- Cover
- Title page
- Copyright page
- Foreword
- Preface
- Note to Faculty: How to Use this Book
- Acknowledgements
- Section 1: The Enron Cases
- Part 1: Demolishing Financial Control, Neutering the Gatekeepers
- Case 1: Enron Oil Trading (A): Untimely Problems in Valhalla
- Essay 1: How to Do an Ethics Case Study
- Case 2: Enron Oil Trading (B): An Opening for Enron Audit?
- Essay 2: How a Corporation Becomes Corrupt
- Case 3: Enter Mark-to-Market: Exit Accounting Integrity?
- Essay 3: Necessary Ammunition: Economic Rationales for Financial Control
- Part 2: Business Struggles, Accounting Manipulations
- Part 3: Resisting Corruption at Enron
- Case 7: New Counsel for Andy Fastow
- Case 8: Nowhere to Go with the ‘Probability of Ruin’
- Case 9: Lay Back … and Say What?
- Case 10: Whistleblowing Before Imploding in Accounting Scandals
- Essay 4: Resisting Corporate Corruption: The Enron Legacy
- Essay 5: Underappreciated Origins of the Financial Crisis – A Personal Memoir
- Part 1: Demolishing Financial Control, Neutering the Gatekeepers
- Section 2: The Financial Crisis Cases
- Part 1: New Business Models Undermine Standards and Controls
- Case 1: Seeking a Sustainable Business Model at Goldman Sachs
- Case 2: Juggling Public Policy, Politics and Profits at Fannie Mae
- Origins of a Conflicted Government Entity
- New Law, Politics and the ‘Housers’ Complicate Fannie Mae’s Mission
- Reconciling Wall Street Performance and ‘Affordable Housing’
- Beating Back the Privatizers
- Wall Street Mounts an End Run, and Fannie Lowers its Standards
- The Year 1998
- Guidance for Franklin Raines
- Author’s Note
- Notes
- Case 3: Should Countrywide Join the Subprime ‘Race to the Bottom?’
- Nature and Structure of the U.S. Mortgage Business, 1940–85
- Wall Street Develops Collateralized Mortgage Obligations (CMOs)
- ‘Subprime 1.0’ Temporarily Sobers the Market
- Countrywide’s Strategy in the 1990s
- AmeriQuest Launches a Subprime ‘Race to the Bottom’
- Mozilo Reconsiders Countrywide’s Subprime Strategy
- Author’s Note
- Notes
- Case 4: Subprime Heading South at Bear Stearns Asset Management
- Hedge Funds Develop on Wall Street
- Bear Stearns Forms its Own Hedge Funds
- Mortgage Market Trends and HGF Disclosure
- Financial Control Issues at HGF
- Cioffi and Tannin Respond to Growing Pressures
- February 2007: ELF Performance Turns Negative
- Matthew Tannin Considers His Response to Barclays Bank
- Author’s Note
- Notes
- Part 2: Consequences for Gatekeepers and Firms
- Case 5: Ratings Integrity vs. Revenues at Moody’s Investors Services
- Case 6: Admission of Material Omission? Citigroup’s SIVs and Subprime Exposure
- Citibank’s Subprime Product Flow and its SIVs
- Citibank Structures and Launches Subprime SIVs
- Citibank’s SIVs Finesse the VIE Rules
- Conditions Worsen in the Mortgage and RMBS/CDO Markets
- Citibank Reports Second Quarter Results
- Third Quarter Events Hammer Citi’s Results
- Considering Citi’s 3Q Results and IR’s Proposed Pre-Announcement
- Author’s Note
- Notes
- Case 7: Facing Reputational Risk on Goldman’s ABACUS 2007-AC1
- Case 8: Time to Drop the Hammer on AIG’s Controls?
- Part 3: Financial Firms and Resisters
- Part 1: New Business Models Undermine Standards and Controls
- Section 3: The Post-Crisis Cases – Reforms, Resistance, Continuing Realities
- Part 1: The Dodd-Frank Act: A primer
- Case 1: Morgan Stanley Seeks a Sustainable Business Model after the Financial Crisis
- Case 2: Back to the Future on Goldman Sachs Reputational Risk
- Case 3: ‘Take Customer Cash to Survive?’ Compliance and Chaos at MF Global
- Case 4: Fix the LIBOR Fix?
- LIBOR, its Fix Procedures, and Growth as a Global Benchmark
- LIBOR Fixing Flaws and Incentives to Manipulate
- London Banks Begin to Manipulate LIBOR Fixings
- The Bank of England Learns LIBOR is Being Manipulated
- The Financial Crisis Hits Barclays and LIBOR
- Tucker Considers His Messages for Barclays
- Author’s Note
- Notes
- Case 5: Too Big to Know What’s Going on at Banamex?
- Case 6: Take CitiMortgage to the Feds?
- Case 7: Chipping Away at Dodd-Frank’s Volcker Rule?
- Essay 7: ‘And the Young Shall be Thrown Under the Bus’ – Lessons in Resisting Unethical Conduct from Enron Through the Financial Crisis
- Essay 8: Resisting Corporate Corruption, 2017 – Improved Conditions, Unresolved Issues
- Part 1: The Dodd-Frank Act: A primer
- A Note on Blogs and Law Firms
- A Note on Sources
- Index
- The Financial Crisis Cases
- The Post-Financial Crisis Cases
- End User License Agreement
Resisting Corporate Corruption
Cases in Practical Ethics from Enron Through the Financial Crisis
Third Editon
Stephen V. Arbogast
Kenan-Flagler Business School, University of North Carolina, Chapel Hill, U.S.A.
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