"Faking the Books" refers to the practice of manipulating financial statements to present a false picture of a company's financial health. This can involve inflating revenues, understating expenses, or hiding debts. Such actions are often illegal and can lead to severe consequences for both the company and its executives. This unethical behavior can damage trust with investors, employees, and the public. Notable cases, such as those involving Enron and WorldCom, highlight the risks and repercussions of financial fraud. Regulatory bodies like the Securities and Exchange Commission (SEC) work to prevent such practices and protect market integrity.