In recent years, enforcement officials have imposed billions of dollars in sanctions on all major U.S. financial institutions and many major financial institutions abroad. Similar sanctions have been imposed on nonfinancial institutions. The sanctions are the result of findings of recurrent...

Despite decades of failed anti-corruption efforts, most government organizations operate as if additional compliance-based efforts will curb corruption. This article offers an explanation for why many of the government ethics rules imposed on public agencies and their employees, and associated...