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Enron and bad ethics

An Enron shareholder suit claims that former Enron Chairman Kenneth lay sold $184.5 million in stock, Chief Executive Officer Jeffrey Skilling sold $70.7 million and Richard Causey sold 134.4 million dollars. (http://taipeitimes.com/news/2002/06/18/story/0000140860).
             Michael Kopper, a former executive at Enron, admitted to obtaining $12 million illegally. Creditors are suing for the amount. The amount of the entire lawsuit is $50 billion. The creditor filed the lawsuit with federal bankruptcy court.(http://news.bbc.co.uk/1/hi/business/2218613).
             The University of California filed an amended complaint in its lawsuit against Enron. The university filed the lawsuit on behalf of stockholders who lost at least $25 billion in their Enron investments. (news.bbc.co.uk/1/hi/business/1917627).
             Timeline of Important Events.
             The collapse of energy giant Enron is the largest bankruptcy and one of the most shocking failures in United States corporate history. In just a little over 15 years, Enron grew into one of the US's largest companies. It embraced new technologies, established new methods of trading in energy and seemed to be a shining example of successful corporate America. Enron was born in July 1985 when Houston Natural Gas merged with Omaha-based InterNorth.
            
             • Dec. 2, 2001: Enron, once one of the world's largest electricity and natural gas traders, files for Chapter 11 bankruptcy protection. .
            
             • Jan. 10, 2002: The Justice Department confirms that a criminal investigation of Enron's collapse has begun. .
            
             • Jan. 23, 2002: Kenneth Lay resigns as Enron's CEO. .
            
             • Jan. 23, 2002: The FBI begins it's investigation of the document shredding. .
            
             • Jan. 24, 2002: Congressional hearings begin. David Duncan, former partner at Anderson LLP, refuses to testify about the shredding of Enron-related documents. .
            
             • Jan.


Essays Related to Enron and bad ethics

1. Enron Ethics

A mix of bad judgments helped stimulate greed to the executives, which caused millions of dollars to be put into their own pockets. ... Many lawsuits have been filed against Enron. ... As head of a corporate board you are setting standards and are a role model for other employees of the company and he has set an extremely bad example. ... In September Enron Corporation collapsed due to many outstanding abuses made by top executives and workers at Enron. ... These scholars and their principles combined create a morally correct work code of ethics. ...

  • Word Count: 920
  • Approx Pages: 4
  • Grade Level: Undergraduate

2. What Makes Companies Fail? Enron And Worldcom

Bad business practices and poor ethics, for sure, greatly contribute to failure. Such is the case with Enron and WorldCom. ... As we have learned in the University clases over and over again, ethics is very important to company's success because ethical approach to business sparks investor confidence and consumer loyalty. ... Enron According to Florida Pace Action Report (February 9, 2002), Enron's most recent troubles can be traced to revelations in October 2001, when the company's bad accounting practices emerged. ... When these debts and losses became known, the marketpla...

  • Word Count: 458
  • Approx Pages: 2
  • Has Bibliography
  • Grade Level: Undergraduate

3. Enron and the Sarbanes Oxley Act

The company seemed like a healthy giant, but behind the curtains, Enron's' executives, filled with bad business ethics and greed were manipulating the company's financial statements to hide its debt and overstate its profits (Jickling). ... The collapse of Enron was undoubtedly due to a mix of bad corporate ethics, lack of corporate governance, manipulated accounting guidelines, and most importantly a large conflict of interest (Jickling). ... As if that wasn't bad enough, many of Enron's executives were former AA executives (Buckstein). ... The last major discussion t...

  • Word Count: 3410
  • Approx Pages: 14
  • Has Bibliography
  • Grade Level: Graduate

4. Enron

Enron was such an example. ... The ultimate failure of Enron may be the lack of "management ethics". ... These people maintained an illusion of Enron's financial health. If Andersen had blown the whistle on Enron's financial transactions, Enron may have been forced to keep its debt from spiraling out of control. ... Malaysia's Iszudin Mohd Amin sums up the current feeling: "No thanks to these few bad apples, the dignity of the accounting profession has suffered in the wake of Enron. ...

  • Word Count: 1015
  • Approx Pages: 4
  • Grade Level: Undergraduate

5. Enron

THE COLLAPSE OF ENRON On November 29,2001 the Wall Street Journal ran an article"Running On Empty"-Enron Faces Collapse. ... It is also reported that Enron didn't pay federal income tax for five to six years.Some say Enron triggered K-Mart's bankruptcy. Enron has filed for Chapter 11 bankruptcy. ... The employees want to know the involment there 4-As Enron crashes angry employees want to know where were the firm's suditors, regulators and the stock analysts 5-For Enron Washington may have been a bad investment.John McCain is reported to have said"Big business maybe learning...

  • Word Count: 1748
  • Approx Pages: 7
  • Grade Level: High School

6. Ethics

The Random House-WebsterDictionary of Modern English defines ethics as: The branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of actions and the goodness and badness of motives and ends. (Random House) Ethics refers to principles that define behavior as right, good and proper. ... Clearly, Enron and WorldCom represented some of the most extreme examples of "ethically challenged" decisions, yet they clearly represent a need for a better understanding of ethics in decision making. Enron was not the only company that used bad ethics ...

  • Word Count: 838
  • Approx Pages: 3
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  • Grade Level: Undergraduate

7. Why Business Ethics are Crucial in the Workplace

What is meant when we talk about "Ethics"? ... Ethics, applied to the business world, is a form of what is called "applied ethics." ... Take Enron, for example, which shocked the U.S. public back in 2000's. ... Another example of bad ethical decisions made by a big name company can be found examining the behaviors of Adelphia Communications. ... Another is The Integrity-Based Ethics Codes. ...

  • Word Count: 832
  • Approx Pages: 3
  • Grade Level: Undergraduate

8. Management Ethics

Overview of Ethics In order to properly discuss the increasing importance of ethics in a company, it is necessary to look at the nature of ethics and how it applies to behaviour in the workplace. ... Enron is an excellent example of ethics conflicts corporations face within the free market. ... It is important to understand that Enron executives do not represent the real ethics behind moneymaking; over the long term, profits cannot be faked, they must be earned (Brenner 392). ... Skilling repeatedly told the media of how well Enron was doing, all the while aggressivelyencouraging? ... Tyc...

  • Word Count: 2116
  • Approx Pages: 8
  • Has Bibliography
  • Grade Level: Undergraduate

9. Enron Scandal

Much like many big corporations, Enron had it's good side and a bad side. In the year of 2002, the bad side of Enron was revealed to the nation. ... Enron was a Texas based company. ... Many companies put forth mission and vision statements highlighting their codes of ethics and values, which in essence, identifies their level of consciousness and morality. ... Enron employees built up their retirement plan based on their Enron stock holdings. ...

  • Word Count: 1298
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