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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
After years of hearing my father rant at my flaws, one loss has caused me to take up his rant. I’ve internalized my father—his impatience, his perfectionism, his rage—until his voice doesn’t just feel like my own, it is my own. I no longer need my father to torture me. From this day on, I can do it all by myself.
Jim Klopman Jim Klopman is an innovator who says that his brain damage, ADHD and dyslexia are blessings that free his mind to see tech advances before others. Jim developed the SlackBow Balance Training System to improve and maintain his own athletic performance so he could be athletic all the way into his 90s. After five years of development, Jim knows that with the right neural whole body training to optimize the human balance system, every person will improve in sport, brain function, longevity, and will feel younger. Jim puts his own training to use. If you go skiing in Park City where he lives, he will probably fly by you on the slope.
Balance Is Power
Jim Klopman and Janet Miller
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