Cliques of Legitimizing Leaders

Deborah E. Lange

Chapter Chapter 8 in Cliques and Capitalism, 2011, pp 129-137 from Palgrave Macmillan

Abstract: Abstract This chapter will discuss the second most critical aspect of the American firm model presented earlier that contributed to the financial crisis; the linchpin was described in the last chapter, being the financial or stock market bureaucracy. Second, cliques of legitimizing leaders, the senior management teams together with boards of directors that “lead” firms are culpable in the recent disaster and the demise of large firms, in general, more for what they do not do rather than for what they do. Leadership has been extremely weak.

Keywords: Corporate Governance; Financial Crisis; Credit Rating Agency; Retirement Home; Governance Weakness (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-01619-5_9

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DOI: 10.1057/9781137016195_9

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