Introduce yourself briefly. Discuss your prior knowledge of and interest in the course topic. Also, explain how this course will assist you in your career path. Next, choose one of the options below for discussion. Be sure to elaborate and explain. Exhibit 2-1: Enron, WorldCom, and Shifts in Business Regulation (p. 19 (in the text Google either of these two companies to learn the story of the financial scandals that resulted in the loss of millions of dollars and the imprisonment of corporate officers Do you think that the CEos and other corporate officers were justly ?held criminally responsible Do you believe that business can regulate itself to act ethically or is
?wrongdoing? Investors Elaborate and explain For one of your posts, do a little exploring online and discuss another white-collar crime story in the news. Include one source, properly cited .in APA format
Hello everyone,
I am currently completing a BS in Business Administration with a concentration in
knowledge on business laws. However, I hope to build a solid foundation, as well as
professional career in management.
Discussion:
Enron Corporation was a powerful business formed in 1985 with Kenneth Lay, as a CEO and chairman. Enron was cataloged as one of the largest companies in the United States that shatter overnight, and affecting adversely thousands of employees and stockholders by incurring in unethical business practices.The
financial losses of the company using mark-to-market accounting. This type of accounting enabled Enron to write off unprofitable activities, and make the company appear more profitable than it was.
I don't think the parties involved in this scheme were held properly accountable for
he was sentenced. He claimed his innocence of such charges. But in my opinion, he never paid for his wrongdoing, as he died while he was vacationing. CFO Andrew Fastow only served five years. CEO Jeffrey Skilling was initially sentenced to 24 years, but only served 14 years. Arthur Andersen LLP, did not fulfill its professional responsibilities and yet their conviction was overturned and they still in
and jobs.
I think this type of business can not regulate themselves. Government oversight is
stakeholders are protected, and ultimately to encourage an ethical business practice behavior. Enron's case led to the creation of new regulations and legislation to promote the transparency and accuracy of financial reporting. Although the regulations implemented after this case have not prevented fraud from happening, they certainly have helped to hold accountable many companies that have tried to incur in such unethical practices. After the downfall of Enron Corporation, we have witnessed other companies involved in similar financial scandals like Enron. This
can not regulate themselves and government oversight is needed.
Reference
Warren, C.S., Reeve, J. M., & Duchac, J. (2017). Corporate financial accounting (14th ed.) Boston, MA: Cengage Learning.
Steve Mariotti (2014) "The young entrepreneur's guide" /New York: Crown Business
https://www.investopedia.com/updates/enron-scandal-summary/
Business Law-dynamic Business Lae - Kubasek, Browne, Herron, Dhooge, Brakacs, 4e, Business Ethics