CHAPTER 2
Business and Scandals before the Securities and Exchange Commission
Crises—unsustainable booms followed by calamitous busts—have always been with us, and with us they will always remain. … The very things that give capitalism its vitality—its powers of innovation and its tolerance for risk—can also set the stage for asset and credit bubbles and eventually catastrophic meltdowns whose ill effects reverberate long afterward.
—Nouriel Roubini and Stephen Mihm
In 1789 as the nascent American government was being established in New York City, business-as-usual meant standard corruption practices like bribery and smuggling. Government had little involvement with business beyond chartering corporations and enforcing contracts and property ...
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