Corporation Ethics

Corporation Ethics - Corporation Ethics Running head:...

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Corporation Ethics 1 Running head: CORPORATION ETHICS Corporation Ethics Joel L. Smith Ashford University SOC 120 Prof. Timothy Carter August 09, 2009
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Corporation Ethics The study of ethics within corporations is a study of applied ethics that examine moral and ethical dilemmas, and ethical principles that come up in the business world. It is an important subject in today’s business world; with the scandals that are in the business news around the world. It is crucial that business organizations question their principles in every area, from product testing, customer service, to working in the global economy. The list of corruption cases in the world are growing in number. It is becoming a problem that governments across the globe have to face. Greed is usually the driving force in corruption around the world regardless of the industry. “To be really greedy, a person has to not just want and acquire a lot of material wealth. He (or she) needs to come by it less than honestly, and enjoy stacking it up in the face of the far less fortunate. He has to put his own desire for stuff above the needs and legitimate concerns of those around him. In the business world, that often means cheating. Madoff, for example, didn't just get rich, he got rich by faking an entire investment enterprise and doing it at the expense of decent charities and people who had trusted him with their life savings. All that just served to make him the most-hated guy of . .. well, of February. By March, all that populist anger had turned to the AIG bonus boys. It wasn't just that they got fat bonuses after their firm took U.S. government bailout funds; it was that they were collecting them while others in the U.S. were losing their jobs, houses and retirement investments. And those were the people whose taxes were paying for the AIG bonuses. What made the AIG-ers seem even more objectionable was the perception that the same guys who were bagging the bonuses had created the strategies that led to the financial mess in the first place. “When you're taking things that aren't rightfully yours, or entering areas where you are closing off opportunities for others, your ambition has turned into greed,” says Pat Harned, president of the
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Ethics Resource Center, a Washington think tank” (Newsweek Contributors, 2009, p. 1). It is clear that the business world must handle their practices in a more ethical way. The most important way to handle ethical problems in business before they influence the quality of the business and its clients is to tackle the situation before it starts. The best way to do this is to make a code of conduct or code of ethics. A code of ethics is a set of ethics that a company voluntarily agrees to follow. “Section 406 of the Sarbanes-Oxley Act requires publicly traded companies to disclose if they have a code of ethics for senior financial officers, and if not, why not. Few companies will wish to explain why they do not have such a code, so it is likely
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This note was uploaded on 06/15/2011 for the course SOC 120 taught by Professor Faugan during the Spring '09 term at Ashford University.

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Corporation Ethics - Corporation Ethics Running head:...

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