hearing bits and pieces about the “Enron scandal” over the years‚ it was interesting to learn about what specifically happened to the global giant company and how it reached its demise in the early 2000s. It seems as though Enron’s downfall had largely to do with the corporate culture instilled within the company from its inception in 1984. The idea of “get big fast” encouraged employees to do whatever they deemed necessary to drive earnings‚ even if it meant leaving ethics at the door. The arrogant culture
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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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Aaron Feuerstein & Malden Mills MGMT 368 ~ Business Ethics July 21‚ 2013 “The Mensch of Malden Mills” Aaron Feuerstein is well-known in the community of Lawrence‚ Massachusetts as the owner of Malden Mills. Perhaps more importantly‚ he is known as the man who cares about his workers and goes out of his way to help them; the man with deep convictions to see things through to the end because he is a man who keeps his word. Mr. Feuerstein is also known around the globe as one of the only businessmen
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Utilitarianism is a major position in normative ethics stemming from the late 18th and 19th century philosophers Jeremy Bentham and John Stuart Mill. Contrary to the deontological approach to ethics that perceives morality as a duty or a moral rule that has to be followed‚ utilitarianism is a form of teleological ethics focussing on the consequences of actions meaning that the moral value of an action is solely determined by its outcome. Thus an action is considered right if it tends to produce happiness and
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Enron and How it Affected the Accounting Industry Enron once was one the United States largest energy company and was ranked Fortune’s seventh richest corporation in the United States. When Enron had a filed for Chapter 11 bankruptcy in 2001 it unraveled to be one the biggest accounting scandals in United States history. There are many factors that contributed to Enron’s demise but their aggressive and unethical accounting practices were the key component. As a result‚ the accounting industry
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and all virtue we choose partly for themselves—for we would choose each of them even if no further advantage would accrue from them—but we also choose them partly for the sake of happiness‚ because we assume that it is through them that we will be happy. On the other hand‚ no one chooses happiness for the sake of honor‚ pleasure‚ and the like‚ nor as a means to anything at all” (Aristotle; Nicomachean Ethics‚ p.51). 2.) Aristotle explains how happiness can be considered the final virtue sought after
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Ethics: Right or Wrong? How does one determine what is wrong or right‚ good or bad? There is always a distinct right or wrong answer to most questions‚ except when it comes to ethics. Merriam-Webster Dictionary defines ethics as “the discipline dealing with what is good and bad and with moral duty and obligation” and as “a set of moral principles: a theory or system of moral values” (“ethic‚” defs. 1 and 2a). One individual’s ethics may not be the same as another. Their morals‚ what they were taught
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12400 Yizhou Hu Luck‚ Virtue and Happiness The idea that non-virtuous people is possible to be better off than virtuous people like Priam seems to acknowledge that happiness is ultimately determined by luck. Indeed‚ by emphasizing that certain amount of fortune is necessary to happiness‚ Aristotle focuses on the relationship between luck‚ virtue‚ blessedness and happiness in Chapter 8 of Book 1. In the end‚ he takes a more intermediate stand toward fortune‚ claiming that virtue is the determinant of
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This case study is extracted mainly from two major novels titled “What went wrong at Enron” by Fusaro P.C. and Miller R.M. and “The unshredded truth from an Enron insider” by Brian Cruver. The Vision Called Enron The history of Enron goes back to the 1920’s‚ when a pair of Houston pipeline companies was incorporated to carry gas along the coast of the Gulf of Mexico. In 1956 these companies merged under the name of Houston natural Gas (HNG). While these companies were working along the coast
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Nakayama: What do you think are the most important lessons to be learned from the Enron scandal? Hanson: The Enron scandal is the most significant corporate collapse in the United States since the failure of many savings and loan banks during the 1980s. This scandal demonstrates the need for significant reforms in accounting and corporate governance in the United States‚ as well as for a close look at the ethical quality of the culture of business generally and of business corporations in the United
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