On this episode of Drinks With a Deal, The Deal’s senior writer David Marcus spoke with Erik Lie, professor of finance at the University of Iowa and author of “Catching Cheats: Everyday Forensics to Unmask Business Fraud.” Lie recounted how his early-2000s research into executive stock option grants uncovered widespread options backdating, leading to The Wall Street Journal’s Pulitzer-winning “Perfect Payday” series and sweeping SEC reforms.
Lie also examined today’s opaque valuation practices in private equity, warning of “volatility laundering” and inflated NAVs. He pointed to crypto’s environmental toll and speculative excess, discussed the decline in U.S. public listings and urged greater transparency in executive pay and disclosure.
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