The Bernard Madoff’s Fraud Essay Example for Free

The Bernard Madoff’s Fraud Essay Madoff’s scheme to defraud his clients at Bernard Lawrence Madoff Investment Securities began as early as 1980 and lasted until its exposure in 2008. Bernard carried out this scheme by soliciting billions of dollars under false pretenses, failing to invest investors’ funds as promised, and misappropriating and converting investors’ funds to benefit Madoff, himself, and others without the knowledge or authority of the investors. To execute the scheme, Madoff solicited and caused others to solicit potential clients to open trading accounts with Bernard Lawrence Madoff Investment Securities (BLMIS) on the basis of a promise from him. He promised to use investor funds to purchase shares of common stock, options and other securities of large, well-known corporations, and representations that he would accomplish high rates of return for client, with limited risk. â€Å"United states of,† 2009) Among other things, Mandoff marketed to clients and prospective clients an investment strategy referred to as a split strike conversion strategy. Clients were promised that Bernard Lawrence Madoff Investment Securities (BLMIS) would invest their funds in a basket of approximately 35-50 common stocks within the Standard Poors 100 Index (the SP l00), a collection of the 100 largest publicly traded companies in terms of their market capitalization. Mandoff claimed that he would select a basket of stocks that would closely mimic the price movements of the SP 100. Mandoff further claimed that he would opportunistically time those purchases, and would be out of the market intermittently, investing clients funds in these periods in United States Government issued securities such as United States Treasury bills. Madoff also claimed that he would hedge the investments that he made in the basket of common stocks by using investor funds to buy and sell option contracts related to those stocks, thereby limiting potential losses caused by unpredictable changes in stock prices. â€Å"United states of,† 2009) Madoff’s Illegal Business Behaviors Exposure Federal prosecutors filed a total of eleven charges against Bernard Madoff. The first of those charges was for securities fraud. The crime of securities fraud involves false claims of investment security holdings, and misinformation regarding stocks and brokerage advice. Sensational insider information is also considered a component of this criminal activity. Another major charge involved t hree counts of money laundering, both domestically and through international accounts. Money laundering is the funneling of revenue acquired illegally into new monetary arrangements, with the intent of concealing this revenue’s original origins. Plus, in connection with both his securities and investment adviser businesses, prosecutors also charged Madoff with mail and wire fraud. These offenses involve initiating schemes using either the United States Postal Service or telephone systems toward obtaining money and/or property in a false or unlawful manner. (Tomaszewshi, 2010). Perpetrators Involved in Bernard Madoff’s Fraud It’s certainly not uncommon for one’s son or daughter to enter into an identical business relationship as a successful family member such as a parent. However, in Bernie Madoff’s case this approach was taken to extreme levels of nepotism. Peter Madoff entered his brother’s firm in 1967, and as business prospered he began to accumulate several executive titles: Senior Managing Director, Head of Trading, and even Chief Compliance Officer for both the broker-dealer and more secretive investment advisor business models. Bernie’s sons Mark and Andrew joined the firm in the mid-to-late 1980s, and eventually were made co-directors of Madoff Securities International in London, England. Bernie’s nephew Charles joined up in 1978, and became the Director of Administration for the investment firm. And Peter’s daughter Shana was hired on in 1995, and served as in-house Legal Counsel and Rules Compliance attorney for the broker-dealer business. Other parties greatly impacted by Bernie Madoff’s activities were his business associates and their many clients over the decades. For example, Frank Avellino and Michael Bienes themselves funneled over three thousand clients to Madoff’s investment advisory business. Madoff had consistently advised the pair to remain unregistered in their dealings. But when the SEC accused the duo of illegally selling securities, Madoff pretended ignorance of their activities, even though he had secretly instructed them all along. For their trouble, Avellino and Bienes were forced to pay a fine of three hundred and fifty thousand dollars and shut their business down. Other notable business partners eventually left in the lurch by Madoff’s growing fraud would go on to include Jeffrey Tucker and Walter Noel of Fairfield Greenwich Group. Non-related people who had worked under Bernie Madoff also became tainted from the association following his arrest. This employee group includes those who may have had indirect dealings through Madoff subsidiaries like Cohmad Securities Corporation. However, the idea also applies to those employed directly, such as former executive assistants Elaine Solomon and Eleanor Squillari. Jeffry Picower was in industrialist and philanthropist who seemed to be a favored Madoff beneficiary, and made outlandish profits from his investments with Madoff. From 1996-2007 there were 14 instances of greater than 100% yearly returns and 25 of greater than 50%. From 1996-1999 his regular trading account made from 120-550% a year. Some evidence of backdating trades, instituted by Picower, has been presented by trustee Irving Picard. In December, 2010, his estate returned $7. 2 billion in profits to the government. Picower died before the settlement. Tomaszewshi, 2010) Motives of the Perpetrators The various perpetrators who were involved in Bernard Madoff’s ponzi scheme had different kinds of motives that were completely against the provisions evident in federal laws. Jeffry Picower had over twenty four different accounts with Investment Securities L of Jeffry Picower and his wife in Investment Securities LLC was to benefit from the cash windfall generated from devious deals according to reports; his investment into Madoff’s company was once worth over one billion dollars. Kirchner, 2010) Annette Bongiorno was a senior employee at Bernard Madoff’s illegal company and among her roles at the firm she was to brief investors concerning their returns which were all fictitious. Ezra Merkin was an investment expert who assisted Bernard Madoff to drain off extraordinary amounts of money from clients’ accounts and it later emerged that he had a conflict of interest in the Madoff company. With its headquarters in Connecticut, Fairfield Greenwich Company misled investors into buying stakes at Madoff‘s illegal firm and in return, the company received huge amounts of cash from Bernard Madoff. NBC, 2009) Frank DiPascali was also another essential figure in Bernard Madoff’s illegal investment scheme. One of the frauds committed by Frank is that he engaged in countless number of international money laundering activities to benefit Madoff’s scheme. In addition to this, DiPascali also gave Mr. Madoff expert advice on how to go about his illegal businesses without being caught or detected by the federal authorities. (Arvedlund, 2010) (â€Å"Bernard Madoff fraud,† 2012) Controls That Could Have Deterred the Fraud from Occurring Despite the fact that Bernard Madoff’s investment fraud was one of the largest to ever rock the United States of America, there are various strategies thatLC and he operated them closely with Barbara who was also his wife. The motive might have prevented or deterred the fraud from occurring. To begin with, the United States Securities and Exchange Commission (SEC) should have without delay acted on the numerous signals that it received from different quarters. As the main regulatory authority of American investment activities, it would have been easy to identify weaknesses in Bernard Madoff’s shady deals. A major loophole in the federal laws of the United States of America also had a significant input towards enabling Bernard Madoff’s illegal activities to spread at a very rapid rate; for instance, there is a provision that stipulates private companies in the United States should only pay 5% of their annual revenues. (NBC, 2009) (â€Å"Bernard Madoff fraud,† 2012) Implementations That Investors Should Have Used to Protect Themselves While some investors may yet believe they were tricked into believing Bernie Madoff’s elaborate confidence game, it is also arguable that there were means to protect themselves at their disposal. One method would be to practice due diligence whenever one is presented with new financial opportunities. Many investors were led astray on the poor advice of their won friends and family, which isn’t a fiscally sound means of verification. Independent research needs to be done on the workings of any financial organization, even those that are supposedly reputable on the surface. One should investigate third-party custodial relationships at investment firms, and review their auditing practices. (Tomaszewski, 2010) Another way to avoid fraud is to actively request documentation. Hand written notes from intermediaries are highly suspicious evidence that revenue is being transacted in a professional manner. Getting activity in writing must be joined to verifiable account numbers for auditing. Finally, a forceful amount of skepticism will often prevent one from falling into schemes which seem on the surface to be easy money generators. For instance, one should never believe the speculators on television. An unlicensed financial consultant is about as reliable an agent as allowing unreformed gambling addict free access to one’s personal treasury. Investors should not assume that overseers are actually doing their jobs, as even they might be in on the take. (Tomaszewski, 2010). The United States Securities and Exchange Commission (SEC) Involvement Critics and popular journalists from prominent media houses in the United States of America have called into question the manner in which the Securities and Exchange Commission handled the fraud case involving Bernard Madoff. This is due to the fact that even the commission itself has acknowledged that it should have detected Madoff’s illegal activities as soon as they began. The first major mandate or responsibility of the Securities and Exchange Commission is to interpret the laws pertaining to federal securities; such as, the commission should have detected the fundamental flaws in Bernard Madoff’s investment activities at an earlier stage. The second major responsibility of the Securities How Madoff’s Fraud was Discovered and Identifiable Red Flags His business came to be under the doubts of various financial analysts as early as 1999. They believed that the returns claimed by the company were only theoretically impossible. But organizations such as the Securities and Exchange Commission (SEC) completely ignored the doubts and Madoff continued with his overtures for almost another 10 years. He finally got caught in December 2008. He was trapped after he confessed about his dishonesty to his very own sons. He confessed to his sons of his investment business being nothing but a big Ponzi scheme. His sons now reported his father’s fraud to the Federal Bureau of Investigation. Though Bernie confessed to have had started his Ponzi scheme in the 1990’s, investigators think otherwise. They believe the Ponzi scheme and defrauding of investors had begun in the 1980’s itself. Now what actually happened was that in the very first week of December 2008, Bernie Madoff discussed his dilemma over having to pay his clients an amount of almost $7 billion as he didn’t have that much funds. Now within the very next two days Bernie told his sons that he made a huge profit and had decided to give away an early bonus, amounting up to $173 million. This confused the sons and they called for an explanation from their father. This is when their father confessed that his whole company worked through a â€Å"giant Ponzi scheme†. On December 11th 2008, Bernie Madoff was taken into house arrest. Had the stock market not had been in a sharp decline in 2008, who knows how much longer the fraud could have continued. (Degrace, 2011) After writing that Madoff offers the biggest due diligence lesson for investors, some argued that the red flags are only obvious in hindsight and wouldn’t have been so clear if one had to make the decision before Bernard’s admission of running a Ponzi scheme.

IS spring Essay Example for Free

IS spring Essay Economy should serve the individuals by maximizing its wealth and power C. economy should serve the Rich by maximizing its wealth and power D. None of the above 3. Which one of the following was promoted under mercantilism? A. A nation should build strong army and conquer other nations. B. Grant legal monopolies to businesses that produce goods for export C. Establish colonies for raw D. All of the above 4. Which school of thought promoted freedom of press, rule of law, and a free market? A. Marxism B. Classical Mercantilism C. Classical Liberalism 5. Which one of the following theorists was against any protections for landlords and aid, Landlords gain is industrialists loss? A. Adam Smith B. David Ricardo C. Karl Marx D. Herbert Spencer 6. Which system tends to believe in trickle down economy? A. Socialism B. Communism C. Capitalism 7. What was David Ricardos point of view on foreign trade? A. Foreign trade is not good for economy B. Foreign trade is not good for economy, therefore government should ban it C. Foreign trade is good for economy because it lowers the wages of local labor leading to more profit for the industrialists D. Balance between imports and exports is good for economy 8. In our discussion on Marxism, we presented a number of evolutionary stages of society. Which stage was pointed out in our lectures as Natural Socialism? A. Hunting and gathering societies B. Agrarian societies C. Ancient societies Feudal societies D. Who was the rural Proletariat during Feudalism? 9. A. Factory worker B. Feudal lord C. Farmer 10. In old days, shoemakers used to make shoes using simple tools. They sold it and made some profit for themselves. What type of capitalism was it? Cooperative capitalism A. Manufacturing capitalism B. Modern capitalism None of the above In a socialist society, who owns the means of production? 1. A. State B. Individuals C. Communities D. Bourgeoisie 12. Karl Marx lists a number of things under forces of production. Which one of the following is one of them? A. Labor C. Money, machines, and infrastructure 13. The story It was Grandfathers Birthday was used in our class to illustrate? A. Poverty B. Inequality C. Class conflict D. Alienation 14. According to Karl Marx, what is a class conflict? A. Conflict between two countries B. Conflict between two religious groups C. Conflict between Bourgeoisies and Proletariats 15. According to Marxists, which one of the following nations has a real socialism? A. China B. cuba C. North Korea 16. According to Karl Marx, what is the main reason of growth in Capital in a Capitalist society? A. Modern technology B. Optimum use of workers C. Exploitation of workers Modernization Theory 17. Which one of the following societies is relatively an undifferentiated society? A. France B. Chad C. Germany D. Norway Modernization theorys point of view on why Somalia is poor? A. Poverty of Somalia is a product of internal factors B. Poverty of Somalia is a product of external factors C. Poverty of nations is a product of both internal and external factors D. All of the Native Indians lived in a traditional society. According to Lews Model of 19. Modernization, which one of the following would be one of the characteristics of this society? A. Fewer specializations B. Universalism C. High use of money and market D. Complex bureaucracy 20. Social scientists have criticized modernization theory for a number of reasons. Why did they believe that Modernization theory is based on ethnocentrism? A. Western European definition of development was used for modernization B. Christian definition of development was used for modernization C. It completely ignored the role of colonialism in the development of Europe D. None of the above 21. Amish live very traditional life in the USA. You have been asked by the US government to prepare a plan to modernize them. Which one of the following should be the main focus of your plan? A. Make laws to force Amish to change B. Make laws to force Amish children to go to public schools C. Try to change the values, traditions, and culture of Amish D. All of the above 22. According to Modernization Generally speaking, how does it influence migration? A. Industrialization leads to a decline in migration B. Industrialization leads to an increase in migration C. Industrialization does not have any impact on migration D. It varies from country to country 23. Japan, USA, Norway, South Korea, and Netherlands went through the same process of industrialization, urbanization, and modernization. Why are these countries so different from one another? Because of cultural differences Because of religious differences Because of environmental differences All of the above World Systems Perspective 24. Which one of the following theorists said that foundations of dependency were laid down during 19th century Europe? A. Karl Marx B. A. G. Frank C. Adam Smith D. Moore 25. Which one of the following nations is Capital intensive? B. China C. India D. Bangladesh 26. Rwanda is a poor nation. Which one of the following reasons of under- development of Rwanda refers to Chase-Dunn? A. Colonialism B. Wars imposed by core nations C. Local environmental and social reason 27. According to Robert Cox, global financial organizations give out loans to poor countries. What is the real goal of these financial policies? B. Help the elites of those countries C. Help their own nations 28. Which one of the following characteristics refers to periphery nations? A. Urban B. Politically powerful C. Poor economy D. Stable governments 29. You watched a video on Wallenstein. What did he say about the future of Capitalism? A. Greed to accumulate wealth will help Capitalism to survive B. Capitalism will collapse as it is C. Capitalism will be replaced by religious fundamentalism 30. Which one of the following statements on Global economic and political interdependence refers to Chase Dunn? A. It helps poor nations through diffusion of technology B. It helps rich nations because they are able to sell their technologies to poor nations C. It helps both rich and poor countries Assignment 1 Generally speaking, in which continent life expectancy tends to be very high? 31. Africa Europe Latin America D. Asia 32. Which nations tend to have very high infant mortality rates?

Ethical standards require businesses and individuals to use moral principles

Ethical standards require businesses and individuals to use moral principles One difference between an ordinary decision and an ethical one lies in the point where the accepted rules no longer serve, and the decision maker is faced with the responsibility for weighing values and reaching a judgement in a situation which is not quite the same as any he or she faced before. (Ferrell, Fraedrich, 1994) Ethics is not simply a glorified intellectual game, of no practical relevance. We become moral individuals by practice; good at being truthful by habitually telling the truth; becoming honest by trying always not to be dishonest. There is nothing abstract about business ethics. It is simply another tool to help the practical business man or woman deal with the endlessly recurring moral dilemmas of business life. There is a connection between our perception of the world and the way in which we make decisions in the world. If managers believe that they are and ought to be rational egoists, concerned only with maximising profit, they will take the decisions accordingl y. If, on the other hand, they are aware of moral theories and social policies that affect their own societies and the wider world, then they will be likely to make rather different and more sophisticated judgements, (Vallance, 1995). The idea of ethics in business focuses on the moral or ethical actions of individuals. It is in this sense that many people, in discussing business ethics, immediately raise examples of immoral or unethical activity by individuals. Included with this notion, however, is also the criticism of multinational corporations that use child labour or pay pitifully low wages to employees in less Developed Countries. Many business people are strongly influenced by their religious beliefs and the ethical norms that they have been taught as part of their religion, and apply these norms in their business activities. Aaron Feuerstein is a prime example of someone whose actions after fire destroyed almost all of his Malden Mills factory complex kept his workers on the payroll until he could rebuild. He has stated often and publicly that he just did what his Jewish faith told him was the right thing to do (Richard T De George). The study of Business Ethics has evolved through many years since before the 1960s. Business ethics continues to change rapidly as most organisations recognise the advantages of improved ethical conduct in business and there is an increased understanding between business ethics and financial performance. Up until 1960 ethical issues related to business were often discussed theologically. Through churches, synagogues and mosques, individual moral issues related to business ethics were addressed. Religious leaders raised questions about fair wages, labour practises and the morality of capitalism. Courses began being offered in social ethics in some catholic colleges and universities. During the 1970s business ethics began to develop as a field of study. Theologians and religious thinkers laid down groundwork suggesting that certain religious principles could be applied to business activities. Because of this professors began to teach and write about corporate social responsibility. By the end of 1970s a number of ethical issues had emerged and business ethics became a common expression. In the 1980s business academics and practitioners acknowledged business ethics as a field of study. Business ethics organisations grew and expanded to include thousands of members. Many rules of business began changing at a phenomenal rate because of less regulation. Corporations had more freedom to make decisions, and the government developed new mandatory federal sentencing guidelines to control firms that were involved in misconduct. Business ethics today is still an evolving field of study. Business ethical issues can be approached from the perspective of law, philosophy, theology or social sciences; or they can dealt with in a pragmatic spirit, seeking solution for specific managerial problems. (Ferrell, Fraedrich, Ferrell, 2002.) Some ethical principles include: Fudicary Duty, Property Principle, Reliability Principle, Transparency Principle and Dignity Principle. Fudicary Duty involves each officer having a legal fudicary duty to act in the best interests of the stakeholders and other employee within the firm such as, loyalty. Property Principle is based on the belief that every employee should respect property as well as the rights of the owners of the property for example, theft. Reliability Principle believes that it is the employees responsibility to honour the commitments that they have made to the firm for example, breaching a contract. Transparency Principle is based on the belief that every employee should conduct business in a truthful and open manner and assumes they will not make decisions based on a personal agenda. Dignity Principle believes that each employee needs to respect the dignity of all individuals such as safety and privacy. Fairness Principle based on belief that stakeholders who have vested interest in the firm should be treated fairly for example they should be entitled to fair reciprocal. Citizenship Principle believes that every employee should act as responsible citizen in the community, for example they should abide and respect the laws of the community. Responsiveness Principle based on belief that employees have the responsibility to respond to requests for information about operations from various stakeholders. Being socially responsible will enable you to get greater profits, be more responsive to consumer demands and attract investment. An example of a socially responsible company is The Body Shop (Harvey, 2010). Social Responsibility is the obligation a business assumes to have for society. To be socially responsible is to maximise positive effects and minimise negative effects on society. The economic responsibilities of a business are to produce goods and services that meet the needs and wants of society at a price that can perpetuate the business while also satisfy the needs of the investors. (Ferrell Fraedrich, 1994) The legal responsibilities of businesses are the laws that they must obey. (Ferrell Fraedrich, 1994) The civil laws are the rights and duties of individuals and organisations. The criminal laws prohibit specific actions and impose fines and/or imprisonment as punishment for breaking the law. (Harvey, 2010) At a minimum, companies are expected to be responsible for their employees obeying local, state and federal laws. Ethical responsibilities are the behaviours or activities that are expected of the business by society but are not codified in law. (Ferrell Fraedrich, 1994 ) These are the standards, norms, or expectations that reflect the concern of major stakeholders. (Harvey, 2010) Consider the responsibility issues for many riverboat casinos that serve their patrons as many free drinks as they want. The result is that many of the drunken patrons may decide to drive after leaving their premises and then cause an accident. For example, one patron at the Players Casino in Louisiana, had twelve drinks in two hours, got into his vehicle and then crashed into a van carrying five people, causing three of them to lose their lives. Although the casino operators fulfilled their legal responsibility to provide alcoholic beverages to adults only, they sometimes fail to address the ethical issues presented by the spirit of law. The final obligation a business assumes towards society is philanthropic responsibilities. These are the behaviours and activities that society desire and business values dictate. Philanthropic responsibilities represent the companys des ire to give back to charity. For example, Ben Jerrys donate 7.5% of pretax profits to charity. (Ferrell, Fraedrich, Ferrell, 2002.) The idea of social responsibility became prominent during the 1960s in response to changing social values. Many businesses have tried to determine what relationships, obligations and duties are appropriate between the business organisation and society. (Ferrell, Fraedrich, Ferrell, 2002.) Therefore, Social Responsibility can be viewed as a social contract with society, whereas ethics relates to carefully thought-out rules of moral philosophy that guide individual decision-making. While business ethics relates to the effect of moral rules and principles on individual decisions, social responsibility is concerned with the decisions the organisation makes and their effect on society, (Ferrell Fraedrich, 1994). Corporate Social Responsibility refers to any voluntary business activity that goes beyond legal compliance, enhancing economic performance and contributing to sustainable development of the environment and the community in which a business operates. Corporate Social Responsibility is a decision for business and generally a companys CSR activity will fall under one of four priority headings: workplace, environment, community or marketplace. Corporate Social Responsibility is getting more and more attention as the natural complement of social activities and business sustainability is gaining recognition. Contemporary developments, values and stakeholder expectations have shifted and to survive companies must develop new activities and processes that reflect the societal, demographic, economic and legislative changes. Better working relationships with stakeholders can result from the greater management of expectations, (IBEC Policy, 2006). Business ethics attempts to apply general moral principles to business activities in order to resolve, or at least clarify, the moral issues which typically arise in business. (Vallance, 1995) Moral philosophy refers to the principles or rules that people use to decide what is right and wrong. For example, a production manager may be guided by a general philosophy of management that emphasises encouraging workers to know as much as possible about the product they are manufacturing. It comes into play when the manager must make decisions such as whether to notify employees in advance of upcoming layoffs. Although the workers might like advance warning, its side effects may have an affect on production quality and quantity. There are many moral philosophies and each one is complex. (Ferrell, Fraedrich, Ferrell, 2002) Some types include: Teleology, Deontology, The Relativist Perspective, Virtue Ethics and Justice. Teleology is an act considered morally right or acceptable if it produces some desired result i.e., realisation of self-interest or utility. The two teleological philosophies are Egoism and Utilitarianism. Egoism is the right or acceptable behaviour in terms of the consequences for the individual. (Harvey, 2010) In an ethical decision- making situation, an egoist will probably choose the alternative that contributes most to their own self interest. Many believe that egoists are inherently unethical, that such people and organisations are short term oriented and will take advantage of any opportunity or consumer. For example, some telemarketers demonstrate this negative egoistic tendency when they prey on elderly consumers who may be vulnerable because of loneliness or the fear of losing financial independence. Many senior citizens fall victim to fraudulent telemarketers each year. In many cases they lose all their savings and in some cases their homes. Utilitarianism is concerned with the consequences in terms of seeking the greatest good for the greates t number of people. Utilitarian decision making relies on a systematic comparison of the costs and the benefits to all affected parties. Using a cost benefit analysis, a utilitarian decision maker calculates the utility of the consequences of all possible alternatives and then selects the one that results in the greatest utility. For example, the Supreme Court has said that employers are responsible for the sexual misconduct of supervisors, even if the employers knew nothing about it. Thus, it has established a strict standard for harassment on the job. (Ferrell, Fraedrich, Ferrell, 2002) Deontology focuses on the rights of the individual and on the intentions associated with behaviour not on the consequences. It believes that there are some things we should not do regardless of the utility. (Harvey, 2010) Unlike utilitarians, deontologists argue that there are some things that we should not do, even to maximise utility. For example, deontologists would consider it wrong to kill or harm an innocent person, no matter how much utility might result from doing so, because such an action would infringe on that persons rights as an individual. (Ferrell, Fraedrich, Ferrell, 2002) The Relativist Perspective states that ethical behaviour is defined by experience of the individual and the group. (Harvey, 2010) Relativists use themselves or the people around them as their basis for defining ethical standards. The relativist observes the actions of members of a group and attempts to determine the group consensus on a given behaviour. A positive consensus signifies that the action is considered right or ethical. Such judgements may not remain the same forever i.e., advertising in the accounting profession. Relativism acknowledges that we live in a society in which people have many different views and bases from which to justify decisions as right or wrong. The relativist looks to the interacting group and tries to determine probable solutions based on the group consensus. When formulating business strategies and plans, a relativist would try to anticipate the conflicts that will arise between the different philosophies held by members of the organisation, its suppliers, customers and the community at large. (Ferrell, Fraedrich, Ferrell, 2002) Virtue Ethics consists of trust, self-control, empathy, fairness and truthfulness. (Harvey, 2010) Attributes in contrast to virtue would include lying, cheating, fraud and corruption. The problem of virtue ethics comes in its implementation within and between cultures. Those who practise virtue ethics go beyond societal norms. For example, if an organisation tacitly approves of corruption, the employee who adheres to the virtues of trust and truthfulness would consider it wrong to sell unneeded repair parts despite the organisations approval to do so. (Ferrell, Fraedrich, Ferrell, 2002) Justice is fair treatment and due reward in accordance with ethical or legal standards. Justice deals more with the issue of wh at individuals feel they are due based on their rights and performance in the workplace. (Ferrell, Fraedrich, Ferrell, 2002) One type of organisational justice is distributive justice. It is based on the evaluation of the outcome or results of the business relationship. If you perceive that you are underpaid, you may cut back on your amount of work output. Another type is procedural justice. It is based on the processes and activities that produce the results or outcomes. A procedural justice climate is expected to positively influence workplace attitudes and behaviours related to work group cohesion. (Ferrell, Fraedrich, Ferrell, 2002) Interactional justice is another type of justice. It is based on the evaluation of the communication processes used in the business relationship. Supervisor visibility and work-group perceptions of cohesion are associated with procedural justice. Wainwright Bank and Trust Corporation in Boston has made a commitment to promote justice to all its stake holders with a sense of inclusion and diversity that extends from the boardroom to the mail room. This example illustrates that procedural justice seeks to establish relationships by providing understanding and inclusion in the decision-making process. (Ferrell, Fraedrich, Ferrell, 2002) Organisational Justice is the study of fairness in organisations. Companies may promote organisational justice by paying their employees what they deserve, offering workers a voice, openly following fair procedures, training all workers to be fair and explaining decisions thoroughly in a manner demonstrating dignity and respect. (Harvey, 2010) An ethical issue is a problem, situation, or opportunity requiring an individual or organisation to choose among several actions that must be evaluated as right and wrong, ethical or unethical. Ethical issues typically arise because of conflicts between individuals personal moral philosophies and values and the values and attitudes of the organisations in which they work and the society in which they live. Ethical issues can be explored in terms of the major participants and functions of the business. A good rule of thumb is that an activity approved by most members of an organisation and customary in the industry is probably ethical. An issue, activity, or situation that can withstand open discussion and survive untarnished probably poses no ethical problem. (Ferrell Fraedrich, 1994). A reason for unethical behaviour is individual differences in cognitive moral development. Situational determinants of unethical behaviour involves the organisation encouraging behaviour that violates ethical standards or workers emulate the unethical behaviour of their superiors. (Harvey, 2010)

Analysis Of Sir Gawains Character Essay -- Arthurian Legends English

Analysis Of Sir Gawain's Character In Sir Gawain and the Green Knight, the character of Sir Gawain, nephew of the famed Arthur of the Round Table, is seen as the most noble of knights who is the epitome of chivalry, yet he is also susceptible to mistakes. His courtesy, honor, honesty, and courage are subjected to various tests, posed by the wicked Morgan le Fay. Some tests prove his character and the chivalrous code true and faultless, like the time he answers a challenge although it might mean his death, or remains courteous to a lady despite temptation. Other tests prove his character and the chivalrous code faulty such as the time he breaks his promise to his host, and when he flinches from a harmless blow. The first test to his courage, courtesy, humility and loyalty toward his king, Arthur, occurs when the Green Knight suddenly appears at Camelot’s New Year's feast. He offers the Round Table a challenge: the game is for a man to strike him with his axe, and twelve months and a day later, the Green Knight will return the blow. When Arthur accepts the challenge, Gawain interferes and asks Arthur with humility and courtesy to â€Å"grant him the grace to stand by him† (SGGK l. 343-344). He confesses that â€Å"he is the weakest, and of wit feeblest, and the loss of his life would not be a great tragedy at all because his body, but for Arthur’s blood, is not worth much" (SGGK l. 354-357). He asks to be granted the privilege to claim the Green Knight's challenge because it does not befit a king. Proof of Gawain’s character is substantiated by his noble acceptance of the Green Knight’s beheading game in order to â€Å"release the king outright from his obligation†(SGGK l. 365). It shows courage and loyalty that even among famed knights suc... ...love for his life. Thus Gawain deserves less blame for his misdemeanor minor transgression. Although Gawain, like most us, is prone to evil thoughts of selfishness and dishonesty, and takes a cowardly action, "men still hold him dear" in Bercilak's castle as well as in Arthur's Camelot (SGGK l. 2465). His friends are not as disappointed with him as he is disappointed with himself. He holds himself in contempt, "rages in his heart and grieves" for the shame in his actions and the green belt that he must bear (SGGK l.251-252). He wears the girdle as a badge to remind him of his faults and to lower his pride when it becomes inflated. But he has learned from his mistakes and becomes an even better knight. Sir Gawain and the Green Knight in The Norton Anthology of English Literature 7th ed. vol.1. Abrams, M. H et al. New York: W. W. Norton & Company, 2000. 157-210.

The United States’ Lack of Mental Health Care Essay -- United States, h

About 75-80 million people in the United States are mentally ill to some extent (For the Mentally Ill, Finding Treatment Grows Harder). Many people are unaware of the treatments for the mentally ill and how few resources are available. Yes, if society looks from where society has come with the development of treatments, it has come a long ways. There is still more knowledge to be uncovered to ensure the United States gives the mentally ill care equal to what the United States gives the physically ill. Even though research has advanced immensely in the understanding of sanity vs. insanity, the United States needs to do more for those who are mentally ill through diagnosis and aid. â€Å"Mental illness refers to a wide range of mental health conditions — disorders that affect your mood, thinking and behavior† (Mayo Clinic). Mental disorders can happen many times through one’s life, but mental illness is classified as an ongoing problem with the symptoms that can affect the ability to perform normal day to day tasks (Mayo Clinic). Many people look at those afflicted with mental disorders as being crazy or clinically insane, while the reality is a problem many people live with on a daily basis with help from medications, psychologist visits, family, friends, help groups, and many other support systems. The lack of support available to mentally ill patients, the more that will refuse treatment and refuse to find help for their disorders. Many people who were born with mental disorders grow up knowing they have a problem, but people who develop them later in age don’t understand how to cope with it. In prehistory, the idea of a mental illness was challenging to comprehend. The people of these ancient times thought it was magical spirits o... ..."10 Mind-Boggling Psychiatric Treatments." Mental Floss http://mentalfloss.com/article/31489/10-mind-boggling-psychiatric-treatments Fields, Gary. "For Mentally Ill, Finding Treatment Grows Harder." Wall Street Journal 16 January 2014. http://online.wsj.com/news/articles/SB10001424052702304281004579218204163263142 Mayo Clinic. 2014. 18 March 2014 http://www.mayoclinic.org/diseases-conditions/mental-illness/basics/definition/con- 20033813 Society, British Psychology. Recent Advances in Understanding Mental Illness and Psychology Experiences. Leicester, 2000. http://www.schizophrenia.com/research/Rep03.pdf Thompson, Marie L. Mental Illness. Westport: Greenwood Press, 2007. University, Harvard. "The Prevalence and Treatment of Mental Illness Today." November 2005. http://www.health.harvard.edu/newsweek/Prevalence-and-treatment-of-mental-illness- today.htm

Proper Etiquette and Interview Skills Essay -- Etiquette Interviews Ma

Proper Etiquette and Interview Skills Business Etiquette Business etiquette is made up of significantly more important things than knowing which fork to use at lunch with a client. People may feel that if you can't be trusted not to embarrass yourself in business and social situations, you may lack the self-control necessary to be good at what you do. Etiquette is about presenting yourself with the kind of polish that shows you can be taken seriously. Etiquette is also about being comfortable around people (and making them comfortable around you!) Being a good conversationalist To be a successful conversationalist, you must also believe that listening is power. Because our society places so much emphasis on speaking as the way to win friends and influence people, good listeners can quietly have a powerful and subversive impact. You should also remember that speakers have little power without listeners. Speakers share their wisdom and try to persuade, but listeners make meaning of what is heard -- they make the ultimate decision to act on what they hear. When it comes to talking during an interview, sometimes less is more. As a general rule, you should speak one-third of the time and definitely no more than half of the time. That's because the best interviews have a give-and-take atmosphere where you're discussing who the company is looking for, why you're the right candidate and how having you on board will solve the firm's challenges. To do this, you need to ask questions and try to draw out your interviewer rather than talking about yourself nonstop. Phone Etiquette Employers use telephone interviews as a way of identifying and recruiting candidates for employment. Phone interviews are often used to screen candidates in order to narrow the pool of applicants who will be invited for in-person interviews. They are also used as way to minimize the expenses involved in interviewing out-of-town candidates. While you're actively job searching, it's important to be prepared for a phone interview on a moments notice. You never know when a recruiter or a networking contact might call and ask if you have a few minutes to talk. Good phone ability is a requirement of almost every job at all levels. This is a chance to demonstrate your phone communications skills. Face-to-face communication consists of three elements: words, tone of voice and bo... ...gh your training program each year? †¢ How does your company's tuition reimbursement program work? †¢ What new product lines/services have been announced recently? †¢ What is the average age of top management? †¢ Will you describe ______________ to me? (The personality of a ranking officer often reveals a lot about the company philosophy). †¢ Could you tell me about public transportation to your company? †¢ How many people are you interviewing for this position? †¢ What are the things you like least/most about working here? †¢ If I am extended an offer of employment, how soon after this would you like me to start? †¢ When can I expect to hear from you? As the interview closes, be sure to express interest in the position and briefly summarize why you are qualified. Then ask what the next step will be or when you can expect to hear from the interviewer. This inquiry demonstrates your confidence and interest and gives you important information. Finally, ask for a business card so you can send a thank you letter within 24 hours. If no card is available, make sure you learn the correct spelling of the interviewer's first and last name.

Indus River Essay

The Indus and Ganges river valleys are ideal locations for early settlements. Some of the reasons are good water supply, good farmland, and rivers for trade. And those are just some of the reasons people choose to live there. Why were the Indus and Ganges river valleys ideal locations for early settlement? They were ideal because they were ideal because they were by rivers so you would always have drinking water. The valleys also had some of the best farmland. The farmland was so fertile because, the snow on the mountains would melt and flood the rivers, so the silt would make the soil fertile. They were also ideal because you could use the rivers for trading. How were the Indus and Ganges river valleys affected by the land nearby? They were affected by the mountains because, the melted ice carried down from the mountains to provide a good supply of water. The mountains affected the Indus and Ganges river valleys in bad ways also. In the fall they got their heaviest rains so the rivers flooded destroying the crops on the banks of the rivers. Another physical feature that is UNSUITABLE is the Thar Desert. It is unsuitable because the only time there is water is during monsoon season. Well, actually there is water but you might have to walk for days to find it. You also would be at risk of no food because the only animals that live in the Thar Desert are lizards, snakes, gazelles, quail, ducks, and geese. Another UNSUITABLE physical feature is the Himalaya Mountains. The Himalayas are unsuitable because fierce storms can dump ten feet of snow at a time on one area. Another reason is you have no food because nothing wants to live in the cold mountains. You also have no water, and when you get to the timberline you will need an oxygen tank. The Indus and Ganges river valleys are ideal locations for early settlements. Some of the reasons are good water supply, good farmland, and rivers for trade. And those are just some of the reasons people choose to live there. If I had to choose somewhere to live in ancient India I would choose the Indus and Ganges river valleys.