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Death of Corporate Reputation, The : How Integrity Has Been Destroyed on Wall Street by Jonathan R. Macey is a book available to read on EtoBox.

What is Death of Corporate Reputation, The : How Integrity Has Been Destroyed on Wall Street about?

Why did the financial scandals really happen? Why are they continuing to happen? In The Death of Corporate Reputation, Yale's Jonathan Macey reveals the real, non-intuitive reason, and offers a new path forward. For over a century law firms, investment banks, accounting firms, credit rating agencies and companies seeking regular access to U.S. capital markets made large investments in their reputations. They treated customers well and sometimes endured losses in transactions or business deals in order to sustain and nurture their reputations as faithful brokers and “gate-keepers.” This has changed completely. The existing business model among leading participants in today's capital markets no longer treats customers as valued clients whose trust must be earned and nurtured, but as one-off “counter-parties” to whom no duties are owed and no loyalty is required. The rough and tumble norms of the market-place have replaced the long-standing reputational model in U.S. finance. This book describes the transformation in American finance from the old reputational model to the existing laissez faire model and argues that the change came as a result of three factors: (1) the growth of relia

Author

Jonathan R. Macey

Publisher

Pearson Education, Limited; Financial Times Press/Pearson Education

Published

2013

Language

EN

ISBN

9780133039702

Subjects

Finance, Business