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This is one of the great failures of corporate governance.
The book tracks what Hilary condemns as the failures of corporate globalisation and the rise of popular resistance movements worldwide.
But that aside, the most important remediable failures of corporate America fall into three overlapping categories: audit, independent directors and bosses' pay.
It cites "pervasive permissiveness" by regulators, "dramatic failures of corporate governance and risk management," and "a systemic breakdown in accountability and ethics".
In reply, Lord Oakeshott said: "Every taxpayer has the right to know all the relevant facts leading up to the collapse of RBS, including failures of corporate governance.
Constrained by a one-year non-compete agreement with Marsh from conducting any Kroll-type business, but now unconstrained by the client interest and discretion that had always restricted his role in public debates, Kroll began to speak in lectures and interviews about failures of corporate governance and the deep flaws of standard investment models.
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The failure of corporate governance in companies such as Enron and WorldCom led to greater regulation of corporations, principally through the passage of the Sarbanes-Oxley Act of 2002.
This was a failure of corporate governance.
"This was an absolute and unjustifiable failure of corporate governance".
He said the tabloid closure could have been a signal of a "massive failure of corporate governance" at News Corporation.
None of those failures could be laid directly at Schmidt's door, but each one is a failure of corporate culture – and that is down to Schmidt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com