Her leadership characteristics and qualities directly contributed to Mock’s success. Additionally, evaluating my own leadership style will allow me to identify my leadership characteristics. Comparing the leadership
Scottish Power – Good Ethics Is Good Business The world has really changed, particularly the way business is conducted globally, with new economic and new technologies shaping the globalization environment. One of the main reasons for global success is found is due to cultural diversity. Companies are constantly faced with dilemmas, as in international cultures versus corporate cultures, the bottom line being social and environmental impacts. It is imperative that companies must first address the facts that constrain business values in order to be successful. The Director of IBE, Philippa Foster Black, stated: "Not only is ethical behavior in business life the right thing to do in principle, we have shown that it pays off in financial returns.” (Foster-Black, P. 2006) Companies are continually presented with challenges and opportunities formed by concerns about their environmental and social impact.
Business Ethics Homework 6 20 March 2013 GlaxoSmithKline Case 1. Since 2005, GSK was hit with several severe lawsuits regarding product liability. When Andrew Witty was assigned the chief executive role of the company, post-merger, the ice of shares declined 50 percent, which harmed the company’s earnings, sales and reputation. The first ethical lapse came about when GSK was criticized for selling drugs to the public without informing its buyers of the detrimental side effects. The detrimental product was Paxil, designed to relieve depression, generated disastrous side effects such as addictive behavior and birth defects.
As a result, multitudes became jobless, and the trend went from bad to worse throughout the decade. these accounting anomalies was the heart of all that frauds. The accountancy profession and the role it plays came into focus. Accountants have helped in misleading the public by certifying and endorsing that the financial reports of fraudulent companies were all true and 100% correct. Investors placed their faith in the accompanying audit reports, which
Accounting Fraud Examination October 12, 2011 Introduction As we look back on the first decade of the 21st Century, we see that Corporate America and the Financial Markets were riddled with corruption and fraud. At the beginning of the decade we saw the likes of Enron and WorldCom become insolvent due to accounting frauds of epic proportions. The one case that stands out amongst all of them is the Bernard Madoff case, which is considered to be the largest fraud case of all time. “Madoff managed to lure billions of dollars away from huge charities, as well as wealthy individuals in both the United States and Europe by getting them to invest in his hedge fund. He did so by claiming extraordinary returns (generally in the low double digits).
The ultimate goal is to protect investors. Reason Many acts of corporate corruption in the 1990s and early 2000s brought on this regulation. There were many loopholes that allowed for accounting errors without any legal incentive to correct the problem. Due to the accounting practices at companies such as Enron, Tyco, and WorldCom investors lost billions. The accounting practices created a scandal in which the companies were able to hide information from investors.
Johnny Dillinger During the great depression banks went into debt. The banks lost millions of people’s hard earned life savings. Those banks the stayed in business foreclosed on people’s homes farms and businesses. There was even a touch of Robin Hood. When bank robbers would rob stores they would ruin mortgage records the bank had.
Perjury is known as lying under oath. It is the deliberate, willful giving of false, misleading or incomplete testimony under oath. Mr. Madoff, who is allegedly lost $50 billion in investor money in histories largest documented Ponzi scheme, He plead guilty for stealing vast sums of dollars from individuals and organizations, some of them charitable, by taking their money and pretending to invest it in the stock market, when in actuality he used the money for his own selfish purposes. 1. Name three types of parties who were impacted by the actions of Mr. Madoff and describe how they were impacted.
Others believe the long prison sentences for individuals involved in these fiascos are too severe for the crime they have committed. Ethical behavior is vital in the success of businesses. A writing in the (referenceforbusiness.com) defines business ethics as “principles and standards that guide behavior in the world of business)”. Immoral behavior and unethical practices dissolves mutual trust in the business community. Ex-CEO of WorldCom, Bernard Ebbers was convicted by a federal grand jury on nine counts of conspiracy, securities fraud and false regulatory filings in an $11 billion accounting fraud at WorldCom leading to largest bankruptcy in U.S. history.
Executives and insiders knew about these offshore accounts that were mainly used to hide losses with the investors completely left in the dark. As a result their stock price was driven up. In their fallout, company executives began to liquidate their assets, trading millions of dollars worth of Enron stock. As the scandal unraveled, shares in Enron dropped from $90.00 to merely just pennies. The liquidity of most of Enron’s assets was apparent when the company reported its third-quarter results on October 17, 2001 as negative due to one-time charges of over $1 billion.