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Economics or Ethics - Assignment Example

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In the paper “Economics or Ethics?” the author discusses a set of moral principles held by an individual or a group, encompassing individual behavior, environmental policy, staff policy, and corporate social responsibility, which has gained importance recently. …
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Economics or Ethics
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Download file to see previous pages Several CEOs in America have in coalition with top managers deviated from the norms of corporate governance and caused immeasurable woes to the stakeholders. Using their power and ego they chased the wealth for personal gains without any concern for the shareholders or other stakeholders of the company. Enron, the world’s largest energy trader at one time, had to file bankruptcy under Chapter 11 when about 5000 workers lost their job (Bhattacharya, 2004). Arthur Anderson, one of the big five auditing firms was charged to have colluded with the management to misappropriate funds and project a picture different from the reality. Income was inflated and then all concerned papers were destroyed. The leadership at Enron was concerned with maximizing shareholder value and hence they hid debts and overemphasized profits (Gardner, 2006). They blinded themselves to ethics and limited their capabilities to recognize ethical and moral issues. The leadership did not see any harm in their actions and they believed there were no ethical issues involved. One senior Enron executive, Sherron Watkins did apprise the CEO of the accounting irregularities in 2001 and stated that this could pose a threat to the company (Williams, 2002). This was ignored and so were the concerns of another employee Baxter. Employees are expected to bring with them certain values. As good communicators, they are expected to create, defend and promote the best image of the employer and implementation of these does not pose serious ethical dilemmas. Most organizations have code of conduct but Enron suspended the Code of Ethics.
The Corporate Governance norms were violated at WorldCom, which is unexpected of the Directors and the CEO. Over ambitiousness of the CEO to acquire several companies with the stocks of WorldCom led him to boost the company’s profits. ...Download file to see next pagesRead More
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