ABSTRACT
The events leading to the bankruptcy of Adelphia Communications Corporation highlight the misconduct that can occur when a firm's corporate governance system is weak and ethical leadership is barely existent. In the first years of the twenty-first century, Adelphia was the sixth-largest cable television company in the country. Brothers John and Gus Rigas founded it in 1952, and nearly fifty years later, John's sons, Michael, Tim, and James, were executives at Adelphia. Along with their father, they sat on the company's board of directors.
