The Reprehensible Story Of The Enron Corporation - 1680 Words

The reprehensible story of the Enron Corporation’s rapid rise to success followed by their consequential disgraceful fall is one that has captivated the attention of the public for more than a decade. Not only was this scandal highlighted largely due to the widespread publication of the Enron Corp’s actions in the newspapers and television but must notably their substantial contradictory actions against not only basic ethics but Enron’s published Code of Ethics. Outlining the reputation of Enron, Kenneth Lay, Chairman and Chief Executive Officer (CEO), in a foreword within Enron’s Code of Ethics stated, â€Å"to be proud of Enron and know that it enjoys a reputation for fairness and honesty and that it is respected.† Even though Kenneth Lay spoke to the company as a whole on manners in ethics and good conduct, it was he and a number of other high placed executives who choose to ignore their own statements and act in complete disregard. When running an organization executives are held responsible and expected to maximize their shareholders interests and enhance overall capital gain while upholding to the practice of ethical processes and abiding by common governing virtues. Through the study of three key virtues (integrity, fairness, and justice) and applying them to the Enron case, it will quickly be seen how evident the leaders of this organization choose to neglect ethical practices and virtues to gain personal financial growth. Virtue Ethics To begin one must comprehendShow MoreRelatedEnron3125 Words   |  13 Pagescollapse of Enron had substantial and far-reaching ramifications throughout the financial investment field, tax compliance professions and the accounting profession. Intense Congressional scrutiny resulted in a new era of transparency in financial reporting, stricter reporting standards as provided in Sarbanes-Oxley and substantial penalties for failure to comply with new financial reporting and tax compliance standards in the Internal Revenue Code (Bottiglieri et. al., 2009) Enron Assignment Read MoreThe History Of Lehman Brothers2485 Words   |  10 Pagesas the general public been aware of the current issues within Lehman brothers , more intellectual and financial aid would have been available to minimize losses and potentially avoid total collapse. Had Fuld acted more prudently, Lehman Brothers’ story may have ended differently. (Salisbury, I. 2014) The second ethical issue that Lehman brothers made was when Chief Financial Officer Erin Callan approved to transfer huge sum of assets away from Lehman brothers accounts into Hudson Castle which wasRead MoreOrganisational Theory230255 Words   |  922 Pageschallenges understandings of the relationship between organizations and society A puzzle – is it is better to ‘belong’ or to be an ‘individual’? Longing to belong: too much commitment A reminder – the human relations approach is not the only neo-modernist story in town How neo-modernist organization theory challenges understandings of organization culture Creating a culture that gives meaning to work Developing understanding of culture Developing a ‘practical theory’ of organizational culture The vehicles