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The WorldCom Accounting Scandal - The WorldCom Scandal   Contents Key elements at WorldCom………………………………………………………………………3 Corporate Governance Issues at WorldCom…………………………………………….........4 UK Corporate Governance...................................................................................…...5, 6 Conclusion………………………………………………………………………………………… 6 References………………………………………………………………………………………….7   Key Elements at WorldCom WorldCom began as a small provider of long distance telephone service. During the 1990s, the firm made a series of acquisitions of other telecommunications firms that boosted its reported revenues from $154 million in 1990 to $39.2 billion in 2001 (Lyke and Jickling, 2002)....   [tags: WorldCom ]
:: 4 Works Cited
1587 words
(4.5 pages)
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Worldcom Accounting Scandal - It has been noticed that during the accounting scandal of WorldCom, journal entries in the amount of $150 million and $771 million, respectively, were made by two General Accounting employees – Dan Renfroe and Angela Walter—without detailed support. Although, this was not out of the ordinary at WorldCom, this is not a correct accounting practice as it is against the basic principles of bookkeeping and accounting. This is because detailed support in the form of documentation is the key element in providing support to a journal entry and explains the reason or purpose why the journal entry was created in the first place....   [tags: Worldcom Accounting Fraud]
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1228 words
(3.5 pages)
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The Case of WorldCom - Equal Pay for Equal Work Ethics has been around since the first humans could understand the concept of right and wrong. More specifically in accounting the most ethical decision doesn’t always produce the most outcomes for a company. For example, falsifying documents or information to improve the overall image of the company to the public. For this reason one can see why someone might be tempted to this type of unethical behavior. WorldCom can be the perfect example of what can go wrong when these types of behaviors are going on within a business....   [tags: business ethics, scandals]
:: 8 Works Cited
1172 words
(3.3 pages)
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A Look Inside The WorldCom Scandal - WorldCom was the ultimate success story among telecommunications companies. Bernard Ebbers took the reigns as CEO in 1985 and turned the company into a highly profitable one, at least on the outside. In 2002, Ebbers resigned, WorldCom admitted fraud and the company declared bankruptcy (Noe, Hollenbeck, Gerhart, &Wright 2007). The company was at the heart of one of the biggest accounting frauds seen in the United States. The demise of this telecommunications monster can be accredited to many factors including their aggressive-defensive organizational culture based on power and the bullying tactics that they employed....   [tags: Business Fraud]
:: 11 Works Cited
958 words
(2.7 pages)
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The Accounting Fraud At Worldcom - From the time of WorldCom’s inception there always seemed to be a tradition in management as if the company was only 100 or so employees. There was a “good old boys” mentality among the limited few running the company and if you were outside that circle then were told only what they wanted you to hear. An unspoken rule among employees was to do what you were told without questions or risk the consequences. One example of this situation occurred when senior management member Gene Morse told an employee “If you show those damn numbers to the f****ing auditors, I’ll throw you out the window” (Kaplan, R.S., & Kiron, D., 2007, p....   [tags: Critical Thinking Essays]
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1350 words
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Remembering the Frauds at Enron and WorldCom - "This is why the market keeps going down every day - investors don't know who to trust," said Brett Trueman, an accounting professor from the University of California-Berkeley's Haas School of Business. As these things come out, it just continues to build up"(CBS MarketWatch, Hancock). The memories of the Frauds at Enron and WorldCom still haunt many investors. There have been many accounting scandals in the United States history. The Enron and the WorldCom accounting fraud affected thousands of people and it caused many changes in the rules and regulation of the corporate world....   [tags: corporate financial scandals] 2739 words
(7.8 pages)
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Business Analysis: WorldCom Inc. - Imagine if you would, being a brand new business school graduate and being offered the opportunity to work for one of the largest and most prestigious company in the United States. Not only that, at WorldCom, you may be "granted compensation beyond the company's approval salary and bonus guidelines."(Kaplan & Kiron, p. 3) If you are exceeding more talented, you could be like the CEO who "in addition to his full-time job [...] was managing several unrelated businesses."(Kaplan & Kiron 2007, p. 11) It is fair to say that a majority of job seekers, to say the least, would jump at the opportunity to perform in that role and within that culture of aggressive performance and rewards....   [tags: Business Analysis ]
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1066 words
(3 pages)
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WorldCom Fraud Case - In 1983, while in a small coffee shop in Hattiesburg Mississippi, Bernard Ebbers developed the business concept that would eventually become the second largest long distance telephone company in the United States, WorldCom (Romar and Calkins). In 2002, the company that Bernard Ebbers grew from the ground up declared the largest bankruptcy in United States history. The unethical and illegal accounting treatments that WorldCom participated in eventually led to the demise of the company and a new company, MCI, rising from the rubble of what was WorldCom....   [tags: Case Study, solution]
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2239 words
(6.4 pages)
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Big Business with WorldCom, Microsoft and Yahoo - ... did act against the shareholder’s best interests, if that weren’t the case, the proxy fight had never taken place. However, the main issue was not that they rejected the initial bid, but that they kept rejecting bids and buyouts after shareholders expressed their concerns and share prices were decreasing. Yahoo. had the best interest for the company in mind, but once shareholder concerns are expressed, they should be listened to and addressed. WorldCom Many large accounting scandals were uncovered between 2000 and 2002, and WorldCom was among them....   [tags: unsolicited, stock, scandal] 992 words
(2.8 pages)
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WorldCom and The Mississippi Scheme Scandals - WorldCom and The Mississippi Scheme are both large financial scandals that have occurred. WorldCom was a telecommunication company that overstated their cash flow by reporting $7.6 billion in operating expenses as capital expenses. WorldCom is the largest accounting scandal in US history as of March 2002. The Mississippi Scheme was a business scheme that destroyed the economy of France during the 1700’s. The scheme involved the loss of paper money’s purchasing power as a result of asset inflation....   [tags: Finance Accounting Scandals Fraud White Collar Cri] 1703 words
(4.9 pages)
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Compromising Financial Arrangements in Worldcom and Other Corporations - ... Arthur Andersen, the third party auditor, was never held liable for its failure to detect the deficiency within WorldCom’s accounting book. Enron's problem which coexisted at the same moment, whether fortunate or unfortunate was enough to bring the large auditing company down. This issue raised much public attention as to the role and responsibility of third party auditors. It was evident that Arthur Andersen had intentionally neglected to acknowledge the 'maximum risk' rating that WorldCom deserved in exchange for the long term relationships it was trying to establish....   [tags: Ethics, Violation, Auditing] 1272 words
(3.6 pages)
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Worldcom - Worldcom Question 1. A summary of Worldcom, historical data and background. Worldcom will soon be one of the largest telecommunication companies on the planet. Worldcom has built its global presence through a multitude of financial acquisitions and investments, highly successful product marketing programs, while making business alliances with many of the most successful companies in the technology and telecommunications sector. Worldcom (stock symbol: WCOM), formerly MCI, Worldcom and MCIWorldcom, is one of the world's most well known companies because it's global objective has been part of the company's strategy since day one....   [tags: Papers] 2862 words
(8.2 pages)
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Overview of Business Ethics - Business Ethics In today’s business world, organizations have an effect on many people especially in the working class of our society. They have an obligation to their employee, customers, society and the world to set a good sample of an ethical environment. It is their responsibility to conduct business in a way that is not harmful and which positively benefits as many people as possible and themselves. Although this sounds simple, and it is easier said than done, as there will always be a conflict of interest between various groups of people or organization....   [tags: Enron, WorldCom]
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659 words
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Worldcom Fraud - Worldcom Fraud TABLE OF CONTENTS WORLDCOM MISSION STATEMENT..........................................PG. 3 THE ETHICAL PRINCIPLES AND TENETS OF WORLDCOM ............PG. 4 THE BEHAVIOR OF WORLDCOM ADMINISTRATORS ....................PG. 5 WAS CYNTHIA COOPER A HERO?.............................................PG. 6 WHAT WORLDCOM DID NOT RECOGNIZE .................................PG. 7 THE CONCLUSION..................................................................PG. 8 WORKS CITED.......................................................................PG....   [tags: Business Fraud Fraudulent] 1456 words
(4.2 pages)
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Worldcom Fraud - Abstract On March 15, 2005 former CEO of WorldCom, Bernard Ebbers sat in a federal courtroom waiting for the verdict. As the former CEO of WorldCom, Ebbers was accused of being personally responsible for the financial destruction of the communications giant. An internal investigation had uncovered $11 billion dollars in fraudulent accounting practices. Later a second report in 2003 found that during Ebber’s 2001 tenure as CEO, the company had over-reported earnings and understated expenses by an astonishing $74.5 billion dollars (Martin, 2005, para 3)....   [tags: Business finance scandal]
:: 6 Works Cited
1356 words
(3.9 pages)
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Management Planning: Worldcom - Organizations are responsible for the legal, ethical, and social issues that affect each stakeholder within the company. These factors continually impact the planning process performed at each level of management. An organization that neglects to establish and monitor plans can become disorganized and ultimately lose control of practices performed throughout the corporation. A prime example of poor planning due to disregard of legal, ethical, and social issues were the executives employed at WorldCom....   [tags: Business Management ] 1246 words
(3.6 pages)
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Report On Amex, Nasdaq And Worldcom Inc. - Report on AMEX, NASDAQ; Different/Similar. WorldCom Inc. This report will cover the AMEX and NASDAQ and how they are similar and how they are different and will give some background on each. It will also cover the WorldCom Inc chief executive Bernard J. Ebbers conviction and how it affected them and the Telecommunication Industry as a whole. It will also discuss the merger of AMEX and the NYSE Euronext and a little background on that as well (Assignment List, 2008, Unit 1, Assignment 2). When the marker opened in 1971 all markets worldwide were floor based....   [tags: Compare Contrast Finance Investment] 793 words
(2.3 pages)
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The Enron Scandal - ... The globalised and very integrated markets of today, and in particular following the number of scandals involving big international companies, causing damages to stakeholders, gave ways to the development of a more structured approach that aims at protecting stakeholders, although not new as a concept the elaboration of corporate governance provided a wider protection of interests for the stakeholders, which in recent years has been actively applied by various companies throughout the developed world, manufacturers of goods developed scheme that benefited their employees, other incorporated codes that protected the rights of communities at large, Those actions are often included in the b...   [tags: worldcom scandal, business social practices] 1311 words
(3.7 pages)
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Ethicality of Accounting Activities - Ethicality of Accounting Activities Worldcom was a telecommunications company that merged with MCI in 1997 and was renamed MCI Worldcom. Worldcom was the United States second largest long distance phone carrier, until the accounting scandal in 2002. In 2002, a lady named Cynthia Cooper found discrepancies in their accounting. Someone was cooking the books by moving money around and recording it in places it should not be. The main accounting activities involved in the Worldcom case are auditing....   [tags: code, professional conduct]
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1255 words
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Business Ethics in America: Engendering Vigor - ... In 1998, WorldCom the telecommunications company commenced to decelerate and WorldCom's stock was declining. CEO came under incrementing pressure from banks to cover margin calls on his WorldCom. Beginning in 1999 and perpetuating through May 2002, WorldCom used shady accounting methods to mask its declining financial condition by erroneously professing financial magnification and profitability to increment the price of WorldCom's stock. The fraud was achieved in two foremost ways. First, WorldCom's accounting department underreported 'line costs' (expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than congruously expensing them....   [tags: individuals, organizations, clients, suppliers] 659 words
(1.9 pages)
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The Consequences of Bad Business Decisions - In today's world business is very competitive. To compete with other company's executives have turned to corrupt practices. Once respected businesses like Enron, WorldCom, and Arthur Anderson have been found deceiving there customers, stockholders, and employees. C.E.O.'s try to achieve the American dream and pursue capitalism to its fullest potential. In doing so, business leaders have lost their values and ethics, and make bad business decisions. The downfalls of a company are the consequence of C.E.O.'s bad decisions....   [tags: Marketing] 1312 words
(3.7 pages)
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The Detrimental Effects of the Sarbanes-Oxley Act - In 2002, Senator Paul Sarbanes (a Democrat from Maryland) and Congressman Michael Oxley (a Republican from Ohio) crossed the aisle to develop a new law to further regulate the accounting, auditing and financial reporting of companies publicly traded in United States. The Sarbanes-Oxley Act of 2002 (SOX) (also known as the Public Company Accounting Reform and Investor Protection Act of 2002) passed because of the demand of the American people to see reform in response to the widely publicized instances of fraud and corruption in large US companies....   [tags: fraud, corruption, financial scandals]
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1741 words
(5 pages)
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Whistle-blowing in Auditing - Question 1 Introduction At the start of this century, unprecedented collapses of Enron and WorldCom have sparked heated world discussions over corporate whistle-blowing. In light of this, legislations and professional codes of conduct are implemented to provide framework on ethical and financial decision-making particularly for auditors. This essay covers prerequisites for an effective corporate whistle-blower hotline, measures to avoid potential pitfalls, as well as analysis on benefits and drawbacks of having a whistle-blower hotline....   [tags: professional codes of conduct, legislation]
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1993 words
(5.7 pages)
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Ethics And Enron - ENRON Introduction Enron was the country’s largest trader and marketer for electric and natural gas energy. Its core business was buying energy at a negotiated price and later, selling the energy when prices increased. As an energy broker, Enron provided a service by allowing producers to negotiate a certain price while Enron took the risk that prices would fall below what it bought energy. Buyers of energy also benefited because Enron could ensure the supply of energy. In 2000 Enron was listed number five on the Fortune 500....   [tags: Business Ethics]
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1917 words
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Accountant Independence - What exactly is accountant independence. I have determined that accountant independence is very similar to being an independent auditor. When it comes to auditor independence, it refers to the independence of the internal auditor or the external auditor from parties that may have a financial interest in the business being audited. The initial concept of auditor independence was developed in the 19th century, which primarily originated with the British. In that era, British investors didn’t allow auditors to work in the businesses that they audited....   [tags: Definition, Auditing, History] 783 words
(2.2 pages)
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The Ethics for Internal Auditors in Communicating Inappropriate Financial Procedures to Management - Ethical dilemmas occur every day in the accounting industry. We have witnessed scandals such as Adelphia, Enron, and WorldCom. They demonstrate the extent of unethical practices. The introduction of Sarbanes Oxley Act and stricter accounting standards have definitely helped mitigate unethical acts. Unfortunately, the incorporation of these systems is not sufficient to accomplish ethical business practices. Businesses use internal auditors to help protect their financial reputation. An internal auditor’s role is to assure the organization’s operations are conducted systematically, properly controlled, and with discipline (The Institute of Internal Auditors Research Foundation 3)....   [tags: Ethics ]
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1442 words
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The Importance of IT Auditing in the Modern World of Business - ... Some organizations have a full time IA team while still requiring assurance services from the EAs. Having both audit functions may result in the possible reduction in audit fees, the increased tendency by IA to be effective in the identification and prevention of internal fraud, professional collaboration between the audit functions that prevents duplication, and the cross-training that may result by the synergetic effect from both functions (Schneider, 2009). This part of the course expands the different function of IA and EA and discusses the changes brought by the SOX Act....   [tags: foundations of computer network auditing]
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1312 words
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Business Ethics and the 1989 Exxon Valdez Oil Spill - Ethics are very important in the business world and to the general public. Ethics is defined as a system of moral principles or the rules of conduct recognized in respect to a particular class of human actions or a particular group. Using a moral compass should be a requirement for every CEO and executive. Any person who will have some impact on society needs to understand the difference between right and wrong. Since businesses touch such a large segment of our society, codes of ethics must be established and followed to protect the general public....   [tags: Corporate Ethics Program]
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3438 words
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The Effects of a Bust Economy on Audit Risk - Assessing audit risk correctly and completely is important to the beginning of a successful audit. Not only should an auditor have an understanding of the individual risk factors of the company itself, but also how those risk factors are affected by external influences. A crucial external influence affecting audit risk is the state of the economy. When an economy enters a recession or an economy bubble bursts, there is a greater likelihood that inherent risk and control risk will increase. These increases are mainly driven by the sudden pressure placed on employees and management to keep the appearance of a positive financial status, which sometimes leads to fraudulent activity....   [tags: Economics]
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859 words
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Ethical Leadership in the Master of Science Leadership Program - ... When this occurs, I know I must first identify what the ethical dilemma actually is before I can proceed to a sound decision. Once I've firmly interpreted what the ethical dilemma is, I can then analyze all the factors that relate to the dilemma. There many ethical dilemmas factors, a couple include pressure to turn a blind eye to ethically questionable practices and overly ambitious to do unethical acts. Once I have considered all of the consequences of each possible decision, including the best and worst outcomes of my decision, I should then be able to make a decision that I am most comfortable with the outcome....   [tags: leaders, decisions, organization, goals]
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779 words
(2.2 pages)
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Changing the Security and Exchange Commission Regulations - I would like to propose the following changes and/or additions to the Security and Exchange Commission’s regulations. These changes are in regards to the last ten years of corporate fraud in the financial world involving such companies as Enron, WorldCom, Tyco, and Xerox. The primary changes include the addition of a Reserve Bond and an adjustment in the Bounty Payment program. Secondary changes include a Board of Directors mix-up program for securities companies, and SEC involvement in external auditing....   [tags: Finance]
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2417 words
(6.9 pages)
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Internal Auditing: Stock Market and Fraud - Definition of fraud: It is the conscious intention to steal or cause an individual to lose or give up something that is rightfully theirs. Stock Fraud: When brokers or people in the stock market influence or make investors buy stock based on false information which is a major violation of the laws put in place in order to protect us from these scandals and in usual cases, it results into a loss for investors. The main targets of stock market investment fraud are seniors. In the market it is estimated that there is a loss of about 40 billion dollars every year and 1 to 3 billion from that amount is from microcap fraud....   [tags: ENRON, investors, false information]
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1250 words
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Economic Liablity System of the Kingdom of Saudi Arabia - Risk is a fact of human life. And, contemporary living has more risk of a certain kind than living in the past. Take the case of economic activities particularly now in the international context. There are definitely more and greater risks now, especially in the securities or capital market, than when barter was still the medium of economic exchange in any country in the world. The current risks are not only occasioned by the hugeness of the business or organizational entities at play , the enormity of finances that are involved, and the complexity of the transactions that are concerned – among others....   [tags: Economics] 541 words
(1.5 pages)
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Criminalization of Corporate Behavior - Crime takes place in all aspects of society. From criminal, to civil, to corporate, there are many different types of crime. Corporate Crime, also known as white-collar crime, is a crime committed while employed with a corporation. It is a collective and organized effort to deceive investors and to serve the economic interests of a corporation, and/or its management, even if unlawful. Whenever employees of a corporation use the corporate assets or infrastructure to commit a crime intended to boost profits, the corporation can be held liable....   [tags: Crime ]
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1382 words
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Investment Risk In Stock Market Securities - Investment Risk in Stock Market Securities Introduction: Stories of people making fortunes from the securities market have enticed many others into risky investments. Congress created the Securities & Exchange Commission (SEC) to protect investors. Many corporation managers became greedy and made self-serving decisions that created the principle-agent problems. The solutions for these problems lead to more unethical behavior from management. The creative use of financial statements even tricked analysts and brokers....   [tags: Investment Stock Market Accounting] 1259 words
(3.6 pages)
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Telecommunications and Networking Report - Telecommunications and Networking Report 1.“Free Web Services Challenge AOL’s Dominance” - Internet business analysts generally are not yet convinced of the viability of the free web service business model for bring profitable. None-the-less, most agree that the free access will probably take a significant chunk of AOL’s market share before running out of investor’s money. 2.“Visitalk.com Builds White Pages for Web Phone Calls” - Visitalk.com has unveiled plans to simplify the routing of phone calls over the Internet....   [tags: Telecommunications Technology Essays] 4420 words
(12.6 pages)
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Downfall Of Major Corporations - Downfall Of Major Corporations CONFIDETIAL In this report I will be talking about how businesses choose the road to greed instead of choosing the ethical road. Some of the largest companies in the world fell to this type of thinking, naming some such as Worldcom and Enron. But as stated in the article "business ethics at work", There are huge ethical dilemmas plaguing the world today because it is very hard to mix ethics and profits because the main focus of many businesses are to make a profit for themselves and their shareholders....   [tags: Business Ethics] 1166 words
(3.3 pages)
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The Sarbanes-Oxley Act of 2002 - ... Moreover, the type or category of internal controls has changed since the introduction of SOX. Prior to SOX, many companies, and their internal audit departments, focused mostly on the internal controls such as segregation of duties, controls over cash and inventory, and cut-off. This type of internal controls focuses on process controls and tends to look at transactions in isolation. Further, these are controls over transactions that are rather common. However, many of the lapses in internal controls that contributed to the aforementioned accounting scandals involved revenue recognition and “less-routine” accounting transactions that were company or industry specific and thus both inter...   [tags: United States federal law] 601 words
(1.7 pages)
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The Standard.com Case Study - The Standard.com Case Study The Standard provides critical and timely information about the Internet economy and furthermore gives a sophisticated coverage of the people, the companies, and the business models shaping it. Their content comprises insightful news analysis, business model reviews, personality profiles, and industry metrics, which support are both a print magazine, The Industry Standard and the online publication TheStandard.com. The Standard is a business-to-business Web site designed for senior-level executives who wants to keep up with the e-business....   [tags: GCSE Business Marketing Coursework]
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369 words
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Market Watch: Regulation of the Stock Market - Market Watch: Regulation of the Stock Market The Enrons and Worldcoms made it clear that the financial markets cannot be left under the auspices of corporate directors and officers, without oversight authority. "The corporate abuses and fraud that Enron exemplified, while not a first in the financial markets, they were certainly a first in terms of the magnitude of the losses to stockholders and the confidence the public reposed in the financial sector (Bequai 2003)." As a result of the stock market crash of 1929 regulations such as the Securities Act of 1933 and Securities Exchange Act of 1934 were established to prevent such practices as those that contributed to the downfalls of Enron an...   [tags: Stock Market Crash 1929 History] 1666 words
(4.8 pages)
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Public Company Accounting Oversight Board (PCAOB) - Will it Protect Investors? - Public Company Accounting Oversight Board; Will it Protect Investors.      The Public Company Accounting Oversight Board (PCAOB) was created by Sarbanes-Oxley Act of 2002. This board was created to oversee the audit of public companies, subject to the securities laws, in order to protect the interests of investors (15 USC 7201, 2002). It was created in wake of the recent financial scandals of Enron, WorldCom, and Global Crossing to name a few. This “Act” established by Congress is to create an oversight board, so that such scandals will never occur again....   [tags: Business Accounting]
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1118 words
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Technical Advancement in the Field of Telecommunication - Technical Advancement in the Field of Telecommunication The move into the Information Society is driven by the market for new information and communications technologies and services. Whilst the large number of technologies and services and their providers bring expectations of higher economic growth, there has been a growing concern about the social, ethical, cultural, political and economic aspects of the coming society. For some time there has been a considerable interest in the prospects of obtaining a "sustainable development" through the use of telecommunication technologies....   [tags: Papers] 3074 words
(8.8 pages)
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Private Companies Struggle With The Sarbanes-Oxley Act - Samuel Smiles, an 18th century Scottish, writer once said, "It is possible that the scrupulously honest man may not grow rich so fast as the unscrupulous and dishonest one; but, the success will be of a truer kind, earned without fraud or injustice. And even though a man should for a time be unsuccessful, still he must be honest: better lose all and save character. For character is itself a fortune…" (Zaadz, 2005). Major corporate scandals such as Enron and WorldCom shook the business world at the turn of the century in a powerful way....   [tags: Business Ethics Morals ] 1962 words
(5.6 pages)
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Competition Among The Telecommunications Industry - Competition Among The Telecommunications Industry There are currently 807 companies in the TIA (Telecommunications Industry Association) database of companies. Of the 807 companies, 251 of them currently offer wireless services. Also 281 offer broadband services, of those offering broadband 160 of them offer cable, 72 offer DSL (Digital Subscriber Line), and 49 offer T-Carriers. There are currently 242 member companies in the MMTA (Multimedia Telecommunications Association) Database of companies....   [tags: Telecommunications Essays] 548 words
(1.6 pages)
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Ethics In Financial Business Decisions - Ethics in Financial Business Decisions Student Name School Name Class Title Course Number Instructor’s Name Date Written Ethics in Financial Business decisions The work I reviewed begins with a simple introduction explaining the roots of ethics in America wrought with quotes from our earliest leaders including George Washington and John Adams. Additional quotes identify and support the “Ten Universal Values” of “honesty, integrity, promise-keeping, fidelity, fairness, caring, respect for others, responsible citizenship, pursuit of excellence, and accountability (Smith & Smith, 2003)....   [tags: Business Ethics] 965 words
(2.8 pages)
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Effects Of Sarbanes-Oxley Act SOX - ABSTRACT This paper provides an in-depth evaluation of Sarbanes-Oxley Act, which is said to be promoted to produce change in the corporate environment, in general, by stressing issues of public accountability and disclosure in the financial operations of business. It explains how this is an Act that represents the government's and the Security and Exchange Commission's concern in promoting ethical standards in terms of financial disclosure in the corporate environment. This paper addresses the current criticism of the exportation of U.S....   [tags: Business Regulation Accounting] 1866 words
(5.3 pages)
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Internal Control - There are two primary goals of internal control. The first goal is to keep assets safe from robbery, theft by the employees, and any other unauthorized use. The second goal is to assure the reliability and accuracy of the accounting records. This step is done to reduce the risks of mistakes, intentional or unintentional in the accounting process. The Sarbanes-Oxley Act was implemented in 2002. This act was implemented as a result of a number of accounting scandals that resulted in the loss of billions of dollars to the investors....   [tags: Accounting]
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852 words
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Financial Statements - Financial Statements basically show the historical performance or record of the company at some previous point of time. By the time when financial statements are made public, changes are many economical areas such as market conditions, currency exchange rate and inflations can change the values of assets and liabilities. In this case there often exist discrepancies between book value of assets and their market values. In above case there might be companies that are healthy and many go through period of financial distress....   [tags: Economy, Financial Distress] 2290 words
(6.5 pages)
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Business Ethics - Case Study og Global Crossing and Its Owner Gary Winnick - ... In 1999 Winnick abandoned his previous plan to raise capital for the company piecemeal and moved to fund the fibre network at once utilising junk bond sales set up by Jimmy Lee of JP Morgan Chase. Winnick not only benefitted as a shareholder, but also banked fees through his holding company and its subsidiaries for example 2% of the gross revenues of Global Crossing was paid in return for a long term consultancy deal with PCG Telecoms a subsidiary of Winnick’s Pacific Capital Group, a year later when the contract was rescinded Winnick and co received compensation of $135million in Global Crossing shares....   [tags: creditors, telecommunications]
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738 words
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No Justice in King Lear by William Shakespeare and O.J. Simpson's Murder Trial - ... With millions of dollars earned by a professional football career, Simpson appointed some of the best attorneys in the state of California to discredit the evidence displayed against him, making him (a wealthy individual) above the law. In addition to the O.J. Simpson trials, there were many other cases of the wealthy getting acquitted of their crimes, one of the more recent events, was the Ethan Couch incident. Couch, a sixteen year old who was driving while intoxicated which resulted in a collision with four teenagers, killing them all....   [tags: crimes, wealthy, guilty]
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613 words
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Financial Accounting Theory: Reducing Balance Method vs. Straight Line Method - Accounting is a multifaceted discipline. It is neither a dull profession nor a simple practice as how it has been viewed by lay people. This essay demonstrates the side of accounting that is complex and intriguing. It is structured in the following way: firstly, how my view of accounting is developed throughout this module will be explained. Next, the issue of what accounting profit is and whether it is a measure of true profit of an organisation will be tackled. The first part of my essay is challenged in various ways....   [tags: flexibility in accounting, machinery, buildings]
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898 words
(2.6 pages)
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The True Implementations and Effects of the Sarbanes-Oxley Act - Introduction Ethics are characteristics or values that are not inherently instilled within individuals but are developed over a lifetime through experience. Ethical behavior is thereby a choice. According to Northcentral University’s Executive Concepts in Business Strategy, business ethics are “standards and guidelines regarding the conduct of commerce and apply to individuals, companies, and professions” (p. 543). By this definition, morals and ethical values are subjective to the decisions made by the persons involved in the business....   [tags: unethical behavior, business practices]
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1108 words
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The Effect of Unethical Methods in the Corparate World - ... Corrupt decisions are often taken by companies’ executive officials or supervisors due to the pressure they faced when expected to produced extra profits. However, there are guidelines that have been passed to prevent companies from doing business overseas that conduct unlawful activity. In an article written by Sam Kessler for eHow.com, he stated that the United States congress passed the Foreign Corrupt Practices Act (FCPA) in 1977 to prevent the use of bribery and conflicts of interest when American companies were doing commerce abroad....   [tags: corporate, inegrity, unethical] 1329 words
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Wag the Dog Theory: Domestic Scandal and Foreign Policy - Wag The Dog Theory: Domestic Scandal And Foreign Policy [Author] [Institution] Wag The Dog Theory Of Domestic Scandal And Foreign Policy The “Wag the dog” theory of domestic scandal and foreign policy is advanced by some pundits through which, the US presidents committed the United States to overseas conflicts in order to divert public attention from national unrest or outcry does not necessarily apply to all US presidents. Some of the US presidents have indulged in foreign affairs, foreign tours, summits with foreign leaders, foreign conflicts or certain bold or rash decisions when faced with problems of economic or political nature on the domestic front....   [tags: president, personal failure] 715 words
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The Loss of Ethics and Trust in Corporations Today - ... Just as a cheating spouse, in the show Cheaters, the spouse thought they could trust them until the occurrence happened. Trust at this day and age is hard to come by and runs hand in hand with ethics. Just at the conclusion of the fiasco that more companies fell into the same trap as Enron. Martha Stewart Living, and most recently MCI WORLDCOM which is now Verizon tried to get away with the same thing. “Senators Paul Sarbanes and Representative Michael Oxley became the authors of legislation....   [tags: enron, finance, disclose] 772 words
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Benefits of Incorporating Ethics and Values in a Company - ... These employees take greater pride in their work areas, and are careful with ensuring charges/expenses are correctly reflected. Employee theft is greatly reduced as well within an organization that leads by example. Executives and Ethics Corporate executives and business owners need to realize that there can be no compromise when it comes to ethics and that there are no easy shortcuts to success. Their companies need ethics to grow and succeed. It is important for organizations to implement, communicate business values as well as lead by example....   [tags: public opinion, asset protection] 1327 words
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The Two Main Theories that Govern Corporate Governance Principles - ... the stakeholders of the company. Supporters of the stakeholder model, such as Freeman (1994) argues that companies must be administered in a manner that satisfies the benefits of all company interested parties, not only the investors. Opposing this suggestion, adherents of the shareholder model suggest that the objective of investors’ worth enrichment can be beneficial to all stakeholders (Sundaram and Inkpen 2004). This is for the fact that the cash flows from equity rights are residual claims which are paid just following all necessary company obligations (payments to contractors, salaries and interest to creditors and taxes) have been met....   [tags: shareholder & stakeholder theory] 3026 words
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"Bean Counter": Analysis of Television Commercial for Apple - Successful product advertisement relies upon the use of images and ideas that are easily recognizable by modern audiences and express a common point of view. Companies often use cultural stereotypes, exaggerated characters, and iconic representations of larger social groups to quickly and effectively portray a message about their product and the type of people who use it. Apple, the makers of Macintosh computers and electronics, use familiar stereotypes of computer users to appeal to their target demographic and increase the appeal of the items they are trying to sell....   [tags: advertising, technology]
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Do Governmental CSR Policies Assist Consumers or Organizations - Do Governmental CSR Policies Assist Consumers or Organizations Governmental CSR policies are beneficial for consumers and organizations. Consumers are protected from abuse when organizations adhere to policies set forth by the government. The government has passed laws and created regulations as a guide for organizations to follow for the protection of the environment. According to Masahudu (2004) “several governmental CSR policies, such as the National Environmental Protection Act, Clean Air Act, Safe Drinking Water Act, Toxic Substances Control Act and the Clean Water Act assist in protecting consumers and organizations”....   [tags: Government]
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Critique of the Effectiveness of the Sarbanes-Oxley Act - Background George W. Bush called the SOX Act “the most far-reaching reforms of American business practices since the time of Franklin Delano Roosevelt”. It has been a decade since the Sarbanes-Oxley Act became in effect. Obviously, the SOX Act which aimed at increasing the confidence in the US capital market really has had a profound influence on public companies and public accounting firms. However, after Enron scandal which triggered the issue of SOX Act, public company lawsuits due to fraud still emerged one after another....   [tags: Indirect Costs, Managerial Diversion]
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Rise and Fall of the World Wide Web - ... The “Stock Market soared on technology and Internet stocks, IPOs were all the rage and the sky was the limit for stock prices” (Rapp 2009). With the “fast increase in value the decision to buy was based on the anticipation of further rises rather than because the shares were undervalued” (Smith). Investors responded to this great increase by investing in many companies and even invested in companies that were considered risky. They invested into these business practices with money and lots of it....   [tags: internet, bubble burst, investors] 882 words
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Events Leading Up to the The Sarbanes-Oxley Act - ... This act covered many important issues such as auditor independence, enhanced corporate disclosure, corporate and criminal board accountability, corporate fraud and accountability, and many more. Sarbanes-Oxley Act is very extensive, but Section 802 ‘Criminal Penalties For Altering Documents’ under Title VIII “Corporate and Criminal Fraud Accountability” is one the most important part of the act. This act mainly regulates corporations from altering the documents. Under section 802, Chapter 73 of title 18, United States Code, is amended by adding at the end section 1519 and 1520....   [tags: investment, scandal, accounting] 1213 words
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Faceless Criminals: Fraudulent Business Practices of American Express - ... They are committed by a lower class of people and examples of these crimes and kidnapping, thief, murder, rape and vandalism. In this case American Express is clearly conducting White-Collar criminal activity, as defined above. Let us examine the details of the case to determine how criminal law was applied. In 2012 the Bureau of Consumer Financial Protection (CFPB) filed and claim against American Express (AMEX) taking issue with how AMEX was billing consumers for fraud protection on consumer’s credit cards....   [tags: billing, fees, white collar]
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Business and Its Publics: Cycle 1 Essay - Imagine you own a fishing company in a small lakeside town. Your company has been profitable for five years and your family lives a prosperous lifestyle. All of a sudden, everything dramatically changes. A new factory moves to the lakeside and begins to pollute PCB's into the lake, causing many of the fish to die. Years of hard work, motivation, and dedication have now gone to waste. Your business has been forced to close because of reasons out of your control. Much like the fishery, the livelihood of many businesses is threatened by negative externalities- unintended consequences brought upon a third party through regular business operations....   [tags: Business Management ]
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Tyco & the Price of Unethical Behavior - Unethical Perspectives: Tyco & the Price of Unethical Behavior Prior to what has become known as the Tyco scandal, the company was among one of the largest conglomerates, with a market capitalization of more than $1 billion. The CEO of the company Dennis Kozlowski was thought of as one of the top 25 manager of the year, and had been included on a list of people to watch by Fortune Magazine because of his turn-around of the company’s sprinkler-system division at the beginning of his rise into management....   [tags: financial scandals]
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The Role of Ethics in Corporate Governance - Introduction This paper discusses the role of ethics in corporate governance. I seek to show the application of moral and ethical principles in corporate governance. Ethics is a topic that has generated a lot of interest in the last decade especially after high profile scandals. The failures of prominent companies such as WorldCom, Enron, Merrill lynch and Martha Stewart portrays the lack of corporate ethics. The failure of such business has seen an increased pressure to incorporate ethics in corporate governance....   [tags: moral principles, economic system]
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Accounting Deals with Internal and External Users - ... While many people think that most earnings management is illegal, many techniques that are used for earnings management are considered legal and within the boundaries of the Generally Accepted Accounting Principles (GAAP). Examples of these techniques include the “Cookie Jar Reserve” techniques, the “Big Bath” techniques, and “Big Bet on the Future” techniques. Firms can also manipulate earnings using amortization, depletion, and depreciation. The reason that they are considered legal under GAAP is because GAAP uses accrual basis accounting....   [tags: financial analysis] 1251 words
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Research on the Importance of Corporate Governance - Context and Background One of the foremost objectives of any business is profit maximization; each and every organization wants to run a profitable and sustainable business activity alongside satisfying the needs of its customers. It wants to set a mark, and be differentiated amongst its competitors whilst increasing its market share value. However in regards to the prospects of profit maximization, every business must ensure that it adheres to a strict code of conduct, enforce internal controls and abide by set rules and regulations....   [tags: business, profit, standards] 2029 words
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The Sarbanes-Oxley Act: Protecting Corporate Assets - Internal Controls. Kind of like a brick wall, or a fire wall on a computer. Internal controls act as a way to keep a company and its assets safe, as well as make sure that the company maintains complete and accurate accounting records. Internal controls are in charge of the overall well being of a company from its assets to its employees, even to its sales and reputation. A lot of things are involved with internal controls such as; Sarbanes-Oxley Act, stock well being, well being and safety of assets and accounting accuracy....   [tags: SOX Act, Internal Controls] 1024 words
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Benefits of the Sarbanes Oxley Act - Internal controls are measures put into place that allow for more accurate and deliberate representation of a company’s financial data. Internal controls also serve to protect a company’s assets from theft, fraud or misuse. With internal controls in place it becomes more visible to recognize if someone is stealing or misusing funds in any way. Internal controls also help to zoom in on errors or unintentional mistakes. When these errors are picked up on early it eliminates future problems for the company and its investors down the road....   [tags: Business Controls, Internal Controls] 887 words
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Is the Operation of Auditing Necessary? - [IS THE OPERATION OF AUDITS NECESSARY?] [We need to understand that audit is about achieving customer satisfaction in order to gain repeat business and overall increase company revenue.] What is business ethics. The ethics of a particular business can be diverse. Business ethics is the behavior that a business devotes to in its daily dealings with the world. Auditing is the analysis and inspection of the financial accounts/records whether or not a company has a qualified accountant and procedures of a firm or organization....   [tags: Business Ethics ]
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The Collapse of the Madoff Pyramid - ... Somewhere in his life, he decided that the millions he was making was not enough, and began to pull off the fraud of the century. In business, stakeholders are those who are affected by an organization, member, or system. In the case of Madoff, there were two types of victims, the net losers and the net winners. Net losers are those who put in more money initially than they ended up receiving. Net winners are those who recouped their original investment plus profits (Ferrell, Fraedrich, Ferrell 2012)....   [tags: Ponzi schemes, frauds]
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Traditional Financial Reporting and its Limitations - ... It involves the assessment of its past, present and sometimes future financial conditions which help to determine the organization’s financial strength and weaknesses. According to Elliott & Elliott (2012, p. 730), “Financial ratio analysis is integral to the assessment and improvement of company performance”. Basically, the tools require are financial statements and financial ratios, these ratios are compared with its past financials, the industry, sector and other similar organizations. Some ratios that are based on financial statement include Financial, operational and valuations ratios....   [tags: profit, ratios, performance] 974 words
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Is Corporate Social Responsibility a Myth? - ... Why is CSR sometimes a myth. Poruthiyil, (2013) informs the reader that, there are complexities involved in furthering the business objectives in contexts, that are characterized by daunting combinations of resource scarcity, nationalism, ethnic and religious tensions, and pressing needs. Lorenzo-Molo (2009) cites Neron and Norman to point out that without ethics, CSR sometimes becomes a myth; Maximiano (2006) reminds corporate leadership and management that CSR assumes that practitioners are ethical....   [tags: modern awareness, CSR, Vaz]
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Auditors in the Business World - Accounting is the process of identifying, recording, and communicating the economic events of an organization to interested users to make sound decisions. In accounting identifying economic events involves selecting the economic activities related to a particular organization such as paying out salaries to employees of a particular entity. In turn, once these economic activities have been identified they are recorded in the books daily into a systematic system measured in dollars. These economic events are then classified and summarized by an accounting system....   [tags: Accounting]
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The Integrity of Capital Markets - Introduction Capital market is constituted of both primary and secondary markets all of which provide long-term investment opportunities. They are markets for long term funds with maturity period of more than one year. Examples of Financial instruments which are used in capital markets are debentures, terms, loans, bonds, warrants, preference shares and ordinary shares among others. These markets constitute of bond market and stock market in which debts and equity securities are traded respectively....   [tags: Economics]
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Connections Between Crime and Poverty - In March 2007 a study done by the McClatchy Newspapers had found that the ranks of the severely impoverished are rapidly escalating (Williams, 2007). The study showed that the poverty level in America had reached its highest point in 32 years (Williams, 2007). Nearly Sixteen million Americans had been found to be in a deep to severe level of poverty (Williams, 2007). The level of poverty on went up after the economic crash in 2009. But has the increased level of poverty led to an increase in violence....   [tags: Crime and Poverty]
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Government Oversight and Corporate Ethics - Ethical corporate behavior has been a recurring issue of public policy. Recent events have brought this issue into sharp focus beginning with the Enron scandal in 2001 and more recently the financial crisis of 2008. Subsequent regulation such as the Sarbanes-Oxley act seem to be in reaction to the public clamoring for government action in the wake of painful economic outcomes. A deeper examination of the events leading up to Enron and the financial crisis both seem to indicate that government agencies were asleep at the switch....   [tags: Business Ethics ]
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Globalization and Corporate Social Responsibility - Globalization and Corporate Social Responsibility Events in resent history have made a clear statement to the executives of the world that Globalization and Corporate Social Responsibility (CSR) are tightly linked in projecting a positive brand image. Most of the negative publicity surrounding the globalization debate is directed at one key area, the perceived lack of corporate social responsibility in the business culture of the developed world. The European Commission defines Corporate Social Responsibility as, “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis."(Europe...   [tags: transnational corporations, environment] 764 words
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Globalization and Corporate Social Responsibility - Globalization and Corporate Social Responsibility Events in recent history have made a clear statement to the executives of the world that Globalization and Corporate Social Responsibility (CSR) are tightly linked in projecting a positive brand image. Most of the negative publicity surrounding the globalization debate is directed at one key area, the perceived lack of corporate social responsibility in the business culture of the developed world. The European Commission defines Corporate Social Responsibility as, “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis."(Europe...   [tags: cultural awareness, TNC, MNC, CSR] 2056 words
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