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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
Strong communities create both formal and informal rituals. There are as many types of ritual as your imagination can conjure up. They often rely on special symbols and are important emotionally. Remember: feeling connected, trusted, appreciated, and welcome is all in the realm of emotion. I believe that because we live in a far more casual time than previous generations, the rituals we keep are even more special now because we don’t turn to the institutional rituals of previous generations. In our American lives, blowing out birthday candles, roasting a turkey for Thanksgiving, and sending flowers and cards on Mother’s Day are all rituals with which we are so familiar that we may not even recognize them as such. One way to recognize a ritual is to ask whether removing the activity would make the time feel less important. Think about how you and your friends and family celebrate birthdays. What activities indicate that birthdays are more important than other days? What activities make these days “special” for you?
The Art of Community
Charles Vogl
To improve, we need feedback that meets a particular set of criteria. We need it to be specific, improvement-focused, reflective of the audience we are trying to reach, and properly timed. The good news is that all four elements are simple to achieve, so long as we stay mindful of the difference between feedback quality and quantity, and commit to asking the right people the right questions at the right times.
Decoding Greatness
Ron Friedman
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