From Pulitzer Prize-winning journalist Jesse Eisinger, a blistering account of corporate greed and impunity and the reckless, often anemic response from the Department of Justice.
Why were no bankers put in prison after the financial crisis of 2008? Why do CEOs seem to commit wrongdoing with impunity? The problem goes beyond banks deemed "too big to fail" to almost every large corporation in America - to pharmaceutical companies and auto manufacturers and beyond.
The Chickenshit Club - an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs - explains why. A character-driven narrative, the book tells the story from inside the Department of Justice. The complex and richly reported story spans the last decade and a half of prosecutorial fiascos, corporate lobbying, trial losses, and culture shifts that have stripped the government of the will and ability to prosecute top corporate executives.
The book begins in the 1970s, when the government pioneered the notion that top corporate executives, not just seedy crooks, could commit heinous crimes and go to prison. The book travels to trading desks on Wall Street, to corporate boardrooms and the offices of prosecutors and FBI agents. These revealing looks provide context for the evolution of the Justice Department's approach to pursuing corporate criminals through the early 2000s and into the Justice Department of today.
Exposing one of the most important scandals of our time, The Chickenshit Club provides a clear, detailed explanation as to how our Justice Department has come to avoid, bungle, and mismanage the fight to bring these alleged criminals to justice.
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What an explanation for lack of prosecutions!
Fairly high and I certainly will be recommending the book to others. This book should be on anyone's "read soon" list.
The Chickenshit Club might compare to a book about Enron, or the author who tried to alert people to Bernie Madoff's scheme, or the book Chain of Title, or the new book Sellout. All of these books have people who try to do the right thing or unwind an outrageous scheme.
No, but the narration is quite satisfactory.
This book deals with relatively current events other than background history so the only emotional response might be frustration with the system at the SEC and the DOJ.
Definitely do not overlook this book.