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Thursday, May 31, 2012

Enron and Ethics

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Investigations with Enron scandals and how it is believed that the top head businessmen and women of Enron swindled money by improper decisions, which could have been avoided. A mix of bad judgments helped stimulate greed to the executives, which caused millions of dollars to be put into their own pockets. The executives provided false information and did not follow proper codes of the federal securities law. It is believed that the money was manipulated to push the blame onto others until the company collapsed and filed for Chapter 11.


“Chapter 11 is the reorganization of the process of correcting or elimination factors responsible for the distress of a business enterprise, thereby preserving both the enterprise and its value as a going concern.”(Mann & Roberts. p81) “The Securities Act requires that a registration statement be filed with the Securities and Exchange Commission and that it become effective before any securities may be offered for sale exempt from registration. The Act prohibits fraud in all sales of securities involving interstate commerce or the mails, even if the securities are exempt from the registration and disclosure requirements of the Act.”(Mann & Roberts. p.48)


Enron executives did manipulate the money and make investments for their own benefits. Enron used its power and finances to gain personal wealth and satisfaction until a twist in the plan made everything come to a stop.


Many lawsuits have been filed against Enron. These lawsuits include lost of pensions and stock for employees seeking repayment. Another lawsuit claims that Enron was involved in fraud while others deal with security laws and contracts. Enron neglected to report profit losses and instead reported profit gains. These reports show agreements made that were nowhere close to the regulated laws where the mishandling of the employees money was being abused leaving many without compensation.


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“Elements include false representation; of a present or past fact; made by defendant; action in reliance thereon by plaintiff; damage resulting to plaintiff from such misrepresentations.”(Smith & Roberson’s p. 01) Enron will also be sued for the breaking of “contracts, which are a set of promises that the courts will enforce.” (Smith & Roberson’s p. 16)


Enron is guilty of breach of contracts and fraud. Enron is guilty of breach of contracts by employees misusing their power and not performing their job properly as instructed in their contract. Enron is guilty of fraud for misleading many people that money and accounts were properly reported. Kant’s principal should have been used to treat everyone with respect and not to his or her own personal benefits.


Arthur Anderson head of Enron Corporation’s board is being attacked with the blame of Enron’s organized functions and misrepresentation of money to push the blame onto others. The blame is not a shock since much of the information was withheld and still limited due to Anderson shredding of Enron’s related documents so the truth is still unclear. Mill’s ‘right conduct’ would not have caused blame onto anyone.


Arthur Anderson is guilty in destroying legal documents, which to me shows signs of guilt and covering up something that you don’t want anyone to find out about. As head of a corporate board you are setting standards and are a role model for other employees of the company and he has set an extremely bad example. I think Anderson will tell the public more information as the case gets investigatived into further.


In September Enron Corporation collapsed due to many outstanding abuses made by top executives and workers at Enron. Enron employees managed money and accounts in an unfavorable way and indefinitely with illegal deals. In addition, the debate is still continuing whether Enron broke securities laws. Kenneth L. Lay a chairman at Enron is to go before a Senate committee while President Jeffery Skilling and chief financial officer Andrew Fastow are believed to appear before a House committee.


“The Securities Act requires that a registration statement be filed with the Securities and Exchange Commission and that it become effective before any securities may be offered for sale to the public, unless either the securities or the transaction in which they are offered is exempt from registration. The purpose of registration is to disclose finical and other information about the issuer and those who control it, so that potential investors may appraise the merits of the securities. The Act also requires that potential investors be furnished with a prospectus, a document offering the securities for sale, containing the important data set forth in the registration statement. The Act prohibits fraud in all sales of securities involving interstate commerce or the mails, even if the securities are exempt from the registration and disclosure requirements of the Act.” (Smith & Roberson’s p.48)


The executives and employees involved in the finical problems are guilty and should be charged and punished. It should set an example to other employees, companies and corporations. It is not fair that innocent people have lost their pension plans and other plans that they spent years at Enron working to collect. In the end, the final say in the court will have a dramatic impact on other firms and how they handle their accounts and billing.


In the end, Mills, ‘right conduct’ would have avoided this by using the values of truth and holding up to the fact that the company was not doing so well finically. Kant’s principle of treating everyone with respect would lead to everyone being truthful and not being disrespectful by lying and pocketing money under the table. These scholars and their principles combined create a morally correct work code of ethics.





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