Notes

Your argument caught my attention because previously I was about to mention nepotism in my writings before but I don't have any specific prove that Mr. Cooper indeed chose James as the CEO just because he is his son, I didn't know what kind of procedure he did before to finally choose James instead of the other candidates.

In many cases, the child of the business owner usually have more knowledge about the company profile and business better than anyone since, we can say, they grow with it, and of course, followed by competency the company owner has taught to him in the related fields. So there might be possibility that James was choosen because of his skill and competency.

But there's also possibility that it was indeed nepotism that we have mentioned above. We can't ignore the fact that this kind of phenomenon is already common in the business world. Then I come to think, who will control and penalize this kind of 'commonly-happened' illegal action if it occur in someone's business, meanwhile the one who did it was the one who holds highest position in the company?

So because of that reason I agree with you that this company is lack of control. When the written legals can't be reliable anymore, the only thing we can rely to is the norm, principles, and personal value that are aligned with the company's vision and mission. Or else, such a serious incident can be happened anytime.