Corporate Greed- An evaluation of recent functions and the necessity for Corporate Ethics (Portion II of III)Company Greed- A review of modern situations and the need for Corporate Ethics (Element II of III)
The senior executives at Enron became an icon of company greed, significant fraud, dishonesty, unethical behavior, and failed leadership. Andrew and Lea Fastow have fallen from grace, plea bargained, and are already convicted. Andrew, Enron's previous CFO, will start to start his 10-12 months sentence for securities and wire fraud once his multi-millionaire heiress wife, Lea, completes her one particular-12 months jail time period for insider investing of Enron stock in her family members charity. Lea Fastow, as well as Enron senior executives Kenneth Lay, the (now deceased) founder and previous Chairman of Enron, Jeffery Skilling, the previous President and CEO of Enron, and Richard Causey, Main Accounting Officer of Enron, all denied any wrongdoing. The juries have tried them and found them guilty, guilty and guilty.
Enron's Kenneth Lay, Jeffery Skilling, and Richard Causey all arrogantly refused to plea discount with federal prosecutors, or confess their guilt. All 3 of these at the moment are tried using and convicted on several different criminal costs such as securities fraud, bribery, collusion and conspiracy to commit fraud, wire fraud, filing Bogus fiscal statements, and several additional. In combination with the prison charges pending, there are civil lawsuits from investors and workers who've misplaced billions in the fall of Enron.
The late Kenneth Lay continued to proclaim his innocence of any legal acts at Enron, even following his conviction. He Furthermore claimed that he, the founder and former Chairman of Enron, was unaware in the Enron economic specifics. But ahead of The usa Senate Committee Lay in place of testifying he took "the Fifth" The summary need to be drawn that Ken Lay is familiar with He's responsible of a number of felony acts. He was Obviously not willing to admit his guilt prior to the United States Senate Committee. He was convicted but died before serving his sentence.
Enron is, unfortunately, just part of the long listing of company greed plaguing The us from the twenty first Century. Bernard Ebbers, previous CEO of [MCI] WorldCom Inc., was indicted and convicted on expenses of conspiracy, securities fraud, and producing Untrue regulatory filings. The Prosecutors allege and it was successfully proven into the jury that Ebber's was the ring chief within an $eleven billion accounting fraud."
Flamboyant and extravagant former CEO of Tyco Worldwide Ltd. L. Dennis Kozlowski and his ex-Chief Financial Officer Mark Swartz are both of those going to head back again to Federal Courtroom for any retrial. Kozlowski continues to be dubbed the poster boy for corporate excessive. He was convicted on many felony fees which includes stealing $600 million from Tyco Corporation, and It is really shareholders.
Kozlowski's exploits with Gals and wild paying out are all thorough inside the guide, Testosterone Inc: Tales of CEOs Gone Wild (Byron, 2004). He portrays Kozlowski, coupled with Jack Welsh, previous Chairman of Standard Electrical, "Chainsaw" Al Dunlap of Sunbeam, and Revlon's Ron Pearlman, as getting toes of clay as well as morality of rock stars - drunk on electricity and driven by sex, greed, extravagance, and glamour.
Richard Scrushy, founder and previous Main Government Officer of HealthSouth Corp, is another during the listing of CEOs who deny any wrongdoing. He was acquitted about the legal charges of monetary improprieties. But, William Owens, previous Chief Financial Officer of HealthSouth, and 4 other HealthSouth former CFOs have all plead guilty.
Scrushy was accused of encouraging overstate the corporate's earnings by practically $3 billion from 1996 to 2003. Scrushy was indicted by a federal grand jury on eighty five counts of fraud, income laundering, along with other offenses. He faced 650 decades in jail and $36 million in fines on Individuals charges.
At Scrushy's demo, Leif Murphy, a former HealthSouth Vice President, who labored while in the company's treasury Office and isn't charged with against the law, presented harmful testimony about Scrushy. Murphy testified that Scrushy experienced gotten incredibly indignant and Scrushy had yelled at Murphy when Leif Murphy challenged Scrushy on the discharge of Untrue financial facts. Not withstanding The truth that Scrushy's string of four Main Economic Officers where convicted or plead guilt, Scrushy was observed not guilt of all legal charges.
The federal government also was looking for $278 million in forfeitures from Scrushy, who may have proclaimed "I'm an innocent male" repeatedly, including in his job interview on CBS's "60 Minutes" on Oct 26, 2003. His attorneys somehow managed to receive him off on these legal rates connected with significant fraud at HealthSouth, have only Richard Scrushy get convicted on expenses various counts of bribery and his now in jail.
See Part I and Aspect III of this Company Greed report on SelfGrowth.com.
Copyright 2006-2010 ©Howard Edward Haller, Ph.D.
Howard Edward Haller, Ph.D.
Main Enlightenment Officer
The prevod sa srpskog na nemacki Management Achievement Institute