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Describe in your own words an incident where Citigroup faced an ethical situation. Describe the consequences of their actions.© BrainMass Inc. brainmass.com October 16, 2018, 6:28 pm ad1c9bdddf
Business ethics is the branch of ethics that examines ethical rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons who are engaged in commerce. In recent times, this word has been referred to as an oxymoron. Those who are interested in business ethics examine various kinds of business activities and ask, "Is the conduct ethically right or wrong?" The corporations apply business ethics by having good corporate governance.
Citigroup had struck secret deals with companies that said that the bank's stock research division would rate that company a "Buy" if it would do investment banking with that division.
This is an ethical situation where there is a tradeoff between the unbiased research and the business development. ...
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Law, Ethics, and Corporate Governance
Halbert, T., & Ingulli, E. (2009). Law & ethics in the business environment: 2010 custom edition (6th ed.). Mason, OH: South-Western Cengage Learning.
eChapter is attached. Please include references where they apply.
Assume you are the chief executive officer of a large drug company. You are deciding what price to charge for a new drug that promises to be effective against lung cancer. Assume that insurers would be willing to pay a large price for the drug and that some uninsured members of society could afford to purchase the drug. Some uninsured people, however, would simply be unable to purchase it.
1. Discuss a criteria to determine the price for the drug.
2. Discuss whether it should be offered at a lower price to some members of society.
Commerce Bank was founded in New Jersey with a single location in 1971. Its founder, chairman and CEO, Vernon W. Hill II, was a real estate developer, whose wife owned an interior decorating business. By 2007, it had 450 branches from New York City to Washington D.C., open 7 days a week. With branches springing up like Burger Kings, Commerce Bank became the fastest growing bank in America. Mr. Hill was in all things entrepreneurial. He persuaded his board of directors to pay millions in rent for buildings owned by his family and over $50 million to Mrs. Hill for her decorating services. In June 2007, in the face of numerous federal investigations, and at the insistence of his board of directors, Mr. Hill resigned all of his posts at Commerce Bank. His severance package has been estimated at $17 million, and his Commerce Bankcorp shares, when he stepped down, were worth $225 million.
1. Describe the corporate responsibilities that were violated in this scenario.
2. Describe the stakeholders involved.
3. Explain possible actions the stakeholders can take.View Full Posting Details