Enron History Special Purpose Entities (SPEs) were used and often abused by most large corporations in the late 1990’s. Enron was likely the corporation that abused the accounting treatment the most‚ but certainly not the only one. The Enron SPEs were not hidden from the auditors or the investing public‚ but were so extensive‚ invasive‚ and complex that no one‚ including primary architect‚ Andrew Fastow‚ was able to understand the total implications. The 2000 financial statements for Enron included
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Scandinavian Literature Authun and the Seven Virtues As long as there has been recognized sin in recorded history‚ there has been the virtuous equivalent by which good people live their lives. Before Christianity‚ there were the Pagan virtues‚ and when Christianity came into dominance in Scandinavia‚ it adopted these virtues and added several spiritual virtues of its own. Each virtue can be seen as a reflection of societal thought. The virtues tell how the ideal person lives their life‚ and this
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of subjects ranging from science to politics and is widely recognized as one of the greatest philosophers of all time. One of his most important contributions to the study of humanities is his exploration and definition of moral virtue. In his book‚ The Nicomachean Ethics‚ Aristotle explains different views about the nature of life in order to allow the reader to find what the main function of life is and how to successfully perform that function. For example‚ Aristotle states in his first book
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Philosophy 338 Professor Hubin THE UTILITARIAN THEORY OF PUNISHMENT I. Utilitarian Theories of Punishment: Utilitarian justifications are forward-looking (consequentialistic) in nature. All of the questions about the justification of punishment (general justification‚ title and severity) will be answered by appeal to the utility (value) of the consequences of an action. A. The General Justification: All punishment is‚ according to the utilitarian‚ intrinsically bad‚ because it involves the
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1.What are the main reasons that Enron collapsed? I think the reasons for the collapse are three fold. Firstly Enron’s accounting practices(mark to market accounting- companies estimate how much revenue a deal is going to bring in and state that number in their earnings the moment the contract is signed) Its managements goal was to maintain the appearance of value by always having rising stock prices rather than focus on creating real value for the company. Secondly its reliance on Special
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Differences of Virtue Theory‚ Utilitarianism‚ and Deontological Ethic Abstract When looking into the similarities and differences of theory and ethics‚ they become intertwined used in our everyday life. In this paper‚ the discussion of similarities and differences of virtue theory alongside utilitarianism and deontology will describe how each theory addresses ethics and morality. Moreover‚ a quick look into personal experience will provide an explanation of the relationship between virtue‚ values‚ and
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ETHICAL PRINCIPLES It is rather difficult to talk about ethics as it involves different point of view based on different moral standards one has and based on different ethical principles one uses. This Google China-cases mostly talks about the ethical dilemma faced by the company‚ whether it should obey the local law or put its global ethical standards as its best interest. Obeying the local law will push them to do self-censoring‚ which then raise many criticism internationally. Based on ‘cultural
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CASE BRIEFS: LEGAL ETHICS INTRODUCTION TO COMMON LAW CASE AUTHORITY 5th Semester 1. Togstad v. Vesely‚ Otto‚ Miller & Keefe‚ (1980) Facts: Mr. Togstad was paralyzed by negligent doctors. Mrs. Togstad approached Miller seeking legal advice on her malpractice case. After a standard interview‚ Miller stated that he didn’t think that she had a case. However‚ Miller never ordered medical records‚ nor did he advise her of the two-year statute of limitations. Mrs. Togstad relied on Miller’s
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Introduction This paper is a based on a case study of Nike. The paper will be discussing legal and ethical analysis and how the impact the operational/ ethical issues of the organization‚ the paper shall also be discussing the contribution factors and how the company’s corporate culture may have helped to minimize the unethical behavior or actually contributed to/caused the unethical behavior. The paper is also going to provide ethical decision factors‚ which are going to address or going to be
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CASE STUDY. my personal point of view.. 3. IF ALL PUBLICLY TRADED FIRMS ARE OPERATING WITHIN THE SAME BASIC CORPORATE GOVERNANCE SYSTEM AS "ENRON"‚ WHY WOULD SOME PEOPLE BELIEVE THIS WAS AN ISOLATED INCIDENT‚ AND NOT AN EXAMPLE OF MANY FAILURES TO COME? The answer to this question lies within the minds of the Enron Managers rather than with the business environment. Most likely‚ these managers are well-educated and may have come from rich families. If this is so‚ then the logical thing
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