'Wheel, Deal and Steal: Deceptive Accounting, Deceitful CEOs, and Ineffective Reforms'.

Business Editors

UPPER SADDLE RIVER, N.J.--(BUSINESS WIRE)--April 15, 2003

New Book by D. Quinn Mills Exposes Corporate Fraud Practices and What

Can Be Done to Stop Them

A new book by Harvard Business School Professor D. Quinn Mills tackles corporate fraud issues not yet broadly discussed, including the imbalance of power in corporations between executives who have too much power and the boards of directors who don't have enough.

Mills explores how these disparities and others are making the stock market more dangerous for investors, and he addresses the epidemic-nature of financial scandals affecting many global corporations.

In Wheel, Deal and Steal: Deceptive Accounting, Deceitful CEOs, and Ineffective Reforms (Financial Times Prentice Hall, $24.95), Mills explains how imperial CEOs continue to mislead and steal from their investors, and how the checks and balances intended to protect investors continue to fail. The book gives investors the knowledge to protect themselves by showing exactly how financial frauds work, where the money goes, why fraud continues, who's to blame, and what can be done about it.

As Eliot Spitzer, New York State Attorney General, said in his endorsement of the book, "This book should be read by anyone who wishes to understand the serious structural flaws that were embedded in our financial system during the 1990s. This book is a must read."

Mills explores how the deterioration of business ethics, caused in part by the financial gains of deceitful executives and the lack of prosecution of them, continues unabated. The author also argues that despite more than two years of a falling stock market, a year of corporate financial scandal and new federal reform law, the underlying causes of financial fraud are still not addressed. Companies continue to buy both auditing and consulting services from accounting firms, and boards of directors continue to provide large option grants and golden parachutes to executives regardless of company performance. Mills outlines recommendations for policy reform to address these issues and others.

Wheel, Deal and Steal is available in major bookstores.

ABOUT THE AUTHOR

D. Quinn Mills is an Alfred J. Weatherhead Jr. Professor of Business Administration at Harvard Business School, where he teaches about leadership and general management. His books include Buy, Lie and Sell High: How Investors Lost Out On Enron and the Internet Bubble; eLeadership: Winning in 21st Century Business; eFuture: The World in Disorder; and Broken Promises: An Unconventional View of What Went Wrong at IBM, which helped define strategies that were later used to turn IBM around. Mills advises major corporations and consulting firms and has been widely quoted in leading media outlets, including The Financial Times, The New York Times, The Wall Street Journal, Business Week, and CNBC.

ABOUT THE BOOK

TITLE:      Wheel, Deal and Steal: Deceptive Accounting, Deceitful
            CEOs, and Ineffective Reforms
AUTHOR:     D. Quinn Mills
PUBLISHER:  Financial Times Prentice Hall
ISBN:       0131408046
PRICE:      $24.95/ Hardcover/ 336 pages
PUB DATE:   April 2003