Business Ethics

Business Ethics - Bernard Evers, Enrons Kenneth Lay and...

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Jeremy Pflug FIN 360 Business Ethics Assignment 8/28/09 Write a short report to summarize of all business ethics violations described in the video clip and answer the following questions: Martha Stewart received a tip that the market on ImClone stock would fall drastically and then sold her shares. Sam Waxell and founder of ImClone sold his shares and was sentenced to 7 years in prison on the trading on non-public knowledge that the FDA had concerns about the new cancer drug. Dennis Conlausky evaded sales tax on classic artwork and also robbed Tyco and its shareholders of hundreds of millions of dollars. Dick Grasso accepted 140 million dollars in pay and retirement benefits by his handpicked board of directors. Frank Quatrone faces another trial and he told his employees to clean their files in his trading of currency and energy. Richard Scrushi will go to trial for cooking the books HelSouth. The federal government did place criminal charges on WorldComp’s Former Chief Executive
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Unformatted text preview: Bernard Evers, Enrons Kenneth Lay and Jeffery Skinner. 1. What would be the motivation for those corporate executives and finance professionals to violate business ethics? The motivation for these corporate executives and finance professionals to violate business ethics is undoubtedly greed and the fact that they are making millions on other shareholders huge losses. The are not taking into account that other peoples lives and money are invested in the company and what they are doing is selfish and they deserve to be punished. 2. What happened to those companies after the disclosure of the scandals they involved? The companies that were involved in the scandals lost millions of dollars and most became bankrupt and were forced into shutting down the operation of their company. Those companies that didnt close down have a terrible reputation and are fighting to survive....
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