Preface
“Why did corporate governance checks and balances that served us reasonably well in the past break down? At root were soaring stock prices in the latter part of the 1990s that arguably engendered an outsized increase in opportunities for avarice. An infectious greed seemed to grip much of our business community.” | ||
| --Alan Greenspan, Federal Reserve Chairman,Speech to Congress, 16 July 2002 | ||
Chairman Greenspan's comments lead to some very intriguing questions. What are the corporate governance checks and balances that he is talking about? How and why did they fail us? Can this break down ever happen again?
Answering these questions is what this book is all about. We refer to the checks and balances as executive incentives and corporate monitors. ...
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