Corporate Scandal Essays (Examples)
Study Document
Enron Corporate Scandal And Microeconomics
Microeconomics
Enron Corporation is an example of one of the largest corporate scandal in the history of the United States. Given a series of corporate mismanagement, Enron is regarded as a shocking example of corporate corruption in the modern business world. The company took 16 years to increase its assets from 10 billion to 65 billion, which was … took 16 years to increase its assets from 10 billion to 65 billion, which was significantly reduced in 24 days (Gibney, 00:00:38-00:00:47). Enron’s corporate scandal has been the subject of numerous studies within the business sector as it offers significant lessons on economics and corporate management. Alex Gibney’s film Enron: The Smartest Guys in the Room provides insights on various topics that are relevant to microeconomics in relation … Gibney’s film Enron: The Smartest Guys in the Room provides insights on various topics that are relevant to microeconomics in relation to……
References
Works Cited
Amadeo, Kimberly. “Deregulation Pros, Cons, and Examples.” The Balance, The Balance, 16 Jan. 2020, https://www.thebalance.com/deregulation-definition-pros-cons-examples-3305921
Gibney, Alex, director. Enron: The Smartest Guys In the Room. YouTube, Magnolia Pictures, 20 Oct. 2009, https://www.youtube.com/watch?v=BIwFO4_SWQQ&has_verified=1
Kienitz, Paul M. “ENRON: THE SMARTEST GUYS IN THE ROOM (2005).” Paulkienitz.net, Paulkienitz.net, https://paulkienitz.net/enron/smartest-guys.html
Study Document
Wells Fargo Collateral Protection Insurance Scandal
Wells Fargo scandal
The Wells Fargo Collateral Protection Insurance (CPI) scandal occurred as a result of the banking firm placing CPI on accounts even though the account holders did not ask for it or … was sued and agreed to settle the case out of court for approximately $400 million without admitting fault (Top Class Actions, 2019). The scandal, however, caused Wells Fargo to lose a great deal of reputation: customers began leaving the bank in droves and the firm suddenly found … excessive fees, believing no customer would be sophisticated enough to realize just how he was being overcharged—but customers did catch on and the scandal revealed a major weakness in the firm’s ethical framework. Instead of asking what the firm could do, it needed to be asking what … asking what the right thing to do was, as Horowitz (2011) notes in his TEDx Talk. This paper will……
References
References
Forsyth, D. R., & O’Boyle Jr, E. H. (2011). Rules, standards, and ethics: Relativism predicts cross-national differences in the codification of moral standards. International Business Review, 20(3), 353-361.
Goodpaster, K. (1983). Ethical frameworks for management. HBS.
Horowitz, D. (2011, May). We need a \\\\\\"moral operating system\\\\\\" Retrieved from https://www.ted.com/talks/damon_horowitz (Links to an external site.)
Top Class Actions. (2019). The settlement is closed. Retrieved from https://topclassactions.com/lawsuit-settlements/closed-settlements/917069-wells-fargo-auto-loan-insurance-class-action-settlement/
Study Document
Foxtrot Phone Scandal
Foxtrot Phone scandal - Case Study
Ethical dilemmas and issues are common in different areas in public and private sectors. These dilemmas and issues are attributable … problem to developing a course of action to resolve the issue. An example of an ethical dilemma or issue relates to Foxtrot Phone scandal. Foxtrot Company comprises nearly one hundred cadets from all four classes in the United States Coast Guard Academy. The company is one of … Cadets in this class at the academy are committed to the values of honor and dedication to duty. The ethical dilemma in this scandal will be analyzed and appropriate course of action developed to address it.
General Statement of the Ethical Dilemma
The case scenario in this … the company will prevent further losses relating to payment of the telephone calls by addressing the problem.
Ethical Criteria Used to Determine Action
corporate Ethical Virtues (CEV)……
References
References
Cooper, T.L. (2012). The responsible administrator: An approach to ethics for the administrative role (6th ed.). San Francisco, CA: Jossey-Bass.
European Ombudsman. (2012, November 15). Ensuring Ethics in Public Administration: The Role of the Ombudsman. Retrieved June 7, 2020, from https://www.ombudsman.europa.eu/en/speech/en/49379
Kapstein, M. (2015). The Battle for Business Ethics: A Struggle Theory. Journal of Business Ethics, 144, 343-361.
Ondrova, D. (2017). Challenges of Modern Public Administration and Ethical Decision-Making. RAP, 3, 255-279.
Singh, A.K. & Mishra, N.K. (2018). Ethical Theory & Business – A Study Based on Utilitarianism and Kantianism. International Journal of Humanities and Social Development Research, 2(1), 97-113.
Stein, C. (2019, January 25). Ethical Considerations in Public Administration. PA Times. Retrieved June 7, 2020, from https://patimes.org/ethical-considerations-in-public-administration/
Study Document
Net Worth Theory And Corporate Fraud
Danske Bank's Money Laundering scandal
Madinger (2006) points out that the net worth method is among the most common used in accounting forensics when it comes to detecting … a trillion dollars flowed is a prime example of a situation in which the net worth method could be applied to investigate this corporate fraud.
As Schwab (1961) states, the net worth theory rests upon the idea that if one’s net increase exceeds the income reported, the ……
References
References
IRS. (2017). Retrieved from https://www.irs.gov/irm/part9/irm_09-005-009
Madlinger, J. (2006). Money laundering: A guide for criminal investigators. CRC Press.
Milne, R. & Winter, D. (2018). Danske: anatomy of a money laundering scandal. Retrieved from https://www.ft.com/content/519ad6ae-bcd8-11e8-94b2-17176fbf93f5
Schwab, R. D. (1961). The Civil Aspects of the Net Worth Method. Wm. & Mary L. Rev., 3, 65.
Study Document
C Suite Executive Leadership And Ethics
… ethics officer” prove far more effective than nebulous means of approaching dilemmas and decisions (p. 39). Leadership always remains critical for the entire corporate culture, inculcating the values and norms of the organization through C-suite behavioral characteristics. Linden believes, as Hatcher (2018) does, that “an organization is … the artificial elevation of the company’s stock price, as well as broader societal problems like “lower shareholder returns, bubbles and crashes and huge corporate scandal,” (Martin, 2011, p. 43). In light of the ethical and even legal problems associated with providing C-suite personnel with stock in the firm, … and promotes the triple bottom line.
Leaders in the C-suite become role models for the company. Linden did not go into specifics regarding corporate social and environmental responsibility as they are practiced in his organization, but shows how sometimes extrinsic reward eventually leads to intrinsic motivation down ……
References
References
Bailey, C. & Shantz, A. (2018). Creating an ethically strong organization. MIT Sloan Management Review. http://ilp.mit.edu/media/news_articles/smr/2018/60101.pdf
Crossan, M., Mazutis, D. & Seijts, G. (2013). In search of virtue. Journal of Business Ethics 113(4): 567-581.
Hatcher, T. (2008). The value of values in the C-suite. In Sims, R.R. & Quatro, S.A. (Eds.) Executive Ethics. Charlotte: IAP, pp. 97-122.
Hoekstra, E., Bell, A. & Peterson, S.R. (2008). Humility in Leadership: Abandoning the Pursuit of Unattainable Perfection. In S.A. Quatro & R. R. Sims (Eds.), Executive Ethics: Ethical Dilemmas and Challenges for the C-Suite. Greenwich, CT: Information Age Publishing, pp. 79-96.
MacDougall, A.E., Bagdarasov, Z. & Buckley, M.R. (2008). Applying a primary risk management model to the C-suite. In Sims, R.R. & Quatro, S.A. (Eds.) Executive Ethics. Second Edition. Charlotte: IAP, pp. 211-234.
Martin, R. (2011). The CEO\\\\'s ethical dilemma in the era of earnings management. Strategy & Leadership 39(6): 43-47.
Schwartz, M.S. (2013). Developing and sustaining an ethical corporate culture: The core elements. Business Horizons 56(1): 39-50.
Study Document
Volkswagen Emissions Fraud
… opportunity to reduce the risk of such fraud by removing much of the moral hazard concerned with equity-based compensation and the misalignment of corporate goals and executive goals. This is done at the level of executive compensation structure, because once the moral hazard itself is created, the ……
References
References
Ganti, A. (2019) Rationcal choice theory. Investopedia. Retrieved January 18, 2020 from https://www.investopedia.com/terms/r/rational-choice-theory.asp
Palmiter, A. (no date). Corporate governance as moral psychology. In possession of the author.
Parloff, R. (2018) How VW paid $25 billion for dieselgate – and got off easy. Business Ethics. Retrieved January 18, 2020 from https://business-ethics.com/2018/02/08/1638-how-vw-paid-25-billion-for-dieselgate-and-got-off-easy/
Smith, A. (2018) Volkswagen ex-CEO charged with fraud in diesel emissions scandal. CNN. Retrieved January 18, 2020 from https://money.cnn.com/2018/05/03/news/companies/winterkorn-vw-diesel-scandal/index.html
Study Document
Enterprise Risk Management In Wells Fargo During The Pandemic
… and ERM; 5) a discussion of risk in terms of current and potential profit opportunities; 6) two specific ways in which auditors can corporate ERM into the company’s audits; 7) a discussion of the role of financial derivatives as both risk management and a speculative tool; and … approach to ERM could stand to improve. It lacks a proper assessment of reputation risk and fiduciary risk as it continues to face scandal like the 2016 fraud scandal and the current exploitative use of……
References
References
Beasley, M. (2020). How to Leverage ERM Principles to Better Respond to COVID-19-Related Risks. ERM Professional Insights.
Derysh, I. (2020). Watchdog questions why Wells Fargo reported giving only one large PPP loan to a Black-owned business. Retrieved from https://www.salon.com/2020/07/22/watchdog-questions-why-wells-fargo-reported-giving-only-one-large-ppp-loan-to-a-black-owned-business/
English, C. (2020). Wells Fargo Forced to Cut Its Dividend After Fed Stress Test. Here’s What Other Banks Did. Retrieved from https://www.barrons.com/articles/wells-fargo-forced-to-cut-its-dividend-after-fed-stress-test-51593467664
Hall, J. (2007). Internal Auditing and ERM: Fitting in and Adding Value. Retrieved from https://global.theiia.org/about/about-the-iia/Public Documents/Sawyer_Award_2007.pdf
Kaplan, R. & Mikes, A. (2012). Managing risks: A new framework. Harvard Business Review, 3.
Lewis, M. (2010). The Big Short. NY: W. W. Norton.
Lundqvist, S. (2014). Abandoning Silos for Integration: Implementing Enterprise Risk Management and Risk Governance. Lund University.
Morgenson, G. (2020). More Wells Fargo customers say the bank decided to pause their mortgage payments without asking. Retrieved from https://www.nbcnews.com/business/personal-finance/more-wells-fargo-customers-say-bank-decided-pause-their-mortgage-n1234610
Study Document
Cyber Crime IT Security Auditing
… IT security will be dealt with. According to research on the subject, IT security auditing constitutes a significant step in the safeguarding of corporate data against cybercrime, data breaches, and fraud. It must be performed from time to time in the form of a methodical analysis by … implementation of suitable security measures for averting such breaches and reducing their adverse impacts.
Security risks
Two classes of risks exist, against which corporate information systems require protection: logical and physical. The latter, more to do with devices as compared to the actual information system, encompasses natural … commonly occurring event was insider network abuse (44 percent) and, subsequently, mobile device (including laptop) theft (42 percent) (Suduc et al., 2010). Even corporate security measures concentrate on external threats owing to their disturbingly high incidence (sometimes more than half the sum total of risks) and to ……
References
References
Almatari, O. and Helal, I., and Mazen, S., and El Hennawy, S. (2018). \\\\\\"Cybersecurity Tools for IS Auditing.\\\\\\" The 6th International Conference on Enterprise Systems, At Limassol, Cyprus 10.1109/ES.2018.00040.
Davis, W. S., & Yen, D. C. (Eds.). (2019). The information system consultant\\\\\\'s handbook: Systems analysis and design. CRC press.
Diamantopoulou, V., Tsohou, A., & Karyda, M. (2019). From ISO/IEC 27002: 2013 Information Security Controls to Personal Data Protection Controls: Guidelines for GDPR Compliance. In Computer Security (pp. 238-257). Springer, Cham.
Khan, M. (2017). Computer security in the human life. International Journal of Computer Science and Engineering (IJCSE), 6(1), 35-42.
Lenghel, R. D., & Vlad, M. P. (2017). INFORMATION SYSTEMS AUDITING. Quaestus, (11), 178.
Manaseer, S., & Alawneh, A. (2019). ON CYBERSECURITY AUDITING AWARENESS: CASE OF INFORMATION AND COMMUNICATION TECHNOLOGY SECTOR. International Journal of Computer Science and Information Security (IJCSIS), 17(7).
Suduc, A. M., Bîzoi, M., & Filip, F. G. (2010). Audit for information systems security. Informatica Economica, 14(1), 43.
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