ABSTRACT

This chapter examines several recent financial scandals in the United States, which have implicated various key actors in the corporate arena, from the boardroom to outside legal counsel, from the auditors to the federal regulators, from the self-governing policing of the markets to the politicians who ostensibly guard the guardians. It argues that the complexities of the malfeasance and misfeasance cannot be understood without reference to the wider structural environment in which the market operates. A more robust and complementary theoretical framework is needed.