Lying on your curriculum vitae may seem harmless. But in the eyes of the law, it is commiting fraud by false representation with a maximum penalty of three to ten years in prison in most western countries.

There are many examples of people lying on their CV to get a prestiges job. When the fraud is discovered, they get fired and maybe sued, judged an jailed. Not being an American, I guess US laws on falsifying documents are as tough as in UK and rest of Europe, as this examples shows in UK: A woman jailed for six months after lying on here CV

It's a false premises in calming that CEO's lies all the time, so adding a lie don't count as long as they earn chunks of money for their company. After the Enron bankruptcy December 2001, the Sarbanes–Oxley Act (SOX) was passed by the US Senate. In short, the law can prison lying CEO's for max 20 years if they give false information to the stock exchange or to investigating authorities. In such cases, a CEO who lies will be risking jail for months or years. someone brings it to court. It's before and after Enron. Dan Lyons at The Daily Beast may live in a world before Enron. The court system are more updated, Therefore lets wait for the court case against Yahoo who Daniel Loeb at Third Point has announced, and see how that goes regarding document fraud and the Sarbanes–Oxley Act:
  The Sarbanes–Oxley Act (SOX for short)

A quote from Adam Smith, The Wealth of Nations 1776, is the best answer on James Murdoch worry for News Corporation's $32.996 billion USD revenue:

"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."