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Dan Krier - Speculative Management: Stock Market Power and Corporate Change

& 8220;In the fall of 2001, the stock price of Enron, America’s seventh largest

corporation, collapsed amid reports of deepening accounting irregularities,

fictitious profits, shredded audit documents, and the suspicious

suicide of a key executive. Enron struggled to avoid bankruptcy but

failed. Arthur Andersen, Enron’s Big Five auditor, failed as well. Enron

and its most important trading partners, Dynergy, Reliant, and CMS Energy,

were found to have engaged in sham accounting, including the

booking of “round-trip swaps” to inflate revenues and earnings by as

much as $4 billion. Congressional hearings were held after the stocks of

Global Crossing and WorldCom plummeted as accounting irregularities

were discovered. The widening scandal underscored an uncomfortable

change in U.S. capitalism: deft manipulation of stock prices and accounting

figures have displaced the efficient management of industrial

production as the central concern of U.S. corporate executives.

This book chronicles changes in U.S. finance that increased the

power of the stock market over corporate life, diverting focus from production

to speculative management, the control of corporate actions and

results to raise the trading price of corporate shares. This book describes

how the speculative logic of the stock market was transmitted through

the mediation of financial accounting, the business media, and corporate

governance to encourage the dramatic restructuring of America’s

largest corporations in the late twentieth century. Corporate change in

recent times, from hostile takeovers in the 1980s, to downsizing of U.S.

firms in the early 1990s, to the spectacular failures of Enron, World-

Com, and Global Crossing in the early 2000s, was closely bound to

speculative trading in equity securities. Speculative management cuts

across and deepens understanding of this broad spectrum of corporate

change. The study’s empirical focus is the episode of downsizing and

corporate restructuring that peaked in U.S. corporations in the early

1990s. We begin with the consideration of a prominent example: Sunbeam

Corporation.& 8221;

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