y Clark 8th Research Paper March 29, 2017 “Effects of the Watergate Scandal” A scandal erupted during Nixon 's Presidency known as the Watergate, Nixon Scandal. To attain information about the Democratic Party 's campaign plans for the next term, Nixon had sent plumbers to insert bugs in the Democratic National Committee headquarters, which would end up causing a scandal that would affect the American public. At first, Nixon refused to give in tapes of his conversations, but printed versions of the rephrased tapes were later disclosed by Nixon, although filled with deceptions. After it ruled that the genuine tapes must be released to the Supreme Court, important evidence was able to be revealed that proved Nixon was guilty. How did the
The main issue in the Snowden controversy is the conflicting rights of private individuals and the US government with regard to the use of telecommunications and the internet. There are ethical issues surrounding this controversy and the most applicable ethical approach for this case is “Ethics by Rights Approach”. As a background, the reason why US government had declared Edward Snowden a traitor is his involvement in the leaking of about 1.7 million confidential US documents, 15,000 Australian intelligence files and 58,000 British intelligence files from the National Security Agency (or NSA) to the public. These confidential information were acquired by the NSA through the PRISM program by collaborating with big internet companies such
In an age of what appears to be increasing insecurity, Americans have to make a choice between being secure and maintaining civil liberties or is it up to the government to decide. Privacy today faces growing threats from a growing surveillance apparatus that is often justified in the name of the national security. Security is privileged over values such as civil liberties after the September 11, 2001 terrorist attacks. Because of this horrendous event the national government, began its surveillance attack in hoping to stop another terrorist attack from happening. The government has been trying to rebuild the security that was lost (“Money”).
The Sarbanes-Oxley Act also is known as the SOX act, is an act passed in 2002 by United States Congress in retaliation to the billion dollar fradulent accouunting practices, scandals, and activities of corporations. It mandates that management creates internal controls and keep accurate reports on the accuracy of controls. Moreover, the SOX act mandates that senior management attests to the legitamacy of financial reports and statements. Likewise, the adequacy of internal control systems must be authenticated and monitored by independent external auditors. Failure to comply with any provisions of the act can result in steep fines and even imprsonment.
In this the investors claim that the company executives encourages the sales staff to report fraudulent earning from fake transactions. Evidence of the fraud, the investors claim, would be found in the emails and the corresponding attachments between sales, sales managers, and accounting. The emails sent between these people would fall under what Bills knows is relevant in the action or at least reasonably likely to be requested during
Prospective jurors believe that Martin Shkreli is "the face of corporate greed in America." Shkreli, best known for raising the price of life-saving pharmaceuticals, is charged in links with securities fraud. Prosecutors say he manipulated investors in one company and then overcharged his other company to pay them back. Shkreli’s defense attorneys, however, arrest that he paid them back. A judge calims that he finds Shkreli 's case irrelevant.
Enron Corporation “I don’t want to be rich. I want to be World Class Rich!” -Kenneth Lay, former Chair & CEO, Enron Corporation After the shadow of the September 11, 201 terrorist attacks the fall of Enron in 2001-2002 astonished the business community, infuriate the public, and stunned the politicians who viewed Enron as representing the best corporate America. This is when the infamous Enron scam was unveiled, which eventually led to bankruptcy of Enron Corporation, an American based energy company. According to Edward Schein,, the organisational culture at Enron was a major reason for ethical misbehaviour amongst its employees specifically, top management. The leaders of an organisation play a critical role in shaping the organisations’s culture.
Having different accounting standards in the world is a problem for multinational public limited companies and investors in order to be able to compare and evaluate financial statements (Doupnik & Perera, 2009). Due to the economic and financial scandals and meltdown in recent years, the pressure has been increased on some countries such as United States. Therefore, it must eliminate the gap between the International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). The world of accounting diversity will have consequences on such changes, and the standard convergence of US GAAP with International Financial Reporting Standards also largely affect corporate management, investment, stock market, accounting personnel and accounting standard setters. In addition, the convergence of accounting standards will change the approach for international accounting harmonization to CPA and CFO, it affects the quality of international accounting quality standards and the effort made toward GAAP and IFRS convergence
1. What factors in the WorldCom case support the conclusion that CEO Bernie Ebbers Knew about the financial statement fraud? What factors support his defense that he did not know about the fraud? Bernie Ebbers Knew about the financial statement fraud because he was the one who encourage others to go into financial fraud because of the stock prices were going down, which was affecting his marginal loan. For that reason, he was trying to sell his stock, but the board of Directors lent him $341 million, along with 2% interest rate.
Background WorldCom, once known as one of the most powerful telecommunication organizations of the world, is now studied as a case of a fraudulent company that carried out unethical financial activities to cover its weakening position in the market. After some aggressive investment decisions, the company started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities.