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Why they do it: inside the mind of the white-collar criminal

By: Soltes, Eugene.
Material type: materialTypeLabelBookPublisher: New York Public Affairs 2016Description: viii, 448 p.ISBN: 9781610395366.Subject(s): White collar crimes | Commercial crimes | Commercial criminals - Psychology | Business ethics | Business and economics | Workplace cultureDDC classification: 364.168 Summary: Table of content: Prologue: Managing in the gray The struggle to criminalize. "Not...bucket-shop operators, dead-beats a. fly-by-night swindlers" : pillars of the community b. "Guys...don't drop out of windows for no reason" : creating the white- c. collar criminal -- d. Nature or nurture? Reasoning or intuition?. e. "Inherently inferior organisms" : bad people making bad decisions f. "I thought it was all going to pass" : a press release with consequences g. "If you don't take it then you will regret it forever" : the triumph of reason h. "I never once thought of the costs versus rewards" : intuitive decisions ; "I never felt that I was i. doing anything wrong" : overlooking harm j. "If there was something wrong with this transaction, wouldn't people have told me?" : the difficulty of being good -- k. The business of malfeasance. "You can't make the argument that the public was harmed by l. anything I did" : misleading disclosure ; "Unfortunately, the world is not black and white" m. financial reporting fraud n. "You go from just being on top of the world" : insider trading o. "I thought we were freakin' geniuses" : deceptive financial structures p. You couldn't stop because you would wreck everything" : the Ponzi scheme q. "When I look back, it wasn't as if I couldn't have said no" : Bernie Madoff -- r. Conclusion: Toward greate Summary: From the financial fraudsters of Enron, to the embezzlers at Tyco, to the insider traders at McKinsey, to the Ponzi schemer Bernie Madoff, the failings of corporate titans are regular fixtures in the news. But what drives wealthy and powerful people to white-collar crime? Harvard Business School professor Eugene Soltes draws from extensive personal interaction and correspondence with nearly fifty former executives as well as the latest research in psychology, criminology, and economics to investigate how once-celebrated executives become white-collar criminals. The product of seven years in the company of the men behind the largest corporate crimes in history, Why They Do It is a breakthrough look at the dark side of the business world. Soltes reveals how the usual explanations fail to tell the whole story of why many seemingly successful people go over the line. White-collar criminals are not merely driven by excessive greed or hubris, nor do they usually carefully calculate costs and benefits before breaking the law. Instead, Soltes shows that most of the executives who committed crimes made decisions the way we all do—on the basis of their intuitions and gut feelings. The trouble is that these gut feelings are often poorly suited for the modern business world where leaders are increasingly distanced from the consequences of their decisions and the individuals they impact. The extraordinary costs of corporate misconduct are clear to its victims. Yet, never before have we been able to peer so deeply into the minds of the many prominent perpetrators of white-collar crime. With the increasing globalization of business threatening us with even more devastating corporate misconduct, the lessons Soltes draws in Why They Do It are needed more urgently than ever. http://www.publicaffairsbooks.com/book/hardcover/why-they-do-it/9781610395366
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Books Vikram Sarabhai Library
Slot 1197 (0 Floor, East Wing) Non-fiction 364.168 S6W4 (Browse shelf) Available 193492

Table of content:

Prologue: Managing in the gray
The struggle to criminalize. "Not...bucket-shop operators, dead-beats
a. fly-by-night swindlers" : pillars of the community
b. "Guys...don't drop out of windows for no reason" : creating the white-
c. collar criminal --
d. Nature or nurture? Reasoning or intuition?.
e. "Inherently inferior organisms" : bad people making bad decisions
f. "I thought it was all going to pass" : a press release with consequences
g. "If you don't take it then you will regret it forever" : the triumph of reason
h. "I never once thought of the costs versus rewards" : intuitive decisions ; "I never felt that I was
i. doing anything wrong" : overlooking harm
j. "If there was something wrong with this transaction, wouldn't people have told me?" : the difficulty of being good --
k. The business of malfeasance. "You can't make the argument that the public was harmed by
l. anything I did" : misleading disclosure ; "Unfortunately, the world is not black and white"
m. financial reporting fraud
n. "You go from just being on top of the world" : insider trading
o. "I thought we were freakin' geniuses" : deceptive financial structures
p. You couldn't stop because you would wreck everything" : the Ponzi scheme
q. "When I look back, it wasn't as if I couldn't have said no" : Bernie Madoff --
r. Conclusion: Toward greate

From the financial fraudsters of Enron, to the embezzlers at Tyco, to the insider traders at McKinsey, to the Ponzi schemer Bernie Madoff, the failings of corporate titans are regular fixtures in the news. But what drives wealthy and powerful people to white-collar crime? Harvard Business School professor Eugene Soltes draws from extensive personal interaction and correspondence with nearly fifty former executives as well as the latest research in psychology, criminology, and economics to investigate how once-celebrated executives become white-collar criminals. The product of seven years in the company of the men behind the largest corporate crimes in history, Why They Do It is a breakthrough look at the dark side of the business world.

Soltes reveals how the usual explanations fail to tell the whole story of why many seemingly successful people go over the line. White-collar criminals are not merely driven by excessive greed or hubris, nor do they usually carefully calculate costs and benefits before breaking the law. Instead, Soltes shows that most of the executives who committed crimes made decisions the way we all do—on the basis of their intuitions and gut feelings. The trouble is that these gut feelings are often poorly suited for the modern business world where leaders are increasingly distanced from the consequences of their decisions and the individuals they impact.

The extraordinary costs of corporate misconduct are clear to its victims. Yet, never before have we been able to peer so deeply into the minds of the many prominent perpetrators of white-collar crime. With the increasing globalization of business threatening us with even more devastating corporate misconduct, the lessons Soltes draws in Why They Do It are needed more urgently than ever.

http://www.publicaffairsbooks.com/book/hardcover/why-they-do-it/9781610395366

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