Management papers - Essay Example

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Skilling and ex CFO Andrew S. Fastow produced and carried out business thoughts that created major problems, that could not be solved either ethically or legally thus causing the downfall of the organization. For this purpose, company was created…
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Management Papers Enron’s former CEO Jeffrey K. Skilling and ex CFO Andrew S. Fastow produced and carried out business thoughts that created major problems, that could not be solved either ethically or legally thus causing the downfall of the organization. For this purpose, company was created to be an asset light company as its risk management and trading skills were applied to assets heavy outsiders. In order to maintain its high credit rating and raising more capital, most of its assets were relocated by Enron into complex off-the-book special purpose units. The key players in this fraud, the top management, preferred their own short-term fiscal profits and stakeholder deceit that destroyed not only their business, social and personal reputations and position. Being pressured by Enron’s senior management, Arthur Anderson and Vinson and Elkins aided it in its deceit. Thus the fundamental source of fraud was the neglect of organizational and individual integrity capacity. The top management boasted themselves as credible corporate citizens though swindling employees and investors, the executives of Enron were aware of such misconduct still they remained silent and supported the top management thus neglecting the process integrity capacity by neglecting moral awareness, moral deliberation, moral character as well as moral conduct (Petrick & Scherer 39).
The Enron’s commitment to specific ethics theories, and deformed managerial judgments yielded poor outcomes in treating moral and behavioral complexity (Petrick and Quinn 4), thus neglecting the judgment integrity capacity. Moreover, the moral infrastructure at Enron lacked the system integrity capacity that’s why could not constrained the development of such a fraudulent, immoral and illegal activities.
In order to avoid such frauds in future, the managerial legal duties scope should be enhanced to comprise the democratic participation of institutionalized stakeholder in corporate governance. All level employees and stakeholders should be made accountable for their immoral conduct. An ethical culture should be developed in the organization that is supported by all the member of organization. Such immoral acts should be firmly penalized at all levels and ensured that their reoccurrence is minimized. Employee survey should be taken periodically to ensure that such acts can be reported from all levels within the organization. Whistle blowers should be encouraged and rewarded.
Works Cited
Petrick, Joseph A. & J.F. Quinn “The integrity capacity construct and moral progress in business.” Journal of Business Ethics 23.1(2000):3-18. Print.
Petrick, Joseph A. & Robert F. Scherer. “The Enron Scandal and the Neglect of Management Integrity Capacity.” Mid-American Journal of Business 18.1(2003): 37-49. Print. Read More
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