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Ethics in business environment
Ethics in business environment
Effect of greed
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More handpicked essays just for you.
Ethics in business environment
Ethics in business environment
Effect of greed
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Ethics in business environment
There are two types of businessmen in this world, “Robber Barons” and “Captains of Industry”. “Robber Baron” is a idiom established during the United States Industrial Revolution of the 1800s. It is used to describe demeaning businessman that are wealthy industrialist, those who monopolize companies, and use unfair practices within their businesses. On the other hand “Captains of Industry” are positive businessman that contribute to the nation. For instance they provide jobs, increase productivity, expand the markets, and increase trade.
Over a century after his death, Stanford’s name lives vividly in international consciousness as one of the most prestigious universities in the United States. However, before he and his wife, Jane, created Leland Stanford Jr. University, his origins begin quite differently: as an adventurous capitalist and politician who made California his stomping grounds over the course of several decades. Stanford experimented with various industries and enjoyed great wealth as one of the major robber barons of the late 19th century. Although Leland Stanford may have achieved his wealth through morally questionable ways, his legacy lives on through what is now called Stanford University, erected in memory of his deceased son.
Was Andrew Carnegie a thief and a cheat, or a giving philanthropist? Andrew Carnegie was a man who started from the bottom in a poor household. He sailed and settled in america and grew up to rise through the ranks in the job he had gotten, seeming like he would be a leader in the railroad industry he was known across the country, in 1872 he met Henry Bessemer who thought of the Bessemer process for making steel 20 years before. They shared ideas and with this process Carnegie became rich, but Carnegie shared his money donating to libraries and many other places, but these donations came out of workers wages. In 1900 Carnegie sold his steel company and continued his life donating and funding important organizations for education.
One example was the Credit Mobilier scandal where major stockholders of the Union Pacific Railroad formed the Credit Mobilier company and sold their shares to influential congressmen. These executives essentially hired themselves and stole taxpayer money, a very lucrative scandal. Scandals like the Credit Mobilier were widespread and executives from many other railroad companies often stole from their own companies. Many executives would manipulate the rail companies' stocks to profit greatly. Executives would often bribe influential politicians, and work together to profit themselves.
Andrew Carnegie discusses three different forms of distributing riches. Carnegie used ethos and pathos as well as vocabulary in order to strengthen his argument. The three methods are inheritance, distributing after death and distributing during a lifetime. Inheritance refers to the wealthy person leaving behind their riches to their children. Carnegie argues that this method often leads to failure.
In the civil securities fraud context, the Supreme Court has held that intent indicates that the plaintiff act willfully with a realization that she was acting wrongfully, Ernst & Ernst v. Hochfelder, 425 U.S> 185, 193, 47 L.Ed. 2d 668, 96 S. Ct. 1375 (1976). Or in the criminal securities indictment did the plaintiff have a mental state embracing intent to deceive, manipulate, or defraud, United States v. Dixon, 536 F.2d 1388, 1395 (2d Cir. 1976). The issue is not which definition of intent to apply, but whether, taking into account the heightened standard of proof in criminal cases, is there sufficient evidence of Stewart’s intent to deceive investors.
The railroad system during the late 19th century made people millionaires overnight. An example of unethical behavior was the Crédit Mobilier scandal. During 1872 to 1873, the stockholders from Pacific Railroad created Crédit Mobilier to accept contracts to build the railroad for the United States Congress. (History.com Staff, 2010).This led to the Congressmen using their position to get rich quickly off the taxpayers money (History.com Staff, 2010).
On the other hand, as he never sold his WorldCom stock, which was a showed that he was unaware of the fraud of financial statements and accurate position of WorldCom. 2. If the fraud had not been detected when it was, how long do you think it might have continued and how would it have ultimately been revealed? If the fraud has not been detected that it might have been gone 10- 20 years undetected. It may have been ultimately detected by the use of checks and balances, and multiple audits through independent auditors.
As explained above, confidence in Madoff for his clients was one of the reasons of the great scheme’s success. Lionel L. Lewis wrote articles about “The Confidence Game”. He points out that confidence was the most important reason of his success. And that confidence was based on a con game. Lewis explain a con game comparing it to a theatrical event, where the con artist invites victims not only as an audience but also to take part in the play.
Junot Diaz’s The Money provides the audience an interesting experience. Through this short story he gives the reader a glimpse of how his childhood was and the intriguing details of his culture. He takes the readers through some of his life lessons that everyone should understand in order to be more prepared for life. One interesting aspect of this short story is family cohesion.
Executive Summary Lehman Brothers were an investment bank involved in transactions worth billions of dollars and one of the most powerful investment banks in the world. Lehman Brothers collapsed in 2008 following bad investment in the sub-prime mortgage market and used bad accounting practices called Repo 105 transactions to try and cover up the bad assets. This report sets out the use of the fraud triangle when describing the actions which led to the collapse. The pressure applied on the bank, the opportunity due to the lack of regulation to carry out the actions and the ability of the bank to rationalise their decision making.
Background WorldCom, once known as one of the most powerful telecommunication organizations of the world, is now studied as a case of a fraudulent company that carried out unethical financial activities to cover its weakening position in the market. After some aggressive investment decisions, the company started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities.
The SnowBall: Warren Buffett and the Business Life Author: Schroeder, Alice ISBN :9780553805093 Publication: New York, Bantam Books, c2008 url: https://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553384619 Summary of the book I want to begin with this famous quote by Warren Buffett "Really successful people say no to almost everything." Warren Buffett is the epitome of success in many ways for a lot of people. Inspired by his words, I had to find out the real story and that made me to read Snowball which gives an in-depth information about his biography.
In this Enron Scandal ,several moral issues and values are being discussed .The moral issues is the misconduct of code of ethics by management level of a corporation , violation of code of professional ,ethical dilemma that faced by a management level when involved own interest . The first moral issues that discussed in Enron Scandal is misconduct code of ethics by management level of a corporation .In this case ,the mastermind of this scandal is the company CEO , Mr .
Case Study – Bill and Melinda Gates 1. What do you think Bill and Melinda Gate’s personality traits are for each of the Big Five dimensions? Compare the two. The purpose of big five is to categorize the personality traits into different dimensions which can help us to understand better how people behave to others and how react in their life.