Join 📚 Roger's Highlights
A batch of the best highlights from what roger's read, .
As I noted earlier, whenever economists assume rationality but ignore fraud, the predictions are likely to fail. Every S&L control fraud got a clean opinion from a top-tier audit firm—usually they got several years worth of clean opinions—even though they were deeply insolvent and engaged in pervasive accounting fraud. All of the current control frauds got clean opinions from top-tier audit firms, even when they were deeply insolvent and engaged in massive accounting fraud. Control frauds are routinely able to find auditors to assist their frauds. Indeed, a prestigious audit firm is a control fraud’s most valuable ally. The NCFIRRE report (1993a, 76) provides the bottom line: The result was a sort of “Gresham’s law” in which the bad [accounting] professionals forced out the good.
The Best Way to Rob a Bank Is to Own One
William K. Black
Anyone can start something. Few can finish. Priorities change if you don’t constantly protect and defend them. You stop caring about keeping up with the competition, unless you mean the competition to have more stuff than the next guy, and instead of being addicted to building your career and your legacy, you become addicted to building bigger houses and more garages and adding more names to the party list. And pretty soon, you’re just part of a long list of nobodies with declining talent who bumbled themselves out of a job. Part of the commitment to hard work is knowing what you have to give up to do the work
Ultimately, what we’re after is authenticity. What feels daunting to the filmmakers when John sends them out on such trips is that they don’t yet know what they are looking for, so they’re not sure what they will gain. But think about it: You’ll never stumble upon the unexpected if you stick only to the familiar. In my experience, when people go out on research trips, they always come back changed.
Creativity, Inc.
Ed Catmull and Amy Wallace
...catch up on these, and many more highlights
Readwise