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Keine neuen Beiträge, seit Ihrem letzten Besuch am 22.04.2026 - 03:41.
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te pensation chanisms driven by the record (fictional) ine generated in the ort-term by employing the recipe If there is a bubble Tomas Plekanec Women Jersey , particularly one hyper-inflated by an epidemic of aounting control fraud, then the lender's bad loans can be refinanced and the record ine created by the recipe can be continued beyond the ort-term The firm fails eventually, but a CEO can always offer a non-fraudulent explanation for a bank failure. This is particularly true when an epidemic of aounting control fraud hyper-inflates a bubble and triggers a severe recession.Control frauds exploit "agency" problems in order to turn reputation perverse. The Big Four audit firms do have a substantial financial interest in their reputations. The Big Four audit firms are able to charge far more for their audits than can second tier firms. Unfortunately, the more valuable the audit firm's reputation the more value the audit partner can extrt by "selling" that reputation by blessing an aounting control fraud's financial statents. White-collar criminologists have found that the theoclassical assumptions about top tier audit firms are false.The most elegant frauds typically signal multiple, conflicting reputations to different tors. The reason a control fraud is so dangerous is that it is a criminal enterprise that appears to be a legitimate enterprise.Indeed PK Subban Women Jersey , the fraud recipe makes it appear to be an "alpha" bank - exceptionally profitable while suffering few losses despite making highly risky transtions. The CEO who can pull off that impossible trifecta quickly develops a reputation as a "genius." (He, of course, controls a PR departnt with essentially unlimited funds that is dedicated to feeding his ego - fraudulent CEOs are human and do not live by yhts alone.)Obtaining a stellar reputation is one of the greatest attrtions of fraud to the C-suite. The portion of C-suite officers who are tually geniuses is vaniingly small. But any C suite officer ould have the petence to engage in aounting control fraud. The recipe is straightforward and making huge numbers of bad loans is vastly easier than making huge numbers of good loans. Aounting fraud is a sure thing for a lender. It is a strategy guaranteed to make you wealthy and create a reputation that you are a genius. The desire to attain and retain a highly positive reputation is one of the major contributors to fraud. The best way to bee a CEO is to find an industry optimal for control fraud. One of the ftors that makes an industry more criminogenic is ease of entry. Anyone with modest worth could start a mortgage brokerage and bee its CEO. States like Florida did not even check if the new CEO had a criminal record. The newly minted CEO could transform himself from a crook to CEO and by following the recipe he could make himself wealthy and gain a positive reputation.Consider how reputation works when the fraudulent CEO interviews a potential CFO. The CEO wants the CFO to appear to most outside tors to be honest and petent. He wants the CFO to tively assist the aounting fraud by implenting the four-part recipe enthusiastically. The CEO will not hire the applicant unless the CFO-wannabe signals that he is tually a person deserving of a poor reputation for integrity.Once the CFO is hired he may interview the partner at the Big Four audit firm who is seeking to be selected as the audit partner. The CFO of an aounting control fraud and the prospective audit partner will send contradictory signals during the sa interview. On one level, they play roles that seem to epitomize professionalism. On another level they carefully send coded signals. The result is effective munication.The control frauds rarely fail to receive clean opinions for fraudulent financial statents even when the bank is massively insolvent, makes hundreds of thousands of fraudulent loans Carey Price Women Jersey , and violates scores of aounting principles. The control frauds rarely have to fire the audit firm or audit partner. The control frauds do not have to bribe the audit partner, appraiser, or credit rating agency to get them to bless their frauds.CEOs have their wealth, ine, and reputation invested in "their" pany. When it is about to fail they may adopt aounting control fraud as a ttic to delay the failure. This is known as "retive" control fraud.A fraud I've discussed Canadiens Max Pacioretty Jersey , the Nigerian 419 scam, illustrates another aspect of how frauds manipulate reputation. Consider the multiple levels of reputation involved in this unsophisticated scam. The perps are frauds and deserve a reputation for fraud. To their neighbors, however, they may appear to be honest and have a positive reputation. The perps create a fake identity (e.g., I am the daughter of the late oil minister of Nigeria). The fake identity they construct is that of a corrupt individual of terrible reputation. The paradoxical reason that they construct this terrible reputation is to convey trusorthiness to the victim. You can trust them because they are desperate for your help. They cannot proceed lawfully because they are trying to rip off the Nigerian ernnt. Their ssage is that there is honor among thieves as long as they need eh other. The perps Canadiens Tomas Plekanec Jersey , in turn, are trying to defraud Aricans who signal by their responses that they are devoid of integrity and clueless about fraud sches. If poorly educated, only partially literate Nigerians can understand a subset of Aricans that well, think how sophisticated a fraud sche our elite business school graduates can devise with the aid of a vastly superior weapon of fraud - control of a seemingly legitimate bank.The CEOs that controlled the fraudulent banks burnied their reputations both to stoke their (and their spouses') egos and to make it harder for anyone to perceive them as criminals. There are three sure ans for CEOs to enhance their reputations. Reporting that your bank earned large profits is certain to prompt praise by business reporters. Causing the bank to make large charitable contributions, which the CEO is credited with
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| Beitrag vom 21.04.2015 - 10:15 |
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21.04.2015 - 10:15 |
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