Scams can Turn Governance into Malfeasance

Dimitris N. Chorafas

Chapter 5 in Corporate Accountability, 2004, pp 95-115 from Palgrave Macmillan

Abstract: Abstract In July 2003 the market carried the news that fraud and other kinds of economic crime have struck more than a third of US companies. At the origin of this information has been a survey by PricewaterhouseCoopers, the CPA, and Wilmer Cutler & Pickering, a law firm. Of 91 companies whose executives completed the survey, some 35 percent responded that in the previous two years they had been victims of: asset misappropriation, usually theft or embezzlement, or other kinds of economic crime which inflict financial and industrial organizations. The way it is usually defined, economic crime encompasses a range of illegal activities, including cybercrimes. A good question is who pays for it. While three out of four of US respondents to the aforementioned survey had insurance coverage, less than half obtained from their insurers recoveries for the crimes to which they were subjected. Hence, in the last analysis, the shareholders paid the bill.

Keywords: Corporate Governance; Central Bank; Hedge Fund; Dominican Republic; Credit Institution (search for similar items in EconPapers)
Date: 2004
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50895-8_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230508958

DOI: 10.1057/9780230508958_5

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().