Mortgage Crisis: Are a Lack of Ethics to Blame? Anyone who has been following the news is aware of the degree to which the housing slump has affected the overall economy. In the mid-1990’s‚ in an effort to help a person achieve the “American Dream” of home ownership‚ the Department of Housing and Urban Development partnered with the mortgage industry to develop several new type of loans. Products such as variable rate mortgages‚ low or no down payment plans‚ and financing in excess of a property’s
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Ethics are beliefs about good or bed‚ right or wrong. An individual’s values and way of behavior toward society‚ determine whether behavior is regarded as ethical or unethical. Social responsibility is a principle that organizations should contribute to the welfare of groups and individuals in its social environment and not be solely devoted to maximizing profits. These groups and individuals are called stakeholders those directly affected by the practices of an organization. Ethics and social
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As a chairman and CEO of the New York Stock Exchange (NYSE)‚ Richard A. Grasso was earning beyond a reasonable compensation. At the time‚ Grasso was receiving a far greater salary‚ than the median salary of various CEOs from other major corporations. His pay consisted of a base salary of $1.4million‚ along with a bonus that had progressively increased. Grasso was also in control of the compensation committee‚ which consisted of individuals that he had selected himself‚ as well as those he had previous
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“of a particularly sever nature” refers to the amount of money stolen or number of people “hurt” by the crime. What I consider to be a great parallel would be Bernie Madoff‚ who stole billions from investors and was sentences to 150 years in jail‚ which is the maximum sentence he could receive2. This leads me to believe if Bernie Madoff lived in China‚ he would’ve been executed. Although his crimes were particularly extreme in the amount of money he stole‚ he was not violent in any way shape or
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January 14‚ 2013 Ethical Behavior in Business In the business world employers and business owners should know that there is no room to be dishonest‚ or greedy dealing with a business. In reality people need to be held responsible and accountable for making sure that they are holding up and following ethical business practices. There is no reason that any business owner or manager should not follow the golden rule at work just like they would at home‚ treat people the way you want
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Note: It is recommended that you save your response as you complete each question. Question 1 (5 points) James believes our system of free enterprise is the best‚ even though businesses are not exactly trying to do nice things to competitors‚ because the end result is that consumers get better products. "Hey‚ even though what the businesses are doing is kind of cruel‚ the ultimate outcome is for the good—what could be wrong with that?" Chris disagrees with James: "No way will you’ll get me to go
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Like most business professions‚ there has to be a strong sense of ethics and responsibility. Especially professions like law or public accounting. They must have strong standards of integrity. In public accounting‚ people rely heavily on the information being provided on companies. Any mistakes or intentional cover up will have high costs to the economy and dire consequences. Even though there are laws and standards that regulate auditing‚ it does not completely stop or prevent firms from doing
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Contingent Liability 1. Analyze why a company would prefer not to disclose its contingent liabilities. In order to understand why a company would or would not disclose his contingent liabilities it is important to know exactly what a contingent liability is. As I have learned throughout all of my accounting studies a liability is simply an obligation or debt that a business owes to an individual or an organization. Now there are many liabilities that include services‚ payroll‚ notes‚ and
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read: The Power of Positive Thinking Author: Norman Vincent Peale (1898-1993)‚ he was the pastor for almost 53 years of New York City’s Marble Collegiate Church‚ he was a creative author who mainly focus on spirituality of humanity in various area. “I was born and reared in humble Midwestern circumstances in a dedicated Christian home. The everyday people of this land are my own kind whom I know and love and believe in with great faith” (Peale‚ 1987). The reason why I chose The Power of Positive Thinking
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EXTRA CREDIT True or False: 1. Terms of a consulting contract are an example of private law. 2. A brief is written by a trial judge. 3. Sarbanes-Oxley is the most extensive regulation of companies since the 1933 and 1934 Securities laws. 4. The First Amendment prohibits state regulation of false advertising. 5. The decision of an administrative law judge can be appealed to the agency heads. 6. The U.S. sanctions against trade with Iran are an example of a unilateral trade
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