Accountability Simulacra: Fraud Cases from South and North America

Ana Paula Paulino da Costa (FIPE – Economic Research Foundation Institute)


Cases of corporate frauds with financial instruments count on simulacra of accountability. Based on grounded research, this study considered cases that were conducted for years without being detected causing billionaire injury to investors. The objective was to present how they bypassed internal controls, corporate governance, and all regulatory apparatus using substantive and symbolic resources at organization level analysis. An extensive analysis allowed perceive a common modus operandi that is described here organized by objectives. This paper also suggests a direction for accountability improvement.


Corporate fraud; Financial statements fraud; Financial fraud; Corporate governance; Accountability

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