Enrons Collapse and Its Corporate Culture

Enrons Collapse and Its Corporate Culture According to Albert Camus A man without ethics is a wild beast loosed upon this world At first sight, Enron looks like a mega-size illustration of the bad apple among the ripes ones. It projected itself as financial of Business Ethics. On December 2.2001 Enron Corp. Filed the largest bankruptcy in U.S history due to many unethical issues. The Enron Scandal shocked the world. Enron had an overwhelming aura of pride and carried with it the deep-seated belief that its people could handle increasing risk without any consequences. The culture promoted greed and focused on how much money could be made for executives. For, example Enrons compensation plans seemed less concerned with generating profits for shareholders than with enriching Companys wealth. Enrons corporate culture reportedly encouraged profiteering. The Enron collapse has sent shockwaves all over the financial world and raised serious questions regarding corporate governance. The Enron bankruptcy is becoming the most famous and highly publicized bankruptcy case in history. There are numbers of unethical issues that contribute Enron to its bankruptcy. They are as follows-: Improper Accounting: One of the major reason behind of its bankruptcy was improper accounting system. (Enrons lawyers in august 2001)The company used corrupt accounting measures to make their profits .Although these practices produced more favorable financial picture ,outside observers believed they might constitute fraudulent financial reporting because they didnt accurately represent the companys true financial condition. For example the company established the special-purpose entities (SPEs) to move the assestd and debt of its balance sheet and increase cash flow by showing through its books when it sold assets. Hiding the losses and inflating profits: The company has a cash flow of negative amount $154 millions, Enron claimed of 3 million in its cash flow Bad Communication-: Delivering the bad news. Lying to the various stakeholders, the financial statements hide the momentous losses to their Stockholders. Stock analysts were often vague and didnt specify their operation cost and their finances. Misleading the financial reports-: The bankruptcy filing came after revealing that Enron used (SPEs),Special Purpose Entities. SPEs hid losses. Enron used SPEs to move assets and debts off it balance sheet. This enables increase in its Cash Flow. Poor business and accounting procedures encouraged greed. Unregulated private partnerships(SPES) to take on debts Over 5000 Enron employees lost their livelihood due to Top Managements greed. Enrons VP Sherron Watkins consistently sent reports out to the then Chairman outlining improper accounting methods employed. The biggest problem was that Enron outsourced its internal audit function. It outsourced both its internal and external auditing function to Arthur Andersen. 2. Did Enrons bankers, auditors, and attorneys contribute to Enrons demise? If so, what was their contribution? Enrons demise involve its relation to its bankers ,auditor and attorneys . Enrons auditor: Enron auditors knew in mid August from a senior Enron employees concern about improprieties in the energy companys Accounting practices (Washington Jan16) .Arthur Andersen was responsible for ensuring the accuracy of Enrons financial statements and internal bookkeeping. Andersons reports were used by potential investors to judge Enrons financial soundness and future potential before they decided whether to invest. Current investors decide if their funds should remains invested there. Former CEO Jeffrey Skilling, widely seen as Enrons mastermind. He was so sure he had committed no crime that he waived his right to self-incrimination and testified before Congress that he was not aware of any inappropriate financial arrangement. Jeffrey McMahon told a congressional subcommittee that he had informed Skilling about the companys off-the-balance-sheet partnership in March 2000, when he was Enrons Treasurer. (ENRONS COLLAPSE: OVERVIEW;RECEIVE WARNING ON ENRON FIVE MONTH AGO(Richard A jr. opeel. published on Jan 17 2007) Enrons bankers: Although the bank knew there was a problem with Enron finances Its own bankers . Their under writing feeling on debt issue sold to the public to prove that without the bankers Enron will never remained its scheme on the investing public . JPMorgan Chase and Citibank were already aware of the tax regulations and would have had sources for audited accounts. These banks issued large loans to the company. They could do so because they would then lay off much of the risk through a complex process of financial engineering. While shareholders pursue individual claims against the bank the decision Monday stymies any mass effect by shareholders recovers all the parts of loss of $40 billions from a wall street bank that earned millions of dollars from Enron in banking fees .(Julie Creswel) Enrons Lawyers: In the events leading up to the U.S. Securities and Exchange Commission (SEC) enquiry, Enrons employees shredded important documents to prevent any indictments. 3.What role did the chief financial officer play in creating the problems that led to Enrons financial problems? According to Bill Saporito, Fastow earned a reputation of being a money wizard who constructed the complex financial vehicles. He employed techniques that could rapidly exploit deregulating markets for energy, water, broadband capacity and anything else that could be traded. In 1993, Fastow created hundreds of special-purpose entities designed to transfer Enrons debt to an outside company and get it off the books-without giving up control of the assets that stood behind the debt. To prevent degrading in Enrons credit rating, Fastow tripled his staff, to more than 100.He hired various banking experts and giving them the task of selling and buying capital risk. This effectively allowed Enrons audited balance sheet to appear debt free, while in reality it owed more than 30 billion dollars at the height of its debt. While presented to the outside world as being independent entities, the funds Fastow created were to take write-downs off Enrons books and guaranteed not to lose money.. Fastow made tens of millions of dollars defrauding Enron in this way, while also neglecting basic financial practices such as reporting the cash on hand and total liabilities. Giles Darby, David Bermingham, and Gary Mulgrew worked for Greenwich NatWest. The three British men had worked with Fastow on a special purpose entity he had started called Swap Sub. When Fastow was being investigated by the SEC, the three men met with the British Financial Services Authority (FSA) in November 2001 to discuss their interactions with Fastow. REFERENCES AND BIBLIOGRSPHIES: 1.Farrell, O., Fraedrich ,J and Ferrell, L,(2010)Business Ethics: Ethical Decision Making and Cases (8th edition),Houghton Mifflin. 2.Cullen,J(1999)Managing Ethical and Social Responsibility: Challenges for Multinational Companies ,in Multinational Management .a Strategic Approach, International Thomson Publishing. 3.Ackman, Dan. .Enron Files Chap. 11.. Forbes Online 3 December 2001. http://www.forbes.com/2001/12/03/1203topnews_print.html Farrell, Greg and Woodyard, Chris. .Three powerful men forged Enron.s path.. USA Today 28 January 2002 4.Miller, Roger and Jentz, Gaylord A. .Business Law Today.. West Legal Studies in Business, 2000. 5.St. Onge, Jeff. .Enron set to file largest-ever Chapter 11.. Seattle Times 30 November 2001. 6.Talaski, Karen. .Enron.s fall sped Kmart into tailspin.. The Detroit News 27 January 2002. 7.Bankruptcy in Brief.. 4 May 2002 http://www.moranlaw.net/bankruptcybasics.htm 8.Cooper outlines Enron reorganization proposal.. Houston Chronicle.com 3 May 2002. 9.Enron Arranges $1.5 Billion of Debtor-In-Possession Financing.. Enron Corp. Press Release, 3 December 2001. http://www.enron.com/corp/pressroom/releases/2002/ene/95- 120301ReleaseLtr.html 10.Enron: Crouching Profits, Hidden Debt.. 30 April 2002 http://usgovinfo.about.com/library/weekly/aa011402a.htm 11.Enron Files Voluntary Petitions for Chapter 11 Reorganization.. Enron Corp. Press Release, 2December 2001. http://www.enron.com/corp/pressroom/releases/2001/ene/PressRelease 12.Enron Races to File for Chapter 11, Avoid Liquidation.. Wall Street Journal 30 November 2001. 13.Enron, the basics.. 5 May 2002 http://abcnews.go.com/sections/business/DailyNews/enron_subindex.html http://www.enron.com/corp/pressroom/messages/ees.html 14.Frequently Asked Questions About the Chapter 11 Filing.. Enron Corp. Press Release, 30 April 2002 15.http://www.enron.com/corp/pressroom/chapter11faq.html Profnet Round-Up: Corporate Bankruptcy.. Profnet Online 26 February 2002 16.http://www3.profnet.com/profnet_home/bubriefs-102.html

The History of Crayola Crayons

For nearly a hundred years children have used crayons to express themselves and their creativity. This is largely due to the brilliant inventors of one American company; Binney & Smith Inc. Edwin Binney and Harold Smith founded Binney & Smith in New York City in the 1800’s; around 1885, Joseph’s son, Edwin Binney, and nephew, C Harold Smith formed the partnership of Binney & Smith. The cousins extended Their company’s product line by including shoe polish and printing ink. The company purchased a stone mill in Eastern PA in 1900, to produce slate pencils for schools.This began the cousins to begin  research into non-toxic and colorful drawing materials for children to use. They’ve already accomplished inventing a new wax crayon used to mark milk crates as well as barrels, however the materials were covered with carbon black which was too toxic for children to use.Despite this concern the cousins were confident the pigment and wax mix they developed could be converted for a variety of safe colors. And, in 1903, a new brand of superior crayons tucked inside a yellow and green box of â€Å"eight† was introduced to the public- Crayola Crayons. (In French â€Å"Crayola† oleaginous means â€Å"oily and crayons â€Å"craie† meansâ€Å"chalk†). Generations later, thanks to its innovation in manufacture and excellent marketing by extending on their success by creating more colors inside bigger yellow and green boxes and changing with the times: In 1962, the color flesh, changed to peach, since everyone’s skin color wasn’t the same as well as a variety of other colors. Because of this adjusting to the changing times Binney & Smith are still king at the market they created decades ago.-Works Cited-Author: Mary Bellis;Inventors, Crayola Crayon History. WWW. inventors. about. com/library/inventors/blcrayon. html

Personal Statement On Professional Values - 933 Words

had encountered and I did not believe she was a bad person. Even though I disagreed with her mechanism of coping, I respected her and I provided the best care to her and her baby. In Mike’s situation, he confided to his nurse that he does not wish to continue with treatment and expects her to act on this. Ignoring Mike’s wishes not only would disrespect him, but also belittle him by making him think he is not capable of making decisions regarding his own life. Likewise, the nurse must also respect Mike’s parents. Family-centered care is being incorporated more in health care practice and the entire family is now being included in medical decisions. The nurse should respect how the parents believe that continuing treatment is vital for the wellbeing of their son. The nurse should also respect that the parents are not willing to give up on their son and are desperate to try anything to save him. Professional Values Professional values are important to have so an individual and health care professionals are aware of what is expected of them. They are established by professional nursing organizations to help guide how a nurse should deliver patient care. Altruism Altruism focuses on the wellbeing of the patient. The American Association of Colleges of Nursing (AACN, 2008) defines altruism as the â€Å"concern for the welfare and well being of others† (p. 27). In nursing that means advocating for their patients. It is the nurse’s responsibility to make sure a patient is gettingShow MoreRelatedPersonal And Professional Values In Nursing1592 Words   |  7 PagesA philosophy is a statement of values and beliefs to help guide one through their career. A personal philosophy should mirror the views of the individual and help shape their work to coincide with their personal values and beliefs (Marquis Huston, 2015). Nursing is a unique career that makes nurses examine themselves and their own life in order to provide the best care for all patients. It is important for a nurse to realize their own beliefs and learn how to incorporate them into their care inRead MorePersonal Statement And Social Responsibility Essay1122 Words   |   5 PagesSome of the important values identified in statements and artifacts of the organization are: respect, accountability, justice, integrity, altruism, compassion, social responsibility, honesty, courage, collaboration, competence, professional behavior, confidentiality, excellence, community building, rituals, and legacy. These values are expressed in agency’s statements and various artifacts. The Vision statement â€Å"All Children Deserve the Best† acknowledges social responsibility and excellence. TheRead MoreInternational Nursing Ethics1550 Words   |  6 Pagesare the following: Nurses value quality nursing care for all people. Nurses value respect and kindness for self and others. (ANMC (nd), p2) The practitioners above, by doing what they did, show that their interests do not lie in providing quality nursing care for people. They may provide this care in their own work duties, but if their escapades and pornographic exploits indicate that their quality nursing care if given, is flawed since Value statement #1: Nurses value quality nursing care forRead MoreIntroduction to Counselling Concepts1740 Words   |  7 Pagesto Counselling Concepts DRAFT Learner Statement 1: 31/1/06 - I am delighted to begin my path towards future mastery of counselling skills. I have already developed a strong background in mediation and psychology with numerous accreditations to my name. In undertaking my studies in counselling skills I seek to expand my repertoire of knowledge and understanding in the broad psychosocial arena, and add some useful new abilities to my professional ‘toolkit’. The counselling concepts classRead MoreCareer Pl Professional Development Plan1638 Words   |  7 Pages Week 5 Assignment 2: Professional Development Plan Name: Jennifer Jacobsen Date: 2/15/17 Overview: Professional Development Plan This course aims to help you utilize quality improvement processes and management tools to improve client care outcomes, partly by improving the nurse’s working environment as you make and implement good decisions. Now you will apply those processes and tools to yourself by creating a professional development plan. You will begin by completing some management graphicRead MoreMy Personal Philosophy Of Innovation1290 Words   |  6 PagesLeadership: A Personal Philosophy To embrace the person that you are, in a time and place where everyone seems to be telling you that you should be everything but the person that you are, is a daunting but worthwhile challenge. I believe that it is in the acceptance of our true selves, imperfections and all, that we gain the ability to view others through a lens colored with compassion and acceptance. It is then that we can become a leader who is self-aware and emotionally competent. Personal PhilosophyRead MoreMy Personal Statement : My Goals864 Words   |  4 PagesMy personal mission is to constantly strive to be the best overall person that I can be within my personal and professional life. My goals are to inspire and help others and myself around me to achieve greatness and balance that will to maximize our potential that will transcend the boundaries of our dreams. In addition to my mission statement, my core life values are the foundation of my mission statement, which allows me to uphold my promises and standards. These promises and standards will affordRead MoreDefinition of Nursing1191 Words   |  5 PagesNurses have been described as â€Å"lacking professional commitment and motivation, low in risk taking and change-making, having a ‘blue-collar mentality,’ being cautious and conservative, and suffering from lack of cohesiveness and collegiality† (Cohen, 1981; Eisenstein, 1982; Hughs, 1982; Hull, 1982; Kalisch Kalisch, 1977; Kerr, 1982; Lowery-Palmer, 1982; Muff, 1982; Weiss Remen, 1983 as cited in Chandler, 1986, p.1). With this definition of what a nurse has been professed as, there is a fundamentalRead MoreAffect of Cultural Values And Personal Ethics in Business Decisions1221 Words   |  5 PagesPersonal, organizational, and cultural values can create a difficult problem when trying to make a business decisio n that includes all the previously stated. Personal values are what each individual holds dear to them living the types of lives that he or she like and would like to lead. Organizational values are what are best for the company to maintain a good public image and employee guidance. Cultural are set on traditions handed down from generation to generation to preserve a way of livingRead MoreCode Of Ethics For Nurses1114 Words   |  5 Pages Professional Code of Conduct Fadrique R. Charlot Nova Southeastern University Professional Code of Conduct Health professionals hold the commitment of providing quality health care to the society in order to fulfil the health concerns of the general population presented daily. Hence, health care practices are established on ethical principles concerning the life and health of human being accordingly. Its values place all obligation in which patients are protected from harm and

Essay on Jocasta in Oedipus the King - 653 Words

The Role of Jocasta in Oedipus the King Blessed is the man that endureth temptation: for when he is tried, he will receive the crown of life, which the Lord hath promised to them that love Him. nbsp;(James 1:12) nbsp;Such is the proclamation in the Holy Bible, and so was the proclamation in ancient Greece. Since the founding of religion, the gods have sought to test those with power. Jocasta was sent by Apollo to do just that: to test Oedipus - the king of Thebes - faith and conviction. Throughout the play, Jocasta tested the beliefs of those around her by feigning disbelief in the gods herself. Though she put up this false front, she did keep her faith. At the beginning of the scene wherein a messenger relayed word of†¦show more content†¦Jocasta proceeds to plant doubts of the gods by telling Oedipus the story of the Delphian Oracle and the circumstances surrounding Laius death. Again, after Polybus death, she excitedly tells Oedipus that his prophecy was obviously untrue, though it wasnt, and by doing so she attempts to hint that the oracles - and thus the gods - are false. By planting this doubt in Oedipus mind, the gods are able to test his faith, and his ruling power, through Jocasta - a test which he fails until it is too late. Why, then, would Jocasta be forced to perform such a dubious task for the gods? It is because she tried to avoid an earlier prophecy. By tying her childs feet together and casting him out, she attempted to defeat the gods, and this of course angered them. Her punishment, then, was to test the beliefs of the very child she cast out. nbsp; Oedipus Rex was Sophocles attempt to show the Greeks that they could not avoid the dealings of the gods, or they may be forced to conspire against the very people they should love most. Jocasta was, in this way, a victim. Though it was by her own doing that this penalty was cast upon her, it was not something she was happy to do, which becomes apparent when she realizes the truth in her earlier prophecy. It is at this moment that she becomes aware of her punishment, and in desperation kills herself. Oedipus Rex is a true tragedy in the sense that fate andShow MoreRelated Comparing Female Characters in Euripides Medea and Sophocles Oedipus the King and Antigone1555 Words   |  7 PagesComparing Female Characters in Euripides Medea and Sophocles Oedipus the King and Antigone      Ã‚  Ã‚   In the times of the ancient Greeks, women had an unpretentious role. They were expected to do take on the accepted role of a woman.   In most cases, a womans role is restricted to bearing young, raising children, and housework. In Sophocles Oedipus   the King, Antigone, and Medea, the dominant female characters impacted upon men with authority and political power.   It is Read MoreOedipus The King The Concept Of Fate Came Up All Through The Play1302 Words   |  6 Pagesneed, joy will undoubtedly be inevitable for them. The same fate had happened to Sophocles protagonist Oedipus the king, who had tried to avoid his fate by running away, but eventually, he could not avoid his fate. This essay will discuss how Oedipus tried to avoid his fate and how he could have stopped his future from coming to past. However, when I first started reading the play Oedipus the king the concept of fate came up all through the play. Because of this many questions came to mind, but onlyRead MoreSpousal Relationships in Macbeth and Oedipus the King Essay738 Words   |  3 PagesIn Macbeth, by William Shakesphere, and Oedipus the King by Sophocles, the spousal relationship between Macbeth and Lady Macbeth, and Oedipus and Jocasta, play a major role in the events that lead to the tragedy. Their love, respect, and determination for each other reveal the nature of the relationship shared by them. In Macbeth, the bond between Macbeth and Lady Macbeth is strong. For instance, when he first hears the prophecy from the three weird sisters, he immediately writes to Lady MacbethRead MoreThe Characters Of Oedipus Rex By Sophocles973 Words   |  4 PagesMaya Fleischer Ms. Hampson World Lit II CPA 11/7/17 Oedipus Essay Whether positive or negative, individuals have various characteristics that define them. Many people struggle to find a balance between confidence and arrogance. Oedipus, King Laius, and Queen Jocasta fall into this category, as they all possess this character flaw. Throughout Oedipus Rex by Sophocles, these characters make decisions based on what is best for themselves. Sometimes putting yourself before others is necessary forRead MorePeople tend to be blinded by the truth at times. Usually, the solution to their question is right800 Words   |  4 Pagesplay Sophocles’ King Oedipus, Teiresias, the blind prophet, told King Oedipus and Queen Jocasta the truth. Oedipus have been blinded his whole life about the truth and when he finally realizes the truth, he physically blinds himself. Jocasta, as well was blinded by the real identity of her son/husband Oedipus and still when she found out the truth, she refused to accept it. In this situation, those who were blind ultimately do have a higher vision, which is the truth. In this essay I will prove theRead MoreA Greek Play Created By Sophocles1608 Words   |  7 Pagesplay created by Sophocles around 335 BC, Oedipus the King tells a story about one man’s irony to find the previous’ king’s murderer to seek justice. Oedipus stops at nothing to find the killer. As he questions the citizens, he only finds himself to be the killer. In this essay we explore how one major event can create multiple forms of conflict. The conflicts of Human vs. supernatural, the predestined fate of Oedipus and the gods. Human vs. human, when Oedipus heeds no warnings and stops at nothingRead MoreComparison of Oedipus the King and Death of a Salesman Essay1025 Words   |  5 Pagestheme, which will be discussed in the essay. Oedipus the King opens in a Greek amphitheatre depicting the front of a Theban palace. Throughout the play, the setting remains constant. This changes to a more fast-paced play with different settings in different places in Death of a Salesman. Dramatic irony in Oedipus the King is evident throughout, which is similar to the latter play, but in a different form. In here, the irony is evident. Oedipus the King revolves around characters attempts toRead More Oedipus, the Cursed Man Essay830 Words   |  4 PagesOedipus, the Cursed Man      Ã‚  Ã‚   Have you ever had one of those days when it seems that everything is against you, that life could not look any bleaker than it does right now? We have all had moments like those, but nothing can compare to the feeling Oedipus had on that dreadful day when he found out that he was cursed by the gods, destined to kill his father and marry his mother. This tragic story of the cursed man is told in Sophocles play, Oedipus the King. This essay will examine oneRead MoreNoting Details1540 Words   |  7 Pagesof noting details is a brief record of something that one has written down on paper. This may be a statement, a quote, a definition or a phrase one may have written down in order to remember. This noting of details may be used later in a speech, an essay or any other type of future reference of written or oral form. The meaning of noting details is that you remember the good things, DETAILED, EXPLAINED things that make the book or story or literature piece good. So you note them down to remember themRead More Significance of the Women in Oedipus Rex Essay2638 Words   |  11 PagesSignificance of the Women in Oedipus Rex  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚         Michael J. O’Brien in the Introduction to Twentieth Century Interpretations of Oedipus Rex, maintains that there is â€Å"a good deal of evidence to support this view† that the fifth century playwright was the â€Å"educator of his people† and a â€Å"teacher†. Sophocles in his tragedy, Oedipus Rex, teaches about â€Å"morally desirable attitudes and behavior,† (4) and uses three women to help convey these principles of living. This essay will explore the role of