Icarus in the Boardroom
The Fundamental Flaws in Corporate America and Where They Came From
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Narrated by:
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Paul Boehmer
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By:
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David Skeel
About this listen
Americans have always loved risktakers. Like the Icarus of ancient Greek lore, however, even the most talented entrepreneurs can overstep their bounds. All too often, the very qualities that make Icaran executives special - self-confidence, visionary insight, and extreme competitiveness - spur them to take misguided and even illegal chances.
Ever since the first large-scale corporations emerged in the 19th century, their ability to tap huge amounts of capital and the sheer number of lives they affect has meant that their executives play for far greater stakes. Excessive and sometimes fraudulent risks, competition, and the increasing size and complexity of organizations: these three factors have been at the heart of every corporate breakdown from 1873, when financial genius Jay Cooke collapsed, to the corporate scandals of the early 21st century. Compounding the scandals is an ongoing cat-and-mouse game between regulators' efforts to police the three factors that lead to Icarus Effect failures and efforts by corporate America to evade this regulation in the name of efficiency and flexibility.These efforts to side-step oversight can rapidly spiral out of control, setting the stage for the devastating corporate failures that punctuate American business history. But there is also a silver lining to the stunning failures: the outrage they provoke galvanizes public opinion in favor of corporate reform. The most important American business regulation has always been enacted in response to a major breakdown in corporate America.
Today's business environment poses unprecedented perils for the average American as for the first time ever, more than half of Americans now own stock. Identifying the problems of the past, Skeel offers a strikingly new diagnosis of the fundamental flaws in corporate America today, and of what can be done to fix them.
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By: John C. Bogle
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The Company
- A Short History of a Revolutionary Idea [Modern Library Chronicles]
- By: John Micklethwait, Adrian Wooldridge
- Narrated by: Jonathan Davis
- Length: 6 hrs and 46 mins
- Unabridged
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In The Company, the largely unknown history of the joint-stock company is presented by the editors of Economist. One of history's greatest catalysts, the joint-stock company has dramatically changed the way human beings live, work, and conduct business. With companies now affecting the world on a global scale, it is more pressing than ever before to understand this driving force.
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unique history with a unique perspective
- By D. Littman on 10-31-05
By: John Micklethwait, and others
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Other People's Money
- The Real Business of Finance
- By: John Kay
- Narrated by: Walter Dixon
- Length: 11 hrs and 54 mins
- Unabridged
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The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.
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Listened twice. Everyone must read this.
- By Tristan on 01-18-16
By: John Kay
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A Capitalism for the People
- Recapturing the Lost Genius of American Prosperity
- By: Luigi Zingales
- Narrated by: Jonathan Davis
- Length: 11 hrs and 20 mins
- Unabridged
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Born in Italy, University of Chicago economist Luigi Zingales witnessed firsthand the consequences of high inflation and unemployment - paired with rampant nepotism and cronyism - on a country’s economy. This experience profoundly shaped his professional interests, and in 1988 he arrived in the United States, armed with a political passion and the belief that economists should not merely interpret the world, but should change it for the better.
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Enjoyable but a tad predictable.
- By Kevin on 12-24-12
By: Luigi Zingales
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All the Presidents' Bankers
- The Hidden Alliances That Drive American Power
- By: Nomi Prins
- Narrated by: Marguerite Gavin
- Length: 19 hrs and 56 mins
- Unabridged
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Nomi Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships that have confined national influence to a privileged cluster of people. This unprecedented history of American power illuminates how financiers have retained their authoritative position through history, swaying presidents regardless of party affiliation.
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You better like history about the elite and rich
- By Victor on 01-12-15
By: Nomi Prins
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Supercapitalism
- The Transformation of Business, Democracy, and Everyday Life
- By: Robert B. Reich
- Narrated by: Dick Hill
- Length: 9 hrs and 36 mins
- Unabridged
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Since the 1970s, and notwithstanding three recessions, the U.S. economy has soared. American capitalism has been a triumph, and it has spread throughout the world. At the same time, argues the former U.S. secretary of labor, Robert B. Reich, the effectiveness of democracy in America has declined. It has grown less responsive to the citizenry, and people are feeling more and more helpless as a result.
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Robert Reich for V.P. (of the U.S.)
- By Horace on 11-07-07
By: Robert B. Reich
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The Fine Print
- How Big Companies Use 'Plain English' to Rob You Blind
- By: David Cay Johnston
- Narrated by: Todd McLaren
- Length: 12 hrs and 10 mins
- Unabridged
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David Cay Johnston has made a name for himself as the defender of the common man, calling out the rich and powerful for cheating the system at the expense of everyone else. Whether he's exposing unjust loopholes in the tax code that help the rich get richer or pointing out how powerful corporations pocket government subsidies at excessive taxpayer expense, Johnston is an eloquent town crier for justice and equality.
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A must listen if you love or hate Trump
- By Rob D on 04-19-17
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Fool's Gold
- By: Gillian Tett
- Narrated by: Stephen Hoye
- Length: 10 hrs and 7 mins
- Unabridged
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Gillian Tett brings to life in gripping detail how the Morgan team's bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control. The deeply reported and lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the "shadow banking" world.
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Outstanding narrative about the financial crisis
- By D. Littman on 07-17-09
By: Gillian Tett
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After the Music Stopped
- The Financial Crisis, the Response, and the Work Ahead
- By: Alan S. Blinder
- Narrated by: Graham Vick
- Length: 15 hrs and 50 mins
- Unabridged
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Alan S. Blinder - esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspan - is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it.
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Irresponsible, corrupt, and confused book
- By Thomas on 12-22-14
By: Alan S. Blinder
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King of Capital
- The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
- By: John E. Morris, David Carey
- Narrated by: George K. Wilson
- Length: 14 hrs and 42 mins
- Unabridged
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The financial establishment---banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley---were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, and driving the economy to the brink of disaster.
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Great Story Ruined by Monotone Reading
- By Marc on 04-23-13
By: John E. Morris, and others
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How the Other Half Banks
- Exclusion, Exploitation, and the Threat to Democracy
- By: Mehrsa Baradaran
- Narrated by: Priya Ayyar
- Length: 9 hrs and 36 mins
- Unabridged
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The United States has two separate banking systems today - one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities - all thanks to deregulation that began in the 1970s.
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The Borrowers at the Fringe
- By Darwin8u on 09-13-16
By: Mehrsa Baradaran
What listeners say about Icarus in the Boardroom
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Philo
- 03-16-13
A very fine business-legal history
This is a favorite genre of mine (when well done): the large-canvas history of business firms, their structure and financing, their experiments and excesses, strengths and weaknesses (and key personalities) through the challenges of time and shifting environments. Here we follow the tendency of corporate leaders in various times to take high-flying "Icaran" risks, rolling the dice on the fortunes of their companies (and of the various stakeholders), for personal glory or riches or various other motives, mixing with counter-waves of regulation trying (in ways sometimes more enlightened or effective, sometimes less) to contain this behavior.
Samuel Insull, for example, was a corporate empire-builder of the 1920s, taking the novel complex tiering of utility holding companies to new risk-laden heights, prior to the whole structure collapsing around his ears, and the arrival of New Deal legislation tying utilities' hands. Another surge in creativity emerges with the roaring 1980's, well described here with Michael Milken's innovations at center stage. Similar time is spent with Enron. Such events are woven well in this book into larger historical contexts. Whether the reader agrees with the authors' biases or not, there is plenty of factual content here to chew on. The book ends with the arrival of Sarbanes-Oxley, i.e., post-2000 but before the biggest runups of the subprime fiasco and 2008. I would like to see an update along these lines from the author, noting there is an audible book by him on 2010's Dodd-Frank legislation I rated highly.
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