Corporate Kleptocracy
Buzzword that describes the greed of corporate executives who use underhanded tactics to siphon off wealth at the expense of shareholders. This buzzword is attributed to how ex-Hollinger CEO, Conrad Black, and his fellow associates allegedly embezzled hundreds of millions of dollars over a seven-year period from Hollinger. Investopedia Says:
Black's misuse of company funds was quite blatant. In fact, it was reported that Black and his wife lived a very extravagant lifestyle with company money. For example, reports indicated that Black used $1.4 million of Hollinger funds to pay for his personal butlers, maids and chefs. Related Terms:
Chief Executive Officer - CEO
Corporate Governance
Corporate Governance Quotient - CGQ
Enron
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