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Corporate Accountability : With Case Studies in Pension Funds and in the Banking Industry - D. Chorafas

Corporate Accountability

With Case Studies in Pension Funds and in the Banking Industry

Hardcover Published: 7th September 2004
ISBN: 9781403921420
Number Of Pages: 240

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Corporate accountability must be examined within the perspective of a company's business challenges. There is a synergy between shareholder value and the responsibilities of management. This book is based on an extensive research project done by the author in the 2001 to 2003 timeframe in the United States, England, Germany, France, Italy and Switzerland. It includes a great deal of case studies in corporate accountability and governance, particularly among financial institutions. Significant attention is also paid to good governance of pension funds.

Prefacep. ix
Corporate Governance and its Responsibilitiesp. 1
Principles of Corporate Governancep. 3
Introductionp. 3
Corporate governance and its challengesp. 5
Taking a leadership positionp. 8
Corporate governance and business riskp. 11
Targeting a high grade by rating agenciesp. 15
Risk-based pricing as senior management toolp. 18
Corporate Governance in a Market Economyp. 23
Introductionp. 23
The global sense of financial marketsp. 26
Distortions in financial marketsp. 29
Leveraging, derivatives risks, and Warren Buffett's opinionp. 31
Regulatory action for better corporate governance: Basle IIp. 35
Is diversification a fact or an illusion?p. 38
Dangerous bank-to-bank trades are no sign of good governancep. 41
Pension Fund Management. A Case Studyp. 46
Introductionp. 46
Accountability for the safety net. A case study in the auto industryp. 49
Pension plan blues and the impact on householdsp. 52
Privately funded pensions have been damaged by the scandalsp. 55
State and private pensions in Britainp. 58
State and private pensions in the United Statesp. 62
UBS advises that 'pension funds should not invest in equities'p. 64
The many aspects of mismanagement of pensionsp. 67
Legal action against pension fund managersp. 70
Management's Accountability for Corporate Governancep. 73
Introductionp. 73
Corporate governance and internal controlp. 74
Establishing a sound internal control environmentp. 78
Accountability of independent directorsp. 81
Responsibilities of the board go beyond solvency and liquidityp. 85
Mizuho: woes of the world's largest bankp. 88
Resona and the oracle of deferred tax assets (DTAs)p. 91
Scams can Turn Governance into Malfeasancep. 95
Introductionp. 95
Scams: from Banco InterContinental to IPOs of the dot-comsp. 97
The Alpha Plus Fund in the UKp. 99
Gambling with gold derivatives and the carry tradep. 101
The Bre-X gold scamp. 104
Copper bloodbath of Sumitomo Corporationp. 106
Searching for a scapegoat for the copper scandalp. 109
Diffused watchdog responsibilities at metals exchangesp. 112
Case Studies on Corporate Governance in the Finance Industryp. 117
The Salvage of Financial Institutions and Other Entities by the Taxpayerp. 119
Introductionp. 119
Lender of last resort and salvage of bankrupt entitiesp. 121
Bank default and deposit insurancep. 124
Protection from creditors under Chapter 11p. 128
US-style personal bankruptcy and credit riskp. 131
Legislators, regulators, depositors, bondholders and shareholdersp. 133
The law of unexpected consequences applies to both engineering and bankingp. 136
Case Studies with American Financial Institutionsp. 139
Introductionp. 139
New laws do not change human naturep. 140
Frauds which can kill the goose that lays the golden eggsp. 143
Penalty and disgorgement hitting ten Wall Street banksp. 147
Is there a massive litigation pending on Wall Street?p. 151
Challenges faced by JP Morgan Chase and other big banksp. 153
Corporate governance and payouts at NYSEp. 156
US Household Debt, Freddie Mac and Fannie Maep. 158
Introductionp. 158
Appreciating household debt and its consequencesp. 159
Freddie Mac and Fannie Maep. 163
Financial troubles don't go away by denying themp. 166
Government-sponsored entities need rigorous supervisionp. 168
Who might be the lender of last resort?p. 171
Japan Premium: A Case Study on the Rout of Japanese Banksp. 176
Introductionp. 176
High leveraging led to collapse of the Japanese economyp. 178
A bird's-eye view of the status of Japanese banks in 2003p. 181
The Bank of Japan takes inordinate risksp. 184
Assets on paper are not the same as those in real lifep. 186
Changed fortunes of Nomura Securitiesp. 188
A lesson on good governance: rise, fall and rebirth of the Long-Term Credit Bank of Japanp. 191
Why a system run on leverage and 'faith' cannot lastp. 195
All nations must learn a lesson from Japan's chronically ailing economyp. 198
Case Studies with European Financial Institutionsp. 202
Introductionp. 202
Violations of corporate accountability don't stay secretp. 203
Poor governance at German state banks could lead to 'German premium'p. 207
The crisis of German commercial banks is just as deepp. 211
Bringing Credit Suisse all the way to the abyssp. 214
Change in management is important, but it takes time to turn around a big companyp. 219
Runaway compensation and trading tricks can kill a firmp. 221
Beware of mismanagement; it can become endemicp. 224
Appendixp. 229
Notesp. 231
Indexp. 236
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781403921420
ISBN-10: 1403921423
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 240
Published: 7th September 2004
Publisher: Palgrave USA
Country of Publication: US
Dimensions (cm): 21.6 x 14.0  x 1.85
Weight (kg): 0.45
Edition Number: 1