The Ethics Of The Enron Scandal - 1441 Words

The definition of ethics is living one s life according to right or wrong behavior both towards others and themselves (Ghillyer, 2014). How a person derived to their beliefs of right or wrong is a direct reflection of several factors such as; family upbringing, and religious dynamics. Each of these characteristics plays a major role in the direct choices a person will make in their day to day lives. While some people can stand by their personal beliefs regardless of the situation, there are some who are heavily influenced by others. However, in the business world, the influence of power and money has cost people their livelihoods as well as compromised their self-dignity on many levels. One highly publicized scandal that many have known and read about is the Enron Scandal. The motive behind what a person will do remains endless as it is seen in this unfortunate tale of lies and greed in one corporation. The part that many question even to this day is when the story unfolded it was announced that several people in high positions were all aware of the unethical practices being done but, all decided to turn a blind eye. In the next few paragraphs, we will look at the events that led up to the fall of a company that was at the height of its growth and how all of that would change within minutes. Undoubtedly the Enron scandal will be one incident that will be spoken of amongst big corporations and financial institutes for a long time. Many have asked the question, who wasShow MoreRelatedThe Ethics Of Enron Scandal1017 Words   |  5 PagesThe Dilemma Often an ethical dilemma does not appear abruptly but can rather be the proverbial slow boiling of a frog as they say. Enron was an economic powerhouse in the early to late 90’s. Its financial success was due to a great understanding of the opportunities available in the energy market due to deregulation across the country. The company was founded on sound financial principles which turned to illegal recklessness over time. Key personnel succumbed to unethical pressures which built upRead MoreThe Ethics Of The Enron Scandal1902 Words   |  8 Pages Ethical Scrapbook In the three excerpts that will be discussed in this report there is a theme. That theme is ethics or the lack there of. What all three of these cases have in common is that people were willing to trade in their reputations, their livelihood and in some cases their personal freedom to get what they wanted. In two of the examples, the prize they sought was money, pure and simply a case of greed. Importantly, these people already had significant wealth, and they were willing toRead MoreThe Ethics Of The Enron Scandal861 Words   |  4 Pagesfiled for bankruptcy. Enron, a seemingly invulnerable company would eventually provoke sweeping changes in regulation that controls the management and accounting of public companies even to this day. 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There are standards and rules set in place to ensure that ethics and information is reported accurately. Laws and repercussions are created place to deter unethical and illegal accounting practices, although it still occurs in the business world on many levels. The field ofRead MoreWhat I Learned from Studying the Rise and Fall of Enron693 Words   |  3 Pagesand no need for regulations. But this is not an ideal world and these problems happen every day. The business world is not exempt from this problem. Many businesses rely on ethics to help guide their company successfully. Our textbook Business Ethics: How to Design and Manage Ethical Organizations Denis Collins defines ethics as, â€Å"the set of principles a person uses to determine whether an action is good or bad† (5). All over the world there are businesses that take part in unethical behavior forRead MoreJaclyn Givens. Kathy Osburn. Management 101. 5/8/17. The1400 Words   |  6 PagesJaclyn Givens Kathy Osburn Management 101 5/8/17 The Enron Era â€Å"Just as character matters in people, it matters in organizations,† says Justin Schultz, a corporate psychologist in Denver. The Enron scandal had a big exposure in 2001 confirming the big secret to the increase in billions. In July 1985, Enron formed the merger of Houston Natural Gas and Omaha-based Inter North. The Enron corporation was an American energy company based in Houston Texas. The corporation’s catastrophe in 2001 signifiesRead MoreEnron Essay1433 Words   |  6 Pagesthe Causes and Effects of the Enron Accounting Scandals Name: Do Minh Tam Class: MEP 100 Lecture: Karen Bird Date: December 24, 2010 Introduction Background From the 1980s until now, there have been a lot of accounting scandals which were widely announced on by media. The result of this situation is many companies were bankruptcy protection requests, and closing. One of the most widely reported emulation of accounting scandals is Enron Company. Enron Corporation is one of the largestRead MoreEnron and Worldcom Case Study1225 Words   |  5 PagesEnron and WorldCom Case Study This report is based on the demise of Enron Corporation and WorldCom. Both the firms are demised due to the ethical lapses. These ethical lapses come into existence when managements of the firm, uses unethical practices to accomplish the goals of the firm. Maintaining financial and accounting standards in the business practices are necessary. The profession of accounting has become a mockery due to the accounting scandals that took place all over the world in the