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After becoming a public company in August 2005, it was revealed that Phillip R. Bennett, the company's CEO and chairman, had concealed $430m of bad debts. Its underwriters were Credit Suisse First Boston, Goldman Sachs, and Bank of America Corp. The company entered Chapter 11 and Bennett was sentenced to 16 years in prison. Bear Stearns: United ...
An Enron manual of ethics from July 2000, about a year before the company collapsed. Enron's complex financial statements were confusing to shareholders and analysts. [1]: 6 [10] When speculative business ventures proved disastrous, it used unethical practices to use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.
The company's policy is the 'umbrella' of ethics that play a major role in the personal development and decision-making processes that people make with respect to ethical behavior. The ethics of a company and its individuals are heavily influenced by the state of their country.
Starbucks was sued for marketing its commitment to “100% ethical” sourcing while using some suppliers with “documented, severe human rights and labor abuses.”
Both Lehman Construction and Clarkson Construction had paid fines for safety violations on construction projects in the past five years.
The responsibilities include leadership in ethics, delegating, and communicating as well as motivating the company's ethical position to its employees. [14] Some corporations have tried to burnish their ethical image by creating whistle-blower protections, such as anonymity. In the case of Citi, they call this the Ethics Hotline. [15]
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Some ethical considerations which may become apparent in the durability of contracts are cultural relativism and moral relativism. Grace and Cohen (2005, 200) describe cultural relativism as the extent to which different societies and cultures have different values and ethical standards in the fields of business and organisational life.