The American Auto Bailout: Triumph or Tragedy? In 2008, two of America’s largest auto manufacturers -- GM and Chrysler -- were on the brink of bankruptcy. This came at a time when the American economy itself was in crisis. It was hemorrhaging jobs at an alarming rate -- nearly 800,000 per month. When President Barack Obama took office, he was faced with the grim reality that two of America’s largest car manufactures were near extinction.
M7A1: Short Paper: International Games 6 December 2013 Author Note This paper was prepared for BUS 523, Business Ethics for Managers, Taught by… M7A1: Short Paper: International Games Corporations in the United States have different ethical and moral obligations than their foreign competitors. In the global village, there is great diversity among nations. Morals are not the same and are thought of and practiced differently between nations. Managers of multinational corporations have to balance practices here at home with practices overseas. The Foreign Corrupt Practices Act was signed into law to force US corporations to be more ethical in the global market in their dealings with foreign corporations.
Employees and employers of different companies or organizations often shape the ethical behavior, and the unethical behavior of their various companies. This is why one aspect may be right to a certain company and yet totally wrong according to a different company. However, it is essential in noting that leaders as well as staff members should work in an environment that appreciates respect and equal opportunity. Reinforcement of ethical conduct in the workplace is the duty of employers and employees. Some individuals however, think that employers should have total responsibility of maintaining ethical deeds in the workplace.
His sons turned him in and he was arrested the next day. Madoff eventually admitted that he has lost $50 billion of his investors’ money. He then plead guilty to 11 felony charges. He was sentenced to 150 years in prison. Some people may question how this scheme was able to go on for so long with nobody catching on.
Scharff (2005) reported, “WorldCom, now named MCI, recently emerged from bankruptcy protection after reporting accounting irregularities of $11 billion”. Scharff (2005) further noted, “On March 2,2004 Bernie Ebbers, WorldCom's ex-Chief Executive Officer, was charged with conspiracy to commit securities fraud, securities fraud, and falsely filing with the sec and on May 24,2004 six additional counts were filed against him. On March 15, 2005 Ebbers was found guilty on all nine counts and faces a maximum penalty of 85 years in prison and an $8.25 million fine”. WorldCom – Ethical Problems Moberg & Romar wrote, “three major issues in the fall of WorldCom: the corporate strategy of growth through acquisition, the use of loans to senior executives, and threats to corporate governance created by
6, 2008. In an already tumultuous market the preferred stock of the two firms tumbled to below a dollar. September 2008 was the month that saw the fall of many financial institutions. Banks termed too big to fail. Lehman Brothers file bankruptcy, Merrill Lynch was bought out by Bank of America, and AIG, an insurance company that sold insurance to investment banks to cover the downturn of investments, was on the brink of financial distress along with so many other failing financial institutions.
The stock market crashed rapidly, and took a big hit to the U.S. economy. Many investors put almost all their money into the stock markets. This made the Great Depression. On January 7th, 1953 Herbert Hoover sent a message out to the world and said please take out all of your money before you go broke and start working again. And before you go broke and don’t know what to do with your life.
United Airlines United Airlines, like many airlines struggled following the terrorist attacks on the World Trade Center on September 11, 2001. According to Isidore (2002), the airline was once the world's largest and most successful. But it was hit with a series of problems starting in 2000 that led it down the road to the bankruptcy filing. The carrier had not reported a quarterly profit since the second quarter of 2000. It lost $1.7 billion.
Madoff defrauded thousands of investors out of billions of dollars, $65 billion to be exact. Madoff claimed to have started the business in the early 1990’s, and those charged legitimate. However, federal investigators believe that the fraud began as early as the 1970’s. If this true, by all means his family knew of the scheme, and had something to do with it. Concerns about Madoff’s business surfaced as early as 1999, when financial analyst Harry Markopolos informed the U.S. Securities and Exchange Commission that he believed it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver.
Antar hired his cousin Sam Anter as the CFO before the sale the Crazy Eddie’s stock. Between 1984- 1987 the company has triple on the annual sales volume and also the complicating matters with Antar’s inner circle of relatives, after he forced many of them to leave the firm. Antar resigned in 1986 as company president. The poor operating results in the fourth quarter of 1987 send the stock price down which it never recovered. In November 1987, new owners takeover the company uncovered the $65 million shortage of inventory, which led to bankruptcy.