Maria Krambia-Kapardis defines fraud and corruption as economic crimes, and more specifically as white-collar crimes. The author uses the term economic crime as covering “illegal acts perpetrated by a person or a group of persons to obtain a financial or professional advantage.” Her basic argument is that fraud and corruption “can contribute significantly to bringing about the collapse of corporations and a financial crisis.” Krambia-Kapardis believes that the basic element of any fraudulent practice is deception. Being deeply aware that fraud and corruption are complex phenomena, Krambia-Kapardis thus suggests a holistic model that takes the individual, the organization, and the society into account. Why do fraud and corruption appear as complex phenomena? Because we cannot identify its multiple causes. According to Krambia-Kapardis, we can only get correlates, but never causal relationships. If we cannot isolate the causes of a bad phenomenon, then we cannot get rid of it. Krambia-Kapardis is not developing a utopian pattern of reference. The author is quite realistic, when dealing with efficient strategies against fraud and corruption. She clearly asserts that “it would be naïve to believe that fraud, corruption, or both could be eradicated.” As Krambia- Kapardis asserts, “reducing corruption and fraud by and against corporations contributes to reducing the risk of corporate collapses and consequently the risk of a financial crisis.” However, the author does not believe that ex ante or ex post regulation is really effective in reducing systemic risk. About the 2008 financial crisis, Krambia-Kapardis considers that corporate governance systems could contribute to regulate boardroom behavior. Most of all, corporate governance is defined in terms of principles and values: openness, honesty, transparency, trustworthiness, and accountability.