`Wheel, Deal, and Steal` by D. Quinn Mills

Mills , D . Quinn . Wheel , Deal , and Steal : Deceptive Accounting , Deceitful CEOs , and Ineffective Reforms . New York : Financial Times Prentice Hall 2003

Fraud and corruption are a menace not only in the poverty stricken countries , but also in the developed world . The worldwide menace of malpractice attempts to defeat the value to globalization . In the globalized world of investors of the 21st century with its first transatlantic stock exchange , it is necessary to continue reforms to shake off abuses of power at the level of their roots . So , Daniel Quinn Mills , a

professor at the Harvard Business School , writes Wheel , Deal and Steal (2003 ) to express his belief that CEOs of imperial nature are continuing their practice of stealing from investors despite the hue and cry over the financial scandals of Worldcom , Tyco , and of course , Enron The author claims that the rules that have been designed to protect the investors are failing time after time . Hence , Mills details wide-ranging reforms that are possible and should be designed in to encourage transparency in financial work . Additionally , the author shows how investors should , after perusing his book , try to protect the leftovers from corrupt financial practices . Investors may even be able to use Mills ' advice in recovering their lost moneys

Wheel , Deal , and Steal claims that investors are being cheated at many different levels . The auditors and the CEOs may all be involved in financial fraud for a variety of reasons , the main one being that they all want to pocket greater earnings without sharing them with investors Moreover , the rules of law and ethics do not seem to be doing a great job in controlling accounting fraud . There is a basic clash of interests between the investors and the corporations that the investors were meant to fundamentally trust for the protection of their particular interests , that is , to create more earnings for themselves through their investments . These conflict of is the concept of alienation put forth by Karl Marx . According to Mills , even the stock market crash had this conflict of interests at its core . It is not about the accounting scandals of recent times alone . Rather , the problem is deep rooted as it is a conflict of power and money . The CEOs try to pocket as much money as possible sometimes at the expense of the investors Originally , however , shareholders were meant to be the owners of American enterprises , and the executives were to act as the agents of the investors . But now , executives are the only ones making fortunes for themselves and expanding their own power in the corporation Investors , on the other hand , are left far behind in the process of business

Mills offers plenty of accounting information in his book that investors should want to understand in to gain mastery over the accounting malpractice techniques that are used to give them losses in stead of the gains of ownership . While power had been shifted from the hands of the investors to the households of the...