The Failed Corporate Culture of Enron High risk accounting‚ inappropriate conflicts of interest‚ extensive undisclosed off-the-books activity‚ excessive compensation these are some of the headings of the report prepared by the U.S. Senate’s Permanent Subcommittee on Investigations titled "The Role of the Board of Directors in Enron’s Collapse." (Permanent Subcommittee on Investigations‚ 2002) In February‚ 2002‚ Enron’s former Chief Executive Officer Jeffery Skilling had testified before members
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Ethical Business Practices in Purchasing and Supply Management Ethical Business Practices in Purchasing and Supply Management “The best and most successful organisations recognise that they will only prosper in the long term if they satisfy the aspirations of their stakeholders; including customers‚ suppliers‚ employees‚ local communities‚ investors‚ governments‚ public interest and environment groups. ” “To satisfy this intense scrutiny and the demands for greater accountability in society
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Eugenics: The Unethical Pseudoscience Our topic was on selective human breeding‚ or in other words eugenics. If you don’t know what eugenics is don’t worry I’ll tell you‚ according to Oxford dictionaries eugenics is the science of improving a population by controlled breeding to increase the occurrence of desirable heritable characteristics. Desirable heritable characteristics for example can be things like a particular eye color‚ hair color‚ height‚ etc. My question to you all is if you think
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It is unethical to poach animals because it leads to extinction‚ illegal trade ‚ and the s pread of disease; despite these issues‚ many believe that the money made from poaching is more important than the negative consequences. One negative consequence of poaching is that many times poachers kill animals until they become greatly endangered or extinct. This causes some problems in the ecosystems where these animals live. If one animal goes extinct‚ this means less food for the animal that used to
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Enron: Questionable Accounting Leads to Collapse In the case of Enron‚ it comes down to pure greed and a lack of accountability. From the top‚ there was illegal activity with Ken Lay‚ Jeffrey Skilling‚ and Andrew Fastow who raided the company as though it was their own personal bank. On top of that‚ the culture of the rest of the company was to make as much money as they could and employees were rewarded by the amount of profit they could make without questioning the ethical means to do so.
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Part 3 The bankruptcy of Enron not only significantly impact the employment and pension of workers‚ but also the relevant major financial institutions‚ including investment Banks‚ commercial Banks‚ pension funds and mutual funds. On Feb. 14th‚ 2002‚ the international accounting standards foundation chairman and former Federal Reserve chairman Paul pointed out that the obvious problems in accounting and auditing profession has formed a kind of crisis after a long-term period of existence. A typical
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CASE 3 Enron: Questionable Accounting Leads to Collapse Once upon a time‚ there was a gleaming headquarters office tower in Houston‚ with a giant Tilted ―E‖ in front‚ slowly revolving in the Texas sun. Enron‘s suggested to Chinese feng shui practitioner Meihwa Lin a model of instability‚ which was perhaps an omen of things to come. The Enron Corporation‚ which once ranked among the top Fortune 500 companies‚ collapsed in 2001 under a mountain of debt that had been concealed through a complex scheme
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OBJECTIVE: 3 METHODOLOGY 3 THE ENRON STORY: BRIEF 4 HOW AND WHAT TYPE OF FRAUDS WERE COMMITTED? 5 THE ROLE OF STOCK OPTIONS 5 THE USE OF OFF-BALANCE SHEET PARTNERSHIPS 5 Example: LJM 5 Chewco 6 LOBBYING 6 ACCOUNTING PRACTICES 6 DIFFERENT ETHICAL DIMENSIONS 7 SOCIAL DIMENSION 8 AFFECTS ON EMPLOYEES AND SHAREHOLDERS 8 ENRON INDIA 8 AGGRESSIVE NATURE OF ENRON: PERSONAL ETHICS 8 ENRON’S ARROGANCE: PERSONAL ETHICS 9 EXECUTIVES ABANDON ENRON 9 POLITICAL DIMENSION: SYSTEMATIC
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Peace and Social Justice” B) What are some of the things that have made Dr. Rath`s company unethical? While Dr. Rath believes that his theories and his vitamin products can cure aids‚ cancer and other major diseases‚ not everyone believes in them nor have they been scientifically standardized. On the opposite‚ many will argue that Dr. Rath`s organization and company have been illegal but also unethical. Dr. Rath tried to enter the market in many countries to promote his products. After reading
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really isn’t room for unethical behavior in the professional world; there is no greater impact on stakeholders than a company/business performs unethically. We have already witnessed what can happen when businesses have employees who act unethically‚ i.e.: Enron. The Enron situation actually brought on more regulations for companies to follow to promote/ensure ethical behavior. Companies obviously still aren’t always acting ethically but there certainly seems to be less unethical behavior in the professional
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