Abstract
After the fall of Enron, practically everyone is agreed that board members, chief executives, chief financial officers, and other senior managers must be held accountable for the financial information their company releases, including the reported profits and losses. The Sarbanes-Oxley Act, which came on the heels of Enron, WorldCom, and other debacles, specifies that there should be significant penalties on those who falsify financial reports, in addition to the punishment by the markets.
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Notes
Margaret Heffernan, Willful Blindness: Why We Ignore the Obvious at Our Peril (London: Simon & Schuster, 2011).
D. N. Chorafas, Operational Risk Control with Basel II: Basic Principles and Capital Requirements (London and Boston: Butterworth-Heinemann, 2004).
Edward I. Koch, Mayor: An Autobiography (New York: Simon and Schuster, 1984).
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© 2015 Dimitris N. Chorafas
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Chorafas, D.N. (2015). Senior Managers Are in the Frontline of Efficiency and Ethics. In: Business Efficiency and Ethics. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137484253_2
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DOI: https://doi.org/10.1057/9781137484253_2
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-50341-4
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