Money for Nothing: How CEOs and Boards Enrich Themselves While Bankrupting America

By John Gillespie and David Zweig

Free Press
Publication date: January 2010

ISBN: 9781416597766

Digital Book format: ePub (Adobe DRM)

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The world of CEOs and boards has become an entitled insiders' club-virtually free of accountability—and the abject failure of our corporate leaders to police themselves is costing Americans trillions and seriously undermining the strength of our economy. Whereas boards are supposed to act as watchdogs, guarding shareholders' interests, they have become enabling lapdogs to CEOs, who are aided and abetted in their pursuit of outrageous pay and unfettered power by a bevy of supporting players, including compensation consultants who justify exorbitant pay packages and accountants and attorneys who see no evil. Based on extensive original reporting and interviews with high-level insiders at a host of leading companies, John Gillespie and David Zweig-both Harvard MBAs with thirtyplus years of Fortune 100 experience-reveal the inner workings of this dysfunctional culture and the many methods CEOs and boards use to shut shareholders out, entrench themselves, and fight reforms with shareholders' own money. Money for Nothing is a vital exposéeacute; of how the game is played and a powerful call for change, laying out the specific reforms that are needed to fix the glaring dysfunctions that are imperiling the health of American business.