Ethics Governance
Ethics & Governance - Resources and Articles |
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| Article - Abstract. To view full article click on the article title. | |
S&L's: Repeating the Past Repeating The Past By William K. Black. Forgetting the mistakes of the past is bad, but we've done something far worse. This newest wave of corporate fraud occurred because we learned exactly the wrong lessons from our last wave, the savings & loan debacle. As Mark Twain warned, "It ain't what people don't know that hurts them, it's what they do know that ain't so." The S&L collapse was the largest financial scandal in U.S. history and cost taxpayers $150 billion, but the conventional economic wisdom about it is, even with the benefit of hindsight, 20:200. The best way to see this is to read a classic textbook, "The Economic Structure of Corporate Law," authored by Frank H. Full Article: http://www.scu.edu/ethics/publications/ethicalperspectives/fraud.html |
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2006 Ethics-Governance.com |
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