Category: Business Ethics

How to Save the Amazon

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The Book of the Week is “How to Save the Amazon, A Journalist’s Quest for Answers” by Dom Phillips and various authors, published in 2025. This hodgepodge of a volume listed various issues related to the destruction of the Amazon rain forest, which spans eight different countries. Nevertheless, the title was misleading in that all the articles except for one about Cost Rica– were about the Amazon region in Brazil.

Over the decades, there has been a tug of war between monetizing of, and attempting to enforce laws to protect the Amazon region, involving:

  • changing politics
  • supply and demand for real estate
  • supply and demand for products such as fossil fuels, fish, fruits and nuts.

Anyway, simply enacting laws, and then underfunding and understaffing the laws’ enforcement NEVER works in such an environmentally delicate, resource-rich region where the people born there have a simple lifestyle, and aren’t sufficiently powerful to defend their way of life against exploitation of their land.

For decades, business people have worked around the Amazon river in gold mining, commercial fishing, logging, rubber tapping, farming, oil wildcatting, and cattle ranching (beef production).

On and off, Brazil’s government agencies, and the Pastoral Land Commission (a Catholic organization) have assisted the Indigenous people who have small farms in the region. There had been programs similar to those implemented in the western United States in the 1800’s, of homesteading and sharecropping. BUT, more than half of the population of Brazil consists of Amazon-region residents (Indigenous peoples) whose dark skin makes them subject to discrimination.

There are tens of different Indigenous peoples who choose to live in the region, isolating themselves from the rest of the world. Their mentality is described in the song, “Colors of the Wind” from the Disney movie soundtrack Pocahontas. One Indigenous individual interviewed by one of the authors wrote, “That land could be owned by a single person is unthinkable to us because everyone’s survival depends on it.”

The Indigenous peoples and NGOs are the only people who should be stewards of the land, because they live and work there, on the ground. Outsiders are mostly bureaucrats and exploiters.

One can get a bank to finance cattle-ranching, as beef production is a major way to make the land productive. So the government encourages homesteaders to go into cattle-ranching. However, it deforests the land.

The entrepreneurs behave like organized crime syndicates– ruthlessly killing people who obstruct their illegal profiteering, and donating big bucks to political candidates to perpetuate their lawlessness.

In addition, ironically, the Indigenous people aid and abet the entrepreneurs! They serve as slave labor in the entrepreneurs’ businesses because their education and skills are insufficient to make a living otherwise.

Bottom line: the Amazon rain forest is one of the few remaining resource-rich regions on earth that has yet to be completely looted– that could still be used for more good than evil.

Read the book to learn about: the annual Davos-like conference called COP where the (mostly greedy, power-hungry) attendees pretend to wring their hands over the destruction of the Amazon rain forest; the entrepreneurs who do agroforestry; the dreamers who want to turn their land into environmentally friendly utopias; and the one small cause for optimism that can improve the situation (hint: high-technology satellite images can measure deforestation).

The Dark Pattern

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WARNING: LONG POST

The Book of the Week is “The Dark Pattern, The Hidden Dynamics of Corporate Scandals” by Guido Palazzo and Ulrich Hoffrage, published in 2025. In this hodgepodge of a volume, the authors listed the various goings-on that inevitably lead to a scandal at a big-name corporation. They cite several real-life examples such as Theranos, Boeing and Uber.

Although the authors have European names and do college-level teaching in Switzerland, this book covered American companies and reflected the American mentality. It is difficult, if not impossible to fact-check propaganda spouted by American companies because they manipulate the media.

Prior to the scandal, the media crow about how the CEO is doing a great job in enriching the company’s shareholders. Leadership (that is toxic and heading for trouble but the public doesn’t know it) is enhancing shareholder value (yay!). Until it isn’t. After breaking news of the scandal, the media pile on about the company’s seamy underbelly that led to the failure.

Scandals erupt again and again due to human nature– fear and greed are the two major motivators that cause most of the trouble in the world. Moral failure gradually occurs on a colossal scale throughout the organization, because if it really were only a “few bad apples” there wouldn’t be a scandal. Here’s how it happens.

A large number of employees are eventually brainwashed into rationalizing away their bad behavior, through:

  • ethical shift (baby steps which gradually take one down an unethical path, until matters come to a head; breaking one taboo makes it easier to break more of them);
  • pluralistic ignorance (getting influenced by how others react in an unclear situation);
  • evaluation apprehension (fear of getting publicly judged for speaking up);
  • bystander effect (not reporting bad behavior because one thinks others will do it);
  • euphemistic labeling;
  • what-about-ism;
  • minimizing, ignoring or misconstruing the consequences;
  • dehumanizing the victims to make it easier to harm them.

The human resources department covers the employer’s legal ass by establishing an “ethics hotline” for employees. It is a joke because employees are reporting the bad behavior of their bosses to the very perpetrators of that bad behavior! The bosses will be vengeful– harassing those employees, shutting them up, or firing them.

When interdepartmental rivalry within the company is taken to the extreme, one of two things happen: the company has a scandal, or a group of workers will leave to form a company that competes against their former employer.

The usual cliches apply: The fish rots from the head down; if the truth makes you angry, you’re living a lie; and just another case of the fox guarding the henhouse.

Anger from perceived unfairness will lead to additional vicious office-gossip, and an even more hostile work environment.

Excessive greed led to: 346 deaths in two plane crashes in 2018 and 2019; attendant trauma, lawsuits, hearings; a few heads’ rolling; an attempt to move on, so as to forget all that unpleasantness. Never mind learning from it.

Such was the case with Boeing, whose CEO James McNerney, made approximately $290 million between 2001 and 2016.

Boeing was aware of its software bugs in its plane mechanics. It was cutting costs to the bone in the name of profit. It deemed training pilots in a simulator or in the actual upgraded plane, too expensive.

Boeing also forgot to tell the FAA about that issue. The understaffed, underfunded FAA (a federal agency which is supposed to regulate airline safety) changed its language and became besties with Boeing. “By 2018, Boeing already certified a stunning 96% of their own work [doing the FAA’s job.]”

Elizabeth Holmes of Theranos was a spellbinder, and became a cult leader. She was able to fund her pipe dream because her family and friends were wealthy. The social networks of the wealthy, trust one another even when they lack direct knowledge of a technical subject, such as medicine or investing (like with Bernie Madoff), so they throw their money at the opportunity, blinded by greed.

Uber slapped the new name “gig economy” on an old idea, but became successful because the concept was ready for the technology of the times. The problem was, Uber’s purely libertarian culture got it into legal trouble. A corporate culture of pure libertarianism means zero-sum, cut-throat competition. One independent-contractor’s gain means another’s loss.

After the fact, there is: displacement of responsibility and blaming the victim.

Read the book to learn additional lingo of psychology describing more details of the above, and about other corporate scandals.

No Way But to Fight

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The Book of the Week is “No Way But to Fight, George Foreman and the Business of Boxing” by Andrew R.M. Smith, published in 2020.

Born in 1949 in the Houston, Texas area, Foreman grew up in poverty in a large family. His future looked dim, as his schooling had been scant and his leisure activity had consisted of mugging people on the streets in the middle of the night.

Beginning in the mid-1960’s, president LBJ’s federal job-training program, called the Job Corps, arguably saved Foreman’s life. Various mentors who had acquired diverse life experiences- military veterans, counselors, coaches and teachers– supervised about two thousand troubled teens. Foreman learned about boxing, and won the first tournament he fought, in January 1967.

Foreman’s coach got him excused from the military draft for an undisclosed reason. As is well known, rival boxer Muhammad Ali became religious and resisted the draft. Through the decades, compulsory military service hindered plenty of careers of professional athletes, but they (Ty Cobb, Joe DiMaggio, Joe Louis and Roger Staubach, to name four) didn’t make a public issue of it. The government wanted to punish Ali on behalf of those athletes– regardless of his ethnicity– because it was unfair to them, that Ali could continue to develop his career while their lives were disrupted or put at risk.

Ali obviously turned this into a civil rights issue, but other people considered him to be “cheating” as he was getting an unfair advantage over his competition. It is interesting to see how, through the decades, the conversation has shifted on how some Americans define “cheating” in professional sports.

Performance-enhancing drugs (regulated in international competitions but not terribly strictly in American professional sports) have quietly disappeared from the discussion in the United States, as a million conspirators have pushed gender-issues to the forefront– as the next form of cheating. That just shows how easily human beings can be brainwashed by propaganda!

Anyway, yet another turning point in Foreman’s career, occurred at the dawn of the 1970’s, when he met Dick Sadler. The boxing promoter was a rare bird– did business on a handshake and wasn’t as greedy as his competition.

Boxing through the 1970’s was a complicated business, considering all the stakeholders involved: the fighters themselves, their entourages, event-venues, event-broadcasting outlets, the various professional groups that organized the matches, and the political entities that regulated and taxed the aforementioned.

In the early years of his career as an amateur, Foreman was criticized for choosing to fight easy opponents. In March 1974, he was also labeled unpatriotic for scheduling a match outside the United States (in Venezuela), even after his tax-avoidance and financial-related divorce troubles had ended. The international media stories arising from that fight, smacked of the poor diplomatic relationship between America and Venezuela (for oil-related reasons).

Read the book to learn much more about the boxers of Foreman’s generation who began their careers in the 1960’s, the history of the industry through the 1990’s, and Foreman’s careers.

The Trading Game

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The Book of the Week is “The Trading Game, A Confession” by Gary Stevenson, published in 2024. This blogger highly encourages the reader to peruse the entire “Wall Street” and Economics categories of this blog in order to gain a better understanding of financial matters and economics.

In March 2007, the 1987-born author began working on the Fixed Income Trading Floor at the Short Term Interest Rates Trading Desk in the Foreign Exchange section of Citibank in its London branch. He had grown up in a tough, poor neighborhood in East London. He beat the odds for someone of his demographic group, considering the fierce competition in both getting accepted to a prestigious university and getting a job in currency trading.

Stevenson nurtured an aspiration to make lots of money. Fortunately, his talent and hard work in mathematics allowed him to score high on standardized exams. He attended the London School of Economics where he rubbed shoulders with mostly male, wealthy elitists whose fathers gave them a leg up in life, and whose futures were almost guaranteed to be bright. At school, when he won a game involving hypothetical securities trading, Stevenson’s life turned around. For, he won an internship which turned into a career.

After a few lucky breaks and bold moves on his part, the author was just hitting his stride in work-experience when he happened to be at the right place at the right time to earn extremely large financial gains from a triple-whammy disaster. In March of 2011, about twenty thousand people died in Japan due to an earthquake, tsunami and nuclear meltdown of three power plants. Amidst the resulting financial turmoil and previous turmoil of the 2008 worldwide financial crises, Stevenson made a percentage of the millions upon millions of dollars he earned in currency trading for Citibank.

Stevenson alone in his department had been correct in gaming the situation. Everyone else had been wrong and they lost money. Nevertheless, he was still emotionally troubled. He bore two major similarities with Alan Turing– another genius: social dysfunctionality, and indifference to how he looked and what he wore.

Stevenson was one of the proverbial three kinds of people (geniuses in the minority)– the kind who knew what was happening and made things happen. The vast majority account for the other two kinds of people– brainwashed, unwashed masses who watched what was happening, and then still wondered what happened.

In the early 2010’s, the author came to the realization that there would NEVER be economic recovery of any financially-struggling countries in the European Union while the Swiss National Bank kept interest rates at or below zero. The other traders in his department optimistically kept repeating that interest rates HAD to rise sooner or later, because they had bet wrong.

But, the tiny percentage of the super-wealthy, super-powerful people of the world sought to maintain the then-status quo, because it made THEM even richer, and the poor, poorer, as the cliche goes. The income inequality of the world would eventually result in a slave-based economy (as existed in ancient times) all over again.

Read the book to learn much more of Stevenson’s personal and professional life, and his times. As is well known, the United States is one of the major economic superpowers of the world, and its politics are part and parcel of that. Here’s a little ditty on its momentary political situation.

LET THE BEST TEAM WIN

sung to the tune of “Let the River Run” with apologies to Carly Simon, BMG Gold Songs C’est Music and Tcf Music Pub Inc.

[Spoken: We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.]

Let the best team win.
Let’s all peaceFULly watch the changes.
Come the new, new Washington.

Brilliant ideas rise.
The media lies, about, and smears them.
And celebs get themselves in your face.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Through the hate and all.
It’s who we are:
Place a trail of desire
on the White House lawn.

It’s asking for the taking.
Just hold on now.
Democratic convention will be a show
you’ve never even seen in political history.

Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Let the best team win.
Let’s all peaceFULly watch the changes [watch the changes]
Come the new, new Washington.

Tangled Vines

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The Book of the Week is “Tangled Vines, Greed, Murder, Obsession, and an Arsonist in the Vineyards of California” by Frances Dinklespiel, published in 2015. The moral of this book’s main story is “Lawsuits followed and winemakers like Viader made mental notes never to be cavalier about the disposition of fire-damaged wine.”

According to the author, as of 2013, Americans drank the largest quantity of wine, 13% of all the wine of all the countries in the world.

In October 2005, a majorly evil crime was committed at the Wines Central warehouse on Mare Island in Vallejo. An assistant U.S. attorney for the Eastern district of California– an expert in wine fraud and arson, and an agent from the Bureau of Alcohol, Tobacco, Firearms and Explosives assessed the damage and investigated the site. The latter used an acceleration-detection canine, also called an arson dog.

The perpetrator committed: mail fraud (for shipping wine across state lines under a false name), interstate transfer of stolen property (because it wasn’t his wine to sell), arson, and tax evasion.

Fire destroyed millions upon millions of dollars’ worth of wine (stored in the warehouse) of mostly mom-and-pop wineries. As is usual in such instances, insurance claims of winemakers whose wine was covered, were denied, because the insurers contended that the wine was “in transit.”

In the single-digit 2000’s, Bill Koch of Koch family fame, didn’t spare a dime in finding out how he had become the victim of wine fraud. He employed investigators in various fields: ex-FBI agents, ex-Sotheby’s workers, a glass historian, and experts in cork and adhesives and labels. He sued the auction house and original seller of the wine.

Read the book to learn about the kinds of people who are passionate about making and selling wine, how they became victims of one especially bad actor, and a few other incidents in the life of the California wine industry.

The (Honest) Truth About Dishonesty

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The Book of the Week is “The (Honest) Truth About Dishonesty, How We Lie to Everyone– Especially Ourselves” by Dan Ariely, published in 2012.

The author presented one way human beings think about ethical behavior in a given situation: the Simple Model of Rational Crime (SMORC). It says someone would do a cost / benefit analysis in order to decide, for instance, whether to park illegally because they’re late for a meeting. Of course, a major factor in their decision-making includes how likely they are to get caught, and if they are caught, how willing they would be to bear the consequences.

The author wrote that SMORC doesn’t take emotion and trust into account, so most people wouldn’t engage in that kind of moral reasoning. With only reciprocity as the sole consideration, an individual using SMORC would require contracts for almost every ethical dilemma. He would spend most of his life in legal battles and litigation; like, Howard Hughes, Ted Turner, and Donald Trump.

Although the author failed to distinguish between guilt and shame, he cited numerous behavioral-economics studies he and other professors conducted (on mostly American subjects) to learn the causes of dishonest behavior, and ways it can be curbed.

The author realized that in a matter of weeks, even he was getting brainwashed by the propaganda of his bosses, because he was receiving generous compensation for serving as an expert witness.

Two ways to reduce cheating included:

  • Having people read or sign an honor-code document (such as the Ten Commandments, or an agreement not to cheat on an exam, or a set of rules, which, if broken, would give them an unfair advantage) before completing a particular task, taking a test, or competing.
  • Having people put their signature at the top of a document, and then fill in the info (such as on an application or tax return), rather than fill in the info and then sign at the bottom.

Read the book to learn of additional ways society can spread more ethical behavior (yes, it can be contagious!) so as to stave off the collapse of modern civilization just a little longer.

Courthouse Crock – BONUS POST

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The New York civil fraud case against Donald Trump and Trump Organization will be rearing its ugly head again soon. Here’s a recap of it thus far.

COURTHOUSE CROCK

sung to the tune of “Jailhouse Rock” with apologies to the estates of Elvis Presley and Jerry Leiber, Mike Stoller, and to whomever else the rights may concern.

Went to watch a case in New York civil court.
Judge Engoron was there.
He’s a damn good sport.

Trump’s hate speech is distracting
and his intent is to sting.
He’s desperately trying to stay “still a thing.”

It’s crock. Everybody, it’s crock.
Everybody in the GOP bloc–
on the stand was courthouse crock.

Donald Senior played the Witch Hunt card.
Eric had amnesia. He hit back hard.
Don Junior’s emails went crash, boom, bang.
Such was the nature of the Trump Org gang.

It’s crock. Everybody, it’s crock.
Everybody in the GOP bloc–
on the stand was courthouse crock.

Don Junior said to the grilling at-torney:
“My daddy’s the best artist I ever did see.
I myself am delighted with our company.
Accountants shared nothing of the numbers with me.”

It’s crock. Everybody, it’s crock.
Everybody in the GOP bloc–
on the stand was courthouse crock.

The defendants put on an irrelevant show,
when the prosecutors asked, “Where’s this gonna go?”
Judge said, “Calm down, don’t inVITE a mistrial.
Just shut your mouth, ignore Trump’s bile.”

It’s crock. Everybody, it’s crock.
Everybody in the GOP bloc–
on the stand was courthouse crock.

The media tell us Trump’s act is a charade.
They give Trump due process. They give it in spades.
Trump thinks he’s being shifty and saying nix nix.
He wants a mistrial. He’s getting his kicks.

It’s crock. Everybody, it’s crock.
Everybody in the GOP bloc–
on the stand was courthouse crock.
on the stand was courthouse crock.
on the stand was courthouse crock.

Davos Man

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The Book of the Week is “Davos Man, How the Billionaires Devoured the World” by Peter S. Goodman, published in 2022. As the now-cliche joke goes, “You can tell Monopoly is an ancient game because there’s a luxury tax and rich people can go to jail.”

Yearly, about three thousand, super-rich people gather in Switzerland at a five-day conference called “Davos.” The least wealthy people there consist of journalists, academics, diplomats, entrepreneurs, activists and senior government officials. The billionaire-attendees (whom the author called “Davos Man”) pay lip service to the world’s social, economic and environmental problems, and behind closed doors, discuss how to profiteer in connection therewith.

In the last half century, Davos Man has enriched himself through making campaign contributions to politicians who have legislated:

  • monopolistic practices
  • tax cuts
  • excessive deregulation and
  • gutting of social programs.

The above favor powerful, rich people in Silicon Valley, New York City and Washington, D.C. Their propaganda campaigns brainwash the masses into blaming:

  • China
  • immigrants whom they believe are taking their jobs away, and
  • automation

for the working classes’ job losses.

The author argued that the common people in most industrialized nations of the world should blame DAVOS MAN and politicians, who are sometimes one and the same!

Davos Man– the modern-day Robber Barons– salve their consciences through philanthropic activities that are comprised of a tiny, tiny percentage of their businesses’ profits. Plus, the author contended that it is a Cosmic Lie that tax cuts pay for themselves by spurring spending.

During the COVID pandemic, the American Davos Man enriched himself through incestuous corporate / political relationships: “The United States had employed a Rube Goldberg contraption, with [Steven] Mnuchin’s slush fund [in the U.S. Treasury] funneled through Jamie Dimon’s bank [JPMorgan Chase], and Larry Fink’s firm [BlackRock] buying bonds on behalf of the Fed, allowing Steve Schwartzman’s private equity empire [Blackstone Group] to borrow for free.”

The English government convinced many of its people that through Brexit, their nation could decide its own financial fate. But Davos Man actually ended up collecting a boatload of their hard-earned taxes. Meanwhile, Argentina was defaulting on its loans for the tenth time in the last half-century. The aforementioned Davos Man, Larry Fink, blamed Argentina for the resulting disastrous losses of his clients at BlackRock. BUT– his firm was the sucker that lent it the money!

Anyway, read the book to learn of: Davos Man’s activities in various countries of the world– that resulted in skyrocketing wealth for him, and plummeting economic security for everyone else; why the author is still optimistic that the world can reverse the current, cold-hearted global financial climate in which inequality between rich and poor is ever-widening (hint: creative ideas on community cooperatives are in the air, but also– read Amy Klobuchar’s tome on antitrust issues); and the economic history explaining how Davos Man has become so rich and powerful.

Character & Characters / Retail Gangster

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The first Book of the Week is “Character & Characters, the Spirit of Alaska Airlines” by Robert J. Serling, published in 2008.

Alaska Airlines (AKA) came into existence in the mid-1940’s with the buyout of Star Air Service. It faced stiff competition from Northwest Airlines, and Pan American– which was already monster-sized from: its contract with the federal government to deliver the U.S. mails, and exchanging many political favors.

Mostly, AKA transported passengers between the Pacific Northwest and Alaska. In early 1949, it completed a dangerous mission, flying about 140 Jews from Yemen to the airport in Tel Aviv, while an Arab bomb could have hit the plane anytime.

In the 1950’s, top executive Charlie Willis had such passion for and loyalty and dedication to AKA, that he borrowed $100,000 using his personal house as collateral, in order to restore the pilot-pension-fund shortfall, to keep his employer from going out of business. Beginning at the dawn of the 1960’s, he enabled his second-in-command-executive to engage in deficit spending. They broke the bank to do promotional gimmicks.

In the back of its model CONVAIR 880, AKA installed a stand-up beer bar, even though it replaced eight passenger seats. AKA generated goodwill by throwing parties it couldn’t afford for industry players, such as its own employees and trade associations. In the late 1960’s, it bought hotels and a ski resort. AKA was one of the very first airlines to provide in-flight movies and music. So it hovered near bankruptcy, repeatedly unable to meet its employee payroll. For years.

Commercial airlines, initially transporting wealthy passengers, employed stewardesses in sexy uniforms– with no or minimal training, and offered alcoholic beverages included with the airfare. With evolution came the organization of labor– of pilots, flight crews and ground crews. Alaska’s bush pilots who had gotten in on aviation’s ground floor, had become disenchanted with the changing times. Bob Ellis sold his tiny airline in Alaska because he was no longer having fun, was emotionally exhausted from the government’s imposition of regulations, and didn’t understand the need for union labor. He had treated his employees well.

The Civil Aeronautics Board, one of the government’s regulatory bodies, was soon to stop subsidizing the (small, financially struggling) regional airlines (including AKA) in Alaska. The consolidation of the industry in the 1960’s meant no more floatplanes, biplanes, and single-engine monoplanes. These were replaced with DC-3’s and other faster, technologically superior aircraft.

Competing airlines were growing in size, complexity, and needed economies-of-scale and scope. Bosses couldn’t afford to pay for their employees’ expensive personal problems as though they were in a small business anymore. There was backlash by the workers against this vanishing era. They no longer felt like a family.

In summer 1970, AKA’s Willis (rumored to be an alcoholic) was able to get a new air route: to the U.S.S.R. Ironically, AKA had to lease a Pan Am 707 in order to do it. Willis became a drinking buddy to his Aeroflot counterparts. The passengers, who flew to Siberia, consisted mostly of Native Americans from Alaska visiting family, missionaries, and businessmen. They were treated to flatware made of gold, caviar in their Caesar salads, wine, and Russian samovars. The flight attendants dressed in Cossacks’ attire, with bear fur hats. Unsurprisingly, the flights proved insufficiently profitable over the course of three years.

AKA suffered less disastrous financial losses when the oil industry in Alaska kicked into high gear, in the late 1960’s. Oil-pipeline construction around Prudhoe Bay in the North Slope area became all the rage. From the Seattle-Tacoma airport, the airline’s Hercules’ C-130 planes transferred cargo, including hazardous materials that could accidentally cause a lot of wrongful deaths and property damage: 25,000 pounds of dynamite, heating and fuel oil and big, heavy drilling rigs for ground vehicles, and heaters.

In the early 1970’s, many pipeline workers liked hunting, but they got drunk before they flew home. AKA allowed rifles on their planes, so they hired the equivalent of bouncers who served as ground-crew screeners, and had a locked-up special gun-rack section in the front of the plane.

Read the book to learn a wealth of additional details on Alaska Airlines’ role in the development of aviation, people, power struggles, technologies, and the tenor of its times up until the book’s writing.

The second Book of the Week is “Retail Gangster, the Insane, Real-Life Story of CRAZY EDDIE” by Gary Weiss, published in 2020.

Currently fading from Americans’ memory, is “Crazy Eddie.” Launched in the mid-1970’s, it was a retail chain of electronics stores in the northeastern United States. The company became known for a spokesman who flooded all kinds of advertising media with emotionally-charged screaming, that Crazy Eddie’s prices were insane. The repetitive repetition of this singular message worked. Eddie projected an image of success that fed on itself.

However, from the start, the store’s top executive– Eddie Antar– committed financial crimes. He had selfish, greedy intent, unlike the aforementioned Alaska Airlines executives, who were merely big spenders out of unbridled optimism and honest ineptitude.

Starting in 1984 when the company sold shares to the public, Eddie and his key employees (mostly his relatives) engaged in securities fraud. They had ongoing, frantic bursts of activity in which they: “…stuffed cash in the ceiling, stole store sales-taxes, [plus, they falsified inventory records] and defrauded insurance companies without a second thought. They did not expect to be caught, and if the Antars had any doubt on that score, they had only to look to City Hall for inspiration.” New York City’s government had committed exactly the same kinds of accounting fraud for years and years, beginning in the 1960’s. As the behavioral-economics cliche goes, “The fish rots from the head down.”

By 1987, Crazy Eddie had 2,250 workers in 32 locations from Philadelphia to New England. Read the book to learn a slew of details on the fates of Eddie, his families, and his businesses.