Jan 192015
 

The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Street (Applied Corporate Finance) by Jonathan Macey 
It will probably come as no surprise to anyone reading this book, but corporate reputation is at an all-time low. Once upon a time, a company’s reputation was a prized asset, guarded jealously. In this book, Jonathan Macey shows how that time is long gone, that companies who have lost their reputations have not lost business and sometimes even gained because of wrong-doing or even illegal activity. He picks apart everything from companies, brokerages, banks, the people who run them, even the regulatory agencies tasked to make sure they play by the rules. It is a disheartening look into just how corrupt commerce and government has become. Who loses? The consumers. Who do we trust? Who can we depend on to help make decisions? The simple answer is no one. And that is the saddest commentary of all.

The book is not an easy read. Macey does a good job of explaining the complex strategies employed. I understand junk bonds for the first time in my life from this book. But unless one is very interested in this topic, it will be a hard slog. I admit I used this book as a sleep aid more than one night. It is one of the best documented books I have read. I think the footnote references were half as long as the chapters.

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