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Why They Do It: Inside the Mind of the White-Collar Criminal, by Eugene Soltes
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Review
“Groundbreaking...[an] impressive debut...a forcefully developed and documented contribution to our further understanding of high-level criminality in lightly regulated free markets.” —Kirkus Reviews"By showing us how well-educated and well-meaning businessmen come to commit terrible crimes, Eugene Soltes has done a great service to the business community and society. This landmark study of business gone wrong should be required reading for all people in business, MBA students, business school faculty and staff, and regulators and policymakers." —Andrew Lo, MIT Sloan School of Management"This book is a deep and important analysis of one of the most important and least studied problems of our times: corporate crime. But it is also a page turner." —Luigi Zingales, University of Chicago Booth School of Business and author of A Capitalism for the People: Recapturing the Lost Genius of American Prosperity"When you read of yet another corporate titan who has it all—money, fame, power—but who blows it all by straying across the line separating aggressive risk taking from crime, you're driven to ask, what possessed them? Soltes' book provides a rare, intimate, and fascinating glimpse into the series of decisions, each one mundane enough, that lead by steps to high crime. Leaves you wondering, could it happen to you?"—John Coates, former trader and author of The Hour Between Dog and Wolf: How Risk Taking Transforms Us, Body, and Mind
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About the Author
Eugene Soltes is the Jakurski Family Associate Professor of Business Administration at Harvard Business School. His research on corporate malfeasance has been cited by the Wall Street Journal, Financial Times, USA Today, and Bloomberg News. Professor Soltes teaches in Harvard Business School's executive education programs and is the recipient of the Charles M. Williams Award for Outstanding Teaching. He received his PhD and MBA from the University of Chicago Booth School of Business and his AM in statistics and AB in economics from Harvard University.
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Product details
Hardcover: 464 pages
Publisher: PublicAffairs (October 11, 2016)
Language: English
ISBN-10: 1610395360
ISBN-13: 978-1610395366
Product Dimensions:
6.5 x 1.5 x 9.3 inches
Shipping Weight: 1.4 pounds (View shipping rates and policies)
Average Customer Review:
3.8 out of 5 stars
35 customer reviews
Amazon Best Sellers Rank:
#186,859 in Books (See Top 100 in Books)
Prof. Soltes has written an important book which will help people think about and understand the nature and causes of white-collar crime.Journalists often argue that all business schools should teach ethics. It seems obvious that analysts, directors, and managers need to understand how human nature, competitive pressures, and a lack of clear guidelines can lead to potentially disastrous choices. But how do you teach adults to be honest? How do you teach someone to not cross an undefined line?Prof. Soltes provides an answer by describing the evolution of white collar crime and a narrative in the words of those who have been convicted of it. “Why They Do It†provides a framework and examples which the next generation of business leaders can learn from.The book is an easy to read history with vivid relatable examples. It should be required reading for all managers.
In 1939, Edwin Sutherland, a distinguished and influential sociologist and author then most popular university textbook on criminology, changed understanding of crime. He asserted that belief that crime was restricted to murder, assault, and burglary, largely committed by individuals in the lower social classes, was misleading and incorrect.Based on public criminal records, most serious crime was being committed instead, by society’s most well-known and respected business leaders. Sutherland coined the term: “white-collar crime.â€An example he presented was of a grocery store executive who embezzled $600,000 (worth over $10m today,) in just one year. This was 6 times the entire amount from five hundred robberies that occurred at the same chain of stores during the year.Professor Eugene Soltes is a Harvard business professor who has based the conclusions of this book on written communication and visits with 48 former executives who were now in prison. These people had overseen some of the most significant corporate failures in history. These communications more conversational and casual and the subjects provided very different explanations than they had in court.Historically, criminologist and society at large have, believed that criminality stemmed from psychological aberration. Some thought it might be due excessive greed or ambition or a faulty analysis of the risk to reward involved.This book was written with Prof. Soltes’ students in mind. These are some of the fineist minds in the world who came to Harvard to become great business leaders, certainly not publicly humiliated, business and family destroying criminals. More than 2 dozen have though.To get the most out this book and even this article, to what would you attribute succumbing to white collar crime? Then consider that for all the suggestions above, there is little concrete evidence or support.Surprisingly little was understood about the choices that led to these people’s downfall.What the author found was these white-collar criminals spend surprisingly little effort thinking about the consequences of their actions. “They seem to have reached their decisions to commit crimes with little thought or reflection,†his investigations confirm.This was largely because they never really felt that the decisions were actually harmful to themselves or other real people. Stealing money from someone’s pocket involves a high degree of intimacy, these executives never need to get close—physically or psychologically—to their victims.“While the aggregate costs are difficult to assess precisely, one estimate placed the annual cost of financial fraud in the United States at nearly $400 billion,†says Soltes. With such significant consequences, it is not surprising that business schools, and businesses teach “business ethics†as one means of trying to address this problem.But if the cause is misdiagnosed the remedy will not work. Soltes sees the cause as very different to much that I have studied at university or read about. “There is an implicit—and flawed—assumption that participants would employ the same decision-making process they used in the classroom if they faced the same predicament at some point in their own future.â€Only twenty-three seconds after hearing a report of the problem at Goldman Sachs a former MD of McKinsey Rajat Gupta called an associate Rajaratnam and divulged this news. Rajaratnam sold his position in Goldman the following day before the news was public and avoided losing $3 million. Gupta neither no money from this at all, but served a prison sentence for this crime. One would have expected person widely lauded for his thoughtful leadership and deep strategic mind not to have made such a foolish and criminal decision.In seconds before the call, he do some clever calculation that showed that the benefits of providing this information to Rajaratnam outweighed the expected costs. He actedon his imperfect intuition.Would you commit a crime so instinctively that has potential harm to others and yourself?In our day-to-day lives we tend to rely on initial and often unsatisfactory intuitive judgments, called “blinds spots,†by psychologists Bazerman and Tenbrunsel. When the big moral challenge comes, we will rise to the occasion, right.It’s a public holiday (as is the time of writing this!) and you are driving on the highway between Johannesburg and Pretoria. You are listening to energy pumping music as you weave between the cars. Then you notice you are driving at 132 kph in a 120 zone. But you are in a great mood, your car in as great condition and so is the highway. And a lot of other motorists are also driving above the speed limit. So, you continue.You could be involved in an accident at that speed in which your passenger, your life partner is maimed and the occupants of the other vehicles and killed or severely injured.Did you have criminal intent? The court will and so will the families of the victims.What would stop you? Seeing the traffic police. Seeing a fresh accident. You partner imploring you to slow down -NOW!What made for that bad decision and what stopped it? When everyone around you is doing it is just, well, seems okay. When there is no one to tell you forcefully that what you are doing is wrong and dangerous, doing it is just, well, seems okay.Just ask Dennis Kozlowski, the former CEO of Tyco who one of the highest-paid CEOs in the world who was convicted for embezzling nearly $100m.Mark Whitacre was a senior executive of ADM. It was his wife, Ginger who horror when h mentioned he was on the negotiating team involved in negotiating international price-fixing that shocked him into the realization of his criminal involvement. “It was a way for me to separate from a culture that I had fallen into... She felt like she was losing me.â€Do you have a Ginger?
Why do they do it? Soltes builds good evidence with a tremendous number of case studies to answer this tricky question from the motivational perspective, but I think he goes a little easy on the perpetrators and the current system of enablers. I understand why the author avoids the self-righteous tone. After all, the criminals became his pen pals as he worked on this book, and he met quite a few of them in-person. Some relationship-building ended up taking place. Keeping that in mind, the book does not devolve into a full-on apologia of their behavior, but harsh in judgement it is not. Nor is the book deep in acknowledging a whole host of enablers that incent, act slowly, don’t think critically, behave dismissively, and/or at times ignore the crime – that may be a harder subject to broach since those people are perfectly happy with themselves and are not in jail.Soltes covers the historic background on the rise of white-collar crime as a concept within our justice system. Then he discusses psychological and organizational reasons that may incent corporate executives to cross beyond the grey space of corporate gamesmanship. In short, I think the framework of – Pressure, Opportunity, Rationalization – works quite well to explain a lot of misbehavior in Corporate America. Yet I would argue there is still plenty of work to be done to study the specific traits or pressures that end up leading people in the wrong direction, and talk about the enablers (internal and external to the company).I think volume two of this work, if the author ever considers pursuing this subject matter further, should involve discussion about the market participants who deal with these types of executives before their crime becomes official – wall street research analysts, i-bankers, auditors, institutional investors, SEC investigators, short sellers, etc. It may be amazing to see just how much the current system enables corporate crossover onto the dark side. Victims, beneficiaries, and investigators must all have a treatment on this topic.
Why They Do It is both fun to read and offers a well-researched perspective on the situations and mindsets that have led a range of business professionals to end up as white collar criminals. It is a nice mix of stories and explorations of different theories on why. I particularly liked chapter 4 on the InterMune press since it is an example of a mistake I could see others easily making as well. The chapter at the end on Bernie Madoff's story offers fascinating insight into what was going through his mind. This is a book I'll return to again.
A powerfully compelling (and sobering) book. Indiscretion could happen to any of us. This book tells us why AND helps create awareness of how to stop ourselves from making regretful mistakes (one tip from this book: get others not part of one's insular culture involved in talking through decisions that can impact others - and oneself). Great examples throughout of good people making horribly regretful decisions. I'm very glad I bought this book (both in Audible and Kindle forms).
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