Resisting Corporate Corruption: Cases in Practical Ethics From Enron Through The Financial Crisis, 2nd Edition

  • Published By:
  • ISBN-10: 1118659074
  • ISBN-13: 9781118659076
  • DDC: 174.4
  • Grade Level Range: College Freshman - College Senior
  • 164 Pages | eBook
  • Original Copyright 2013 | Published/Released June 2014
  • This publication's content originally published in print form: 2013

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This texts objective is to teach business ethics in a manner very different from the conceptual/legal frameworks which dominate graduate schools.  The book offers 25 case studies that cover a full range of business practice, controls and ethics issues.  The cases are framed to instruct students in early identification of ethics issues, and how to work such problems effectively within corporate organizations.  By pursuing these case studies, students should emerge with a practical toolkit that better enables them to follow their moral compass.  The cases provide examples of how executives can embed more ethical approaches inside alternative business strategies, redirect pressure and intimidation to parties better positioned to resist, and use the firms controls structure to counteract corrupt practices.  Specific cases take up the circumstances of whistleblowers and the changing protections afforded by recent laws.  Fourteen case studies examine Enrons crossing of various ethical lines from 1987-2001.  Eleven new cases examine key financial crisis moments at Countrywide, Fannie Mae, Citibank, Goldman Sachs and PriceWaterhouseCoopers.  Interpretive essays discuss the nature of sound financial controls systems, the lessons of Enron, and the extent to which the financial crisis shows Enrons issues to be unresolved.

Table of Contents

Front Cover.
Half Title Page.
Scrivener Publishing.
Title Page.
Copyright Page.
Preface to the Second Edition.
Note to Faculty: How to Use This Book.
1: The Enron Cases.
2: Demolishing Financial Control, Neutering the Gatekeepers.
3: Case Study 1 Enron Oil Trading (A): Untimely Problems from Valhalla.
4: Essay 1 How to do an Ethics Case Study.
5: Case Study 2 Enron Oil Trading (B): The Future of Enron Internal Audit.
6: Case Study 3 Enron Oil Trading (C): An Opening for Enron Audit?.
7: Case Study 4 Enter Mark-to-Market (A): Exit Accounting Integrity?.
8: Case Study 5 Enter Mark-to-Market (B): Accounting & the Aggressive Client.
9: Essay 2 Necessary Ammunition—The Economic Rationale for Financial Control.
10: Business Model Failures, Accounting Manipulations.
11: Case Study 6 Enter Mark-to-Market (C): The Disease Spreads to Enron Clean Fuels.
12: Case Study 7 Adjusting the Forward Curve in the Back Room.
13: Case Study 8 Enron's SPE's: A Vehicle too Far?.
14: Case Study 9 Court Date Coming in California.
15: Resisting Corruption at Enron.
16: Case Study 10 Jeff Skilling and LJM: The “Shoot the Moon” Meeting.
17: Case Study 11 New Counsel for Andy Fastow.
18: Case Study 12 Nowhere to Go with “The Probability of Ruin”.
19: Case Study 13 Lay Back … and Say What?.
20: Case Study 14 “Whistleblowing” before Imploding in Accounting Scandals.
21: Essay 3 Legacy and Lessons of Enron: Forerunner of the Financial Crisis?.
22: Essay 4 Resisting Corporate Corruption: Tactical Lessons from the Enron Cases.
23: Essay 5 Underappreciated Origins of the Financial Crisis: A Personal Memoir.
24: The Financial Crisis Cases.
25: New Business Models Undermine Standards and Controls.
26: Case Study 1 Should Countrywide Join the Subprime Mortgage “Race to the Bottom?”.
27: Case Study 2 Seeking a Sustainable Business Model at Goldman Sachs.
28: Case Study 3 Juggling Public Policy, Politics and Profits at Fannie Mae (A).
29: Case Study 4 Subprime Heading South at Bear Steams Asset Management.
30: Case Study 5 Ratings Integrity vs. Revenues at Moody's Investors Service.
31: Consequences for Gatekeepers and Firms.
32: Case Study 6 Juggling Public Policy, Politics and Profits at Fannie Mae (B).
33: Case Study 7 Admission of Material Omission? Citibank's SI vs and Subprime Exposure.
34: Case Study 8 Facing Reputational Risk on Goldman's ABACUS 2007-AC1.
35: Case Study 9 Time to “Drop the Hammer” on AIG's Controls?.
36: Financial Firms and Resisters.
37: Case Study 10 Write to Rubin? – Pressure on Underwriting Standards at Citigroup.
38: Case Study 11 Wean Lehman Brothers off “Repo 105”?.
39: Case Study 12 Time to Report Moody's to the SEC?.
40: Case Study 13 Take CitiMortgage to the Feds?.
41: Essay 6 Chronic Crises, Systematic Breakdowns, Emerging Resistance and the Implications for Teaching Business Ethics.
A Note on Blogs and Law Firms.
A Note on Sources.
Index: The Enron Cases.
Index: The Financial Crisis Cases.