The Rise of the Rogue Executive: How Good Companies Go Bad and How to Stop the Destruction Review

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The Rise of the Rogue Executive: How Good Companies Go Bad and How to Stop the Destruction ReviewIn the movie Wall Street, you may remember the statement, "Greed is good." Well, The Rise of the Rogue Executive makes exactly the opposite point. I like the book better than the movie on this point.
Public companies are primarily run as a confidence game these days in which all the players know the game is rigged . . . but don't really care as long as they get their piece. If you go back and look at any period of long economic bounty in American history, the period ends with those who were once hailed as heroes being seen as crooks. The current time is no different as those who were the biggest game riggers are carted off to be prosecuted . . . if not jailed.
Adelphia, Enron, Worldcom and others were sleazy operations that many wanted to believe were okay. But they weren't. The emperor actually had no clothes.
In this powerful account of the events leading up to revealing the frauds at the center of these greedy games, you will find out the roles that institutional investors, accounting systems, auditors, directors, journalists, investment bankers and ordinary employees played in facilitating scam after scam. Drawing a powerful parallel to the tragedy of the commons, in which all take advantage of a common resource . . . but don't renew the resource, the authors argue that no one is looking out for society's best interests any more. Instead, people are looking out for what they can tear off the carcass and run.
For those who work on the inside with the parties described here, there's not much new. For the average outsider, this book will be a revelation. However, most of that revelation has been made elsewhere before. So the book will seem a little dated to many.
The best part of the book came in the detailed descriptions of how accountants (especially at Arthur Andersen) lost their souls while in search of moolah.
The book has two primary weaknesses. First, the authors do love to tell the same stories over and over again. Believe me, there are plenty of bad actors out there they could have written about . . . but didn't. Second, the authors fail to perceive that some of those they praise were little better than those they vilify. For instance, Roberto Goizueta (who is held up as a paragon of virtue because he didn't buy a new home) was a Wall Street manipulator par excellence. He bought and sold bottling operations to keep pumping up e.p.s. on a regular basis. Had he simply wanted to build a stronger company, the bottling rehabs would have been done much faster. A Wall Street Journal story showed that in his later years, Goizueta spent much of his time writing individual letters to security analysts and reporters trying to spin the Coca-Cola story more favorably. Not surprisingly, Coca-Cola didn't do so well after Goizueta died.
I'm also more a little skeptical that the actions taken so far by the government and companies and the prescriptions advanced by the authors will really make a difference. I suspect that it will take a few more rounds of even worse scandals and a deep recession to really clean out the messes. Until then, just assume that earnings are manufactured more in the accounting computers than in the factories and stores of the company.The Rise of the Rogue Executive: How Good Companies Go Bad and How to Stop the Destruction Overview

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