Management And The Financial Crisis (We Have Met The Enemy And He Is Us)

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Executive Summary

The current model of corporate governance in the United States and abroad is badly broken and has been for many years. The financial crisis has revealed the degree to which there are problems. Neither managers nor boards of directors foresaw or prevented the massive value destruction that took place at companies like AIG, Bear Stearns, Fannie Mae, General Motors or General Electric. Nor did external private monitors like the media, securities analysts, credit analysts or ratings agencies raise sufficient warnings about building dangers.

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