporate politics: the buying of power.
7. From Chicago to Washington via New York and Baghdad.
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