Senior Management Ethics and Personal Accountability

  • Dimitris N. Chorafas


Larry Hite had been a successful trader. He had also worked as a bank examiner. It is said that one day, before leaving a credit institution following an audit, he turned to the bank’s president and, as a joke, said: “Got you!” The CEO had a heart attack on the spot. A more rigorous audit of the bank’s books found that its CEO had embezzled $75,000.1 An analyst who heard that story asked: “Only?”


Corporate Governance Hedge Fund Corporate Responsibility Financial Account Standard Board Chief Financial Officer 
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  1. 1.
    Jack D. Schwager, “Market Wizards. Interviews with Top Traders,” New York, New York Institute of Finance, 1989.Google Scholar
  2. 7.
    Merrill Lynch, “US Strategy Update,” July 1, 2002.Google Scholar
  3. 8.
    D.N. Chorafas, Alternative Investments and the Mismanagement of Risk, London, Macmillan/Palgrave, 2003.CrossRefGoogle Scholar
  4. 9.
    D.N. Chorafas, Managing Risk in the New Economy, New York, New York Institute of Finance, 2001.Google Scholar
  5. 10.
    Sun Tzu, The Art of War, Delacorte Press, New York, 1983.Google Scholar
  6. 11.
    James J. Cramer, Confessions of a Street Addict, New York, Simon & Schuster, 2002;Google Scholar
  7. Nicholas W. Maier, Trading with the Enemy, New York, HarperBusiness, 2002.Google Scholar

Copyright information

© Dimitris N. Chorafas 2004

Authors and Affiliations

  • Dimitris N. Chorafas

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