ipl-logo

Laws And The Ethical Framework Applying To The Department Of Energy

697 Words3 Pages

The two laws and the ethical code applying to this situation The energy policy of the US states that “DOE (Department of Energy) shall consult with OMB and the Secretary of the Treasury before granting any deviation in the loan.” The government financial institutions did not adhere to the processes of giving financial help. This implied that the company’s assets and its financial capability were not evaluated and this caused a risk in the loan repayment. Solyndra also failed to adhere to American tax laws which was seen during the process of bankruptcy. The company evaded the payment of tax and the money which it had saved was not used for rebuilding the company again. The aim of the managers was not solely to save the company’s credibility. The other ethical code which was abused by the company was the honesty of the company to inform the department of energy on the financial problems. The company was in financial problems before getting the loan from the US government and George Kaiser provided $75 million dollars to help the company to be in a better state in February when the government was financing the company. Ethical framework applying to this situation …show more content…

The officials were not allowed to finance companies like the Solyndra because it dealt with production of pollution free technologies. The provision of such huge sums of money should be given to a company after full evaluation of its activities and its financial strengths. The department of energy was not also authorized to give such huge sums of money before contacting other departments on the same. Therefore the granting of this huge sum of money to this company without proper testing of the company proved that there were additional issues related to this

Show More
Related
1008 Words | 5 Pages

Actions which were taken by the company to cover unethical behavior of bribery and

Read More
1005 Words | 5 Pages

They wouldn’t also allow the re-election of Ulysses Grant because they were totally against him. Since the New York Sun reported the scandal most of all the investors nearly went bankrupt. They found out they gave some of their shares to more than 30 people in the company after they questioned 13 congress men. Also they only reported that they made only a small amount of money when really they made over 40 million dollars in total profits alone. That’s the money Thomas Durant made with his railroad aka money making machine and also more through out time.

Read More
331 Words | 2 Pages

The Supreme Court believed that it was fair to sue them because the Respondent was aware of the revenue they would receive when investing in the companies in Texas. With this, the court concluded that the Respondent’s actions were purposeful and resulted in profit that gave the Court personal

Read More
485 Words | 2 Pages

Summary: In 1973 the supreme court had the "Doe vs. Bolton" case. This case had to deal with abortion. In Georgia the abortion laws were if a woman was either in danger or could die from the pregnancy, the fetus could be born with a serious birth defect, or the woman was pregnant because she was raped. You also had to be approved to get an abortion by 3 different physicians and a special committee of the staff where abortions were performed.

Read More
1488 Words | 6 Pages

Ethical issues should be seen in the organization and they must bring a change when they have discovered that it is not moving as per the rules of the ethical standards, so that the employees have a chance to present their views to solve the issue collectively with their own views and ideas. Independent social auditing which is conducted by an external party regularly or without prior announcement should have been a boon in the case of Lehman Brothers. The audit result which was taken by the external auditors must be exposed to the public square, for further scrutiny so that the public can come to know the performance of the whole organisation without any doubts. This would have showed the effort lessens the opportunity for retaliation from those being audited which was the company’s own board where they manipulated according to their own wants and desires which in the end resulted in the decline of the one of the top listed company in wall street ‘Lehman

Read More
1593 Words | 7 Pages

Ethical decisions are made every day in these industries. The question becomes, what is more important: making energy, making money, or a safe environment? In these two cases it

Read More
1178 Words | 5 Pages

But when looking at the financial information of the business you would find executives that are manipulating numbers to raise Fannie Mae’s earnings per share so they can receive large bounces. Some may consider this poor ethics, but from my viewpoint I would consider it poor ethics as well as poor social responsibility. Social responsibility is when an individual or organization looks out for the benefit of the society as a whole. Fannie Mae’s executives where not performing socially responsible when being dishonest on their accounting as well their lax internal controls. In general Fannie Mae had great attentions to increase the homeownership market, but the “me-first mangers” created a poor image for the

Read More
992 Words | 4 Pages

Another legal issue that Solyndra faced was the reorganization plan for bankruptcy. The IRS filed objections against the plan stating “The undeniable conclusion is that tax benefits drive this plan”. IRS investigations found that Solyndra’s investors creased shell companies to avoid paying taxes up to $350 million, with George Kaiser in the front row again. “The only reason for the shell corporation to exist post-confirmation is to enable its owners to exploit these tax attributes, which would be lost in liquidation,” the IRS argued in court papers. ( McElhatton, J. ) Attorneys argued that the even as far back as 2010 Solyndra planned to use net operating losses to off future tax liabilities while at the same time approaching the government

Read More
1528 Words | 7 Pages

Introduction In this extended essay, I will try to answer the research question “To what extent is Corporate Social Responsibility part of Arm Makers Companies? An assessment and evaluation of Raytheon’s and Northrop Grumman’s Business ethics”. Weapon companies face the issue of being socially responsible as it is a global matter. I will be mainly focusing on two companies; Raytheon and Northrop Grumman.

Read More
1195 Words | 5 Pages

By the 2000’s the Big 3 automakers in the United States (General Motors, Chrysler and Ford) were facing bankruptcy and a possible loss of three million jobs. The CEOs of these corporations went to Congress asking for loans to bail them out of their financial troubles. They eventually received the loans at a cost of $9.2 billion to taxpayers (Amadeo). $9.2 billion which could have been spent on public services such as education, healthcare, and feeding the underprivileged. What was most disturbing about this bailout was the fact that each CEO who flew to Washington D.C. asking for taxpayer money was transported via private jet.

Read More
1491 Words | 6 Pages

This proves that throughout the case, Cendant Corporation wasn’t acting fully ethical nor with the desired fiduciary actions to their investors and the auditing team in this case being Ernst&Young. Aside from the trust being broken apart between both, there was never a sign of an internal control inside Cedant. Therefore, there shows that the corporate governance for Cendant Corporation didn’t have signs of existence as well. Most frauds that were occurring before the implementation of the SOX-2002, had top management such as in Cendant that didn’t have care for the ethical performances as much as in today’s corporate world with more regulations in hand by the government. At the end, Cendant had filings against them concerning their corporate governance

Read More
902 Words | 4 Pages

Boeing Case Study: Sarbanes-Oxley Act's Internal Control Mandates and Whistleblowing Name University Boeing Case Study: Sarbanes-Oxley Act's Internal Control Mandates and Whistleblowing Similar to other public companies, Boeing intends to comply with the Sarbanes-Oxley Act's (SOX) internal control mandates. To ensure that its internal audit committee sufficiently handled all requirements, Boeing contracted with PricewaterhouseCoopers (PwC) auditors for additional support. In January 2007, Matthew Neumann and Nicholas Tides, two employees assigned to Boeing's internal audit department, noticed significant problems in their company's IT financial reporting controls. This essay determines the ethical requirements of an internal

Read More
468 Words | 2 Pages

Under this approach, an action is considered morally bad because of some characteristic of the action itself, not just because the product of the action is bad. Wells Fargo unethical practices demonstrates unethical behavior, under deontological ethical theories as its employees duty to operate in an honest and fair fashion , in providing services to the public. Wells Fargo codes of conduct does not permit sales practices of these sort, therefore the employees who participated in these practices made unethical decisions. Unfortunately there was a wrong-doing on a massive scale. The acts of unethical behavior were conducted by both the employees and management.

Read More
931 Words | 4 Pages

Kenneth Lay, Mr. Jeffrey Skilling and the company CFO, Mr. Andrew Fastow .The management level of Enron Corporation had misconduct the code of ethics and fail to performing the duties of a corporation which is telling the truth of the situation of a corporation .Instead , they tried try to hide the truth of their financial status and create a false prosperity situation and make the public believe on them in order to support their shares prices . The misconduct of code of ethics by the management level by Enron corporation has led to the another question – The ultimate responsibility of a corporation towards society ? The ultimate responsibility of a corporation is to gain profit or become a stable economic unit ?

Read More
735 Words | 3 Pages

This movie “Erin Brockovich” present few number of business ethical issues. This film is based on true story and demonstrates few business ethical issues for their own profit. The movie describes the story of Erin Brockovich who is a struggling single mother who becomes connected to Ed Masry’s law firm because of an unfortunate car accident, and begins working at the law firm out of desperation for an income. As she spends time filing papers as a clerk, she becomes interested in the human nature of the medical cases and persuades Ed Masry to allow her to investigate further. Erin spends numerous hours examining these cases and finds a link to between the community members of Hinkley, CA and a company by the name of Pacific Gas and Electric (PG&E), who have a plant in Hinkley.

Read More

More about Laws And The Ethical Framework Applying To The Department Of Energy

Open Document