Enron and Virtues
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Choose three virtues (e.g., justice, fairness, integrity, courage, honor, truthfulness, etc.), and define each using a reputable online dictionary, e.g., http://www.merriam-webster.com/
Using a section heading for discussion of each of your chosen virtues, discuss how each virtue applies to some ethical issue raised by the Enron case. For example, you might choose "integrity," in which event you will define what is meant by integrity, followed by a discussion of how the lack of integrity on the part of Enron's leadership contributed to the company's accounting fraud. Or you might choose "fairness," and discuss how the company's fraudulent activities adversely impacted one or more of its stakeholder groups, e.g., its employees, stockholders/investors, customers.
Be sure to use at least two other sources from the library to support your discussion and analysis
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Solution Summary
The expert chooses three virtues and defines a reputable online dictionary. The solution is answered in 757 words with three references were used.
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INTEGRITY
The definition, according to http://www.merriam-webster.com/ is:
integrity : firm adherence to a code of especially moral or artistic values, incorruptibility.
Once upon a time, Enron was a company with integrity and a long-term vision. In the 1990s, this time-honored culture changed. The executives at Enron were overcome by greed and created a new business paradigm around their desire for higher profits. For the love of money, Ken Lay, the chairman of Houston Natural Gas, allowed Jeff Skilling and Andrew Fallon to cloud his integrity (1).
Enron used mark-to-market accounting; in this method, the company would construct a building, such as a power plant, and even before the power plant had received any actual revenue, would record the forecasted revenue in its financial statements. As the power plant started generating revenue, the company compared the actual revenue generated with the forecasted revenue previously reported. If the forecasted revenue was too high, the proper accounting procedure would be to report a loss; however, instead of doing so, the company transferred the assets to special purpose entities—namely another corporation--that were not on the books. This transfer caused the loss to be unreported. Outwardly, Enron appeared to be doing very well financially, but inwardly, the company was shuffling its finances to hide losses from public view (2).
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- MBA, University of California, Riverside
- BSc, California State Polytechnic University, Pomona
- BSc, California State Polytechnic University, Pomona
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