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The objectives of this lesson will be as follows:
The objectives of this lesson will be as follows:
1. To distinguish between ethical/unethical and legal/illegal business practices (iCEV, n.d.).
1. To distinguish between ethical/unethical and legal/illegal business practices (iCEV, n.d.).
2. To relate the ethical decision making process to business situations (iCEV, n.d.).
2. To relate the ethical decision making process to business situations (iCEV, n.d.).
3. To examine ethical considerations of technology and workplace politics (iCEV, n.d.).
3. To examine ethical considerations of technology and workplace politics (iCEV, n.d.).
4. To relate the historical impact of unethical practices and governmental regulations (iCEV, n.d.).
4. To relate the historical impact of unethical practices and governmental regulations (iCEV, n.d.).
Government regulation is often the result of business acting irresponsibly or unethical. Many laws have been passed as a result of unethical behavior. In the early 1900's, for example, investigative journalists found out that the meat packing industry had serious issues with contamination. As a result, the Pure Food and Drug Act of 1906 was passed. This required the direct supervision by the federal government when meat was to be prepared in factories. Additionally, this law tried ensured that pharmaceutical drugs did what they were advertised to do and were safe for consumption.
Government regulation is often the result of business acting irresponsibly or unethical. Many laws have been passed as a result of unethical behavior. In the early 1900's, for example, investigative journalists found out that the meat packing industry had serious issues with contamination. As a result, the Pure Food and Drug Act of 1906 was passed. This required the direct supervision by the federal government when meat was to be prepared in factories. Additionally, this law tried ensured that pharmaceutical drugs did what they were advertised to do and were safe for consumption.
Today, many companies are under immense pressures to cut cost and increase profits. As a result, some companies might be willing to make unethical choices in order to please investors or other stakeholders. The news is often riddled with companies that chose to act immorally in order to increase their profits. One example of such a company is Wells Fargo. In 2016, Wells Fargo came under intense criticism for opening fraudulent accounts under peoples names. Many of the employees of Wells Fargo faced immense pressure to meet their sales goals. Consequently, they were forced to make unethical choices of opening fake accounts to just keep their jobs. This kind of pressure lead to low morale, where employees and customers lost faith in the company. When the bank scandal became available to the public, Wells Fargo reputation was severely tarnished.
Today, many companies are under immense pressures to cut cost and increase profits. As a result, some companies might be willing to make unethical choices in order to please investors or other stakeholders. The news is often riddled with companies that chose to act immorally in order to increase their profits. One example of such a company is Wells Fargo. In 2016, Wells Fargo came under intense criticism for opening fraudulent accounts under peoples names. Many of the employees of Wells Fargo faced immense pressure to meet their sales goals. Consequently, they were forced to make unethical choices of opening fake accounts to just keep their jobs. This kind of pressure lead to low morale, where employees and customers lost faith in the company. When the bank scandal became available to the public, Wells Fargo reputation was severely tarnished.
In this lesson. we will look into some of the companies that have acted unethically and the dilemmas that they have caused. We will also explore some Federal Laws that have been passed in an effort to curtail unethical behavior.
In this lesson. we will look into some of the companies that have acted unethically and the dilemmas that they have caused. We will also explore some Federal Laws that have been passed in an effort to curtail unethical behavior.
On February 3, 2023, a train derailment happened in East Palestine, Ohio. Norfolk Southern, the train company behind this disaster, had a track record of cutting costs when it came to safety inspection.
On February 3, 2023, a train derailment happened in East Palestine, Ohio. Norfolk Southern, the train company behind this disaster, had a track record of cutting costs when it came to safety inspection.
Wells Fargo Account Scandal unravels in 2016. Wells Fargo was accused of opening millions of fake accounts in an effort to increase its sales. Customers were blind sighted when they realized they were being charged interest and fees on credit cards and accounts that they were not aware of.
Wells Fargo Account Scandal unravels in 2016. Wells Fargo was accused of opening millions of fake accounts in an effort to increase its sales. Customers were blind sighted when they realized they were being charged interest and fees on credit cards and accounts that they were not aware of.
In the 1970's Ford Motor Company created a compact car called the Pinto. Ford engaged in unethical behavior because it knew that the Pinto's gas tank was defective and would burst into flames if the car was rear ended, but refused to fix the problem. Instead, Ford figured, after doing a cost analysis, that it would have been cheaper to get sued than to fix the gas tank.
In the 1970's Ford Motor Company created a compact car called the Pinto. Ford engaged in unethical behavior because it knew that the Pinto's gas tank was defective and would burst into flames if the car was rear ended, but refused to fix the problem. Instead, Ford figured, after doing a cost analysis, that it would have been cheaper to get sued than to fix the gas tank.
Sometimes, companies will lie about how profitable they are to lure investors in. The problem is that they are losing money and are in the verge on bankruptcy. Investors who invest in the company end up losing their money. When companies inflate their earnings to look good even though they are losing money, this is called "cooking the books."
Enron was considered to be one of the most admired companies in America . In the early 2000's, Enron manipulated their earnings in its financial statements to show that they were very profitable when, in fact, they were losing money. When Enron announced that it was restating its earnings to reflect its losses, its stock price collapsed. Investors in this company lost their money. Employees also lost their entire retirement savings because all of their savings were invested in Enron stock.
Enron was considered to be one of the most admired companies in America . In the early 2000's, Enron manipulated their earnings in its financial statements to show that they were very profitable when, in fact, they were losing money. When Enron announced that it was restating its earnings to reflect its losses, its stock price collapsed. Investors in this company lost their money. Employees also lost their entire retirement savings because all of their savings were invested in Enron stock.
FTX was one of the largest cryptocurrency exchanges in the world. Unfortunately, most of the customers money that was held in FTX was lost due to risky bets that the company made in the cryptocurrency market, which forced the company into bankruptcy.
FTX was one of the largest cryptocurrency exchanges in the world. Unfortunately, most of the customers money that was held in FTX was lost due to risky bets that the company made in the cryptocurrency market, which forced the company into bankruptcy.
The De Lorean Motor Company gained notoriety after the car was showcased in Back to the Future. The company struggled financially and was engaged in fraud. As a result, the company eventually went broke. It is estimated that about 9000 cars produced and 6,500 cars are still in existence today,
The De Lorean Motor Company gained notoriety after the car was showcased in Back to the Future. The company struggled financially and was engaged in fraud. As a result, the company eventually went broke. It is estimated that about 9000 cars produced and 6,500 cars are still in existence today,
Microsoft Word - iCEV30074_Student_Notes.pdfiCEV30074_Vocabulary_Handout.pub.pdfiCEV30074_Crossword.pub.pdf6c094b4e-aae5-4c50-93aa-a573c0c4d046.pdfd6284b6c-4de8-4fed-aa9d-26ae5d530d9c.pdfiCEV30074_Assessment_I_-_Introduction_to_Business_Ethics.pub.pdfWays_That_a_Company_Can_Act_Unet (1).pdfWays_That_a_Company_Can_Act_Unet (2).pdfDelorean Car CompanyFord Pinto Case - Google Docs.pdfPacific Gas.pdfPage updated
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