Amid this controversy, Edward Liddy, AIG’s CEO, requested the bonus recipients to return half of the bonus amount. Some Financial Products employees decided to return their bonuses; others opted to keep their bonuses. Many affected Financial Products employees felt betrayed by AIG because of repeated reassurances of the bonus payments under contractual obligations. Subsequently, Kenneth Feinberg, the federal government’s overseer of executive compensation at AIG and other major TARP recipients, played a key role in addressing the controversy over the AIG retention bonuses. He made several controversial decisions with respect to compensating AIG’s executives.
The shareholders’ best interest is kept at all times as the trust and respect of the shareholders is important. Macy’s strives to meet customers’ expectations and provide products whether in the store or online. Products reflect the area, and customer needs. Associates
Again, it was my principles that compelled me to do the right thing. Integrity plays an essential role in a community. It helps establish mutually beneficial relationships, and develop a sense of loyalty and duty amongst people. People who adhere to the principles of integrity will act correctly in academic, personal, and professional settings. In professional community, integrity enhances personal commitments to the code of ethics set forward by the professional organization.
They enable you to provide a good quality service working within the legal framework and most importantly aim to keep you and the individuals you support, safe from danger or harm. To implement agreed ways of working you follow the Policies and Procedures and the service users care plan, where the management of the individual's daily care needs are agreed and documented. It is extremely important to have up to date agreed ways of working as there may be changes in policies within the law. Our company may have to implement them to help protect the vulnerable. You have a duty to keep service users safe by following policies, procedures and working within your job role.
(Still think we are in a Depression not a rescission) Also the CEO of Enron for conspiracy and multiple counts of fraud is one example of dishonesty, fraud, disregarding one professional responsibility by given themselves Astronomical salaries and enormous benefits this reduces profits of the stockholders, who own the company. (Per the book Bus. 309 pages
The law requires you to follow the agreed ways of working. Your companies policies and procedures or agreed ways of working tell you how you are required to work. They incorporate various pieces of legislation as well as best practice. These are in place to benefit and protect you, the individuals you support and your employer. They also enable you to provide good quality service working within the law and most importantly aim to keep you and the individuals you support, safe from danger or harm.
Tad Smith, Chairman of the Board and CEO of CareNetWest, finds he may have overlooked paying attention to important governance, reporting, and regulatory compliance issues (University of Phoenix, 2007). His Chief Risk Officer has just resigned, citing insufficient expertise and infrastructure to manage non-financial, financial regulatory and corporate governance issues. After talking to his CFO who is more of an investment banker than financial controller, his General Counsel, and outside accounting firm, Tad realizes that CareNetWest falls short of meeting the regulatory reporting requirements. Two very important compliance issues are on the near horizon and CareNetWest must pass the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) review, and SOX section 404 compliance. “Section 404 creates an ongoing requirement for management and, over time, should cause companies to continue to monitor and strengthen their internal control over financial reporting” (Deloitte 2004).
The amount of the lawsuit was $5 million. The Ethical Dilemma The ethical dilemma is that one of the principle owners of this corporation decided to move forward and not disclose the $5 million litigation for a patent infringement lawsuit against Linex Corporation. Bob Jason was instructed by the primary accounting firm that he and his partner had hired that it was proper to report the material of the lawsuit in the financial statements based on the most recent audit. Bob Jason was displeased with this because he wanted to generate capital for the corporation and felt that reporting the lawsuit material could jeopardize the confidence the corporation needed to get the capital they needed. Jason accepted bids from three other accounting firms and ultimately selected a firm that was priced lower with the understanding that they would be awarded consult work for the corporation at a later time.
Barry Minkow is the founder of the company who established it. The accounting fraud started when ZZZZ Best had shortages in its cash flow because the company it was paying the investors for the restoration projects which are not existed. Earlier, the company fell because of the credit card fraud. Minkow did not pay to woman, so she told the people who was defrauded by Minkow which charged him $72,000 of credit cards fraud. Its stock price fall and Ernst & Whinney found that Minkow is writing checks for nonexistent contracts.
It is also a branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and outcomes of such actions. The three sources of professional ethics and values I am going to discuss, are professional integrity, academic integrity, and personal values. Professional integrity is often used in business settings to describe the manner in which employees should act or conduct themselves. Professional integrity is demonstrating practical ethics and professional responsibilities within the work environment. Professional integrity involves being an ethical person.