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Pump And Dump: The Rancid Rules Of The New Economy (Critical Issues In Crime And Society),Used
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In Pump and Dump: The Rancid Rules of the New Economy,Robert H. Tillman and Michael L. Indergaard argue that these scandals are symptoms of a corporate governance problem that began in the 1990s as New Economy pundits claimed that advances in technology and forms of business organization were changing the rules. A decade later, it looked more like a case of no rules. Endless revelations of fraud in the wake of corporate bankruptcies left ordinary investors bewildered and employees out of work with little or nothing.Tillman and Indergaard observe that victims were taken in by organized behavior that calls to mind pump and dump schemes where shadowy swindlers push penny stocks. Yet, in the 1990s it was highprofile firms and highstatus accomplices (financial analysts, bankers, and accountants) who used powerful institutional levers to pump the value of stockduping investors while insiders sold their holdings for fantastic profits before the crash.The authors explain how it was that so much of corporate America came to resemble a twobit securities scam by focusing on the rules that mattered in three critical industriesenergy trading, telecommunications, and dotcoms. Freemarket hype and policies at the national level set the tone. While Wall Street wrapped itself in starspangled packaging and celebrated its purported democratization, in the real halls of democracy congressional allies of business gutted protections for ordinary investors. In the regulatory vacuum that resulted, business professionals who were supposed to watch corporations instead promoted New Economy doctrines and worked with executives to tout their firms as New Economy contenders. Ringleaders in the inner circles that committed fraud made their own rules, which they enforced through a mix of bribery and bullying.At a time when there is growing debate about proposals to privatize programs like Social Security and to promote an ownership society, Pump and Dump offers a pathbreaking analysis of Americas most urgent economic problem: a system that relies on selfregulation and the rancid politics that continue to support the shortterm interests of financial elites over the longterm interests of most Americans.
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