White-collar crime is a financially motivated‚ nonviolent crime committed for illegal monetary gain. Within the field of criminology‚ white-collar crime initially was defined by sociologist Edwin Sutherland as "a crime committed by a person of respectability and high social status in the course of his occupation". These crimes are often difficult to study as they are highly under reported hence the ’dark figure’ for white collar crimes is huge. Gary Mars expanded the concept of white collar crimes
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Enron: The Smartest Guys in the Room / Lack of Ethics Enron at one time was a Fortune 500 company‚ but in truth it was just a fallacy and a lie for what it truly was‚ an ethically bankrupt company that eventually became a bankrupt company. Henry Taylor‚ a 19th century statesman wrote “Falsehood ceases to be falsehood‚ when the truth is not expected to be spoken”. Enron senior management gets a failing grade on truth and disclosure. The purpose of ethics is to enable recognition of how a particular
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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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This paper discusses the film “Office Space” featuring Ron Livingston as Peter Gibbons who is an average white -collar type of employee working for a software company called Initech (Judge‚ 1999). Peter Gibbons and his fellow co-workers loathe working at Initech‚ and Peter hates his boss Bill Lumbergh‚ most of all. After being convinced to go to hypnotherapy by his girlfriend‚ Peter gets stuck in a trance like state after the hypnotherapist suffers a heart attack and fails to snap Peter out of
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Deviance and the Internet Deviance is defined as the recognized violation of cultural norms. Violating these cultural norms can also be labeled a crime whether or not it is an actual written law in our society. Deviance isn’t something that is set in stone; rather it can vary based on location or on time (present and future) as a victim of cultural lag. When deviance and crime are thought of in the context of the internet‚ an impersonal location readily accessible to the masses‚ the numerous types
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THE COLLAPSE OF ENRON August 11 2008 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] FROM PERSPECTIVE OF CORPORATE GOVERNANCE TABLE OF CONTENTS CONTENTS PAGE NO. Introduction 3 Background of Enron 3 Enron Business Model 4 Summary of transactions & Partnerships
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Part B: What role did the CFO play in creating the problems that led to Enron’s financial problems? In order to prevent the losses from appearing on its financial statements‚ Enron used questionable accounting practices. To misrepresent its true financial condition‚ Andrew Fastow‚ the Enron’s CFO‚ takes his role involving unconsolidated partnerships and “special purpose entities”‚ which would later become known as the LJM partnership. Taking advantage from the SPEs’s main purpose‚ which provided
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Imane Malihi Prof. Fred Friend BLW411/511 March 27‚ 2014 The Downfall of Enron Corporation “Ethics and integrity are at the core of sustainable long term success … Without them‚ no strategy can work and‚ as Enron has demonstrated‚ enterprises will fail. That’s despite having some of the ‘smartest’ guys in the room.” by Richard Rudden. As the quotation states‚ ethics and integrity play a key role in the success of any corporation; through these principles‚ companies can ensure their compliance
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even forced to enter bankruptcy. Enron is one of the biggest examples of when making business ethical decisions go wrong. An American energy‚ commodities‚ and services company based in Houston‚ Texas Enron was a big deal. Employing approximately 20‚000 staff and was being one of the world’s leading electricity‚ natural gas‚ communications‚ and pulp and paper companies. Enron was a company on top on of the reason the fall was so drastic. Since Enron was the largest corporation contributor to
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Winsett Dr. Frances L. Ayers Accounting 5252-920 27 March 2013 The Fall of Enron: Mini-Case Analysis Summary: Enron was founded in 1985 as a natural gas pipeline company. In the 1990s‚ Enron emerged as one of the leading pioneers in the energy market by building its business around energy trading and international energy-asset construction. Their emergence in the energy-trading sector all started when Enron recognized that they could take advantage their position as the largest interstate
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