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The HealthSouth Corporation Scandal, 2007.
This paper examines the HealthSouth Corporation scandal and the company's illegal activities.
844 words (approx. 3.4 pages), 1 source, MLA, AU$ 44.95
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Abstract
The paper discusses one of the most publicized corporate ethical scandals in recent memory, the HealthSouth Corporation's accounting misdeeds. The paper reveals that over the course of the company's six-year financial fraud, the company recorded 2.7 billion dollars in fake revenues upon its ledgers. The paper highlights the warning signs of illegal activity in the corporation. The paper explains how the fraud continued because no one was willing to reveal the extent of the crimes that were being perpetuated.
From the Paper
"How could this go on for so long, with no one the wiser, or at least, with no one willing to reveal the extent of the crimes that were being perpetuated? The corporate climate at HealthSouth that fostered such illegal activities also created a climate of secrecy and fear amongst the criminals. Breathing a hint of dissent was considered to be a betrayal, not an ethical qualm. The major actors, even those who were friends, lived in a constant atmosphere of suspicion, fear and intimidation. One of CFOs who eventually agreed to inform upon the CEO of the corporation said he was threatened that he would become the 'fall guy' should the company's activities come to light when he wished to quit."
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Corporate Communication and HealthSouth Corporation, 2006.
A look at business scandal and fraudulent behavior on the part of charismatic leaders as a result of poor communication.
1,200 words (approx. 4.8 pages), 7 sources, MLA, AU$ 60.95
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Abstract
This paper examines how leadership plays a vital role in corporate communication and accountability. It also explores how a culture based on values is able to communicate across the organizational structure effectively and that the failure of communication can lead to criminal behaviour and the downfall of the company, using the HealthSouth Corporation as an example.
Content:
Introduction
Communication and Leadership
Conclusion
From the Paper
"For a future at HealthSouth, strong leadership based on values will remain key. This type of leadership involved a certain level of emotional intelligence where feelings of powerful do not become overwhelming. Of course if leadership and responsibility are equally shared, then power will be as well. The key to effective leadership does not come from charisma but from integrity and sharing information. Hughes (2004) writes an effective leader will have impact upon their team and this is "apparent in the growing interest over the past decade in topics like the leader's genuineness, authenticity, credibility and trustworthiness" (p. 3). A leader's reflection of these attributes is found in their level of connectedness with employees. As a result leaders are more interested in mentoring and training their team rather than focusing on output of numbers or turn around time. These qualities are a good indicator for selecting a potential manager. This development in team building allows for "providing people opportunities to learn from their work rather than taking them away from their work to learn" (Hughes 4). "
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The Iran Contra Scandal, 2006.
This paper discusses the Iran Contra scandal, one of the greatest scandals in recent US government history.
1,125 words (approx. 4.5 pages), 5 sources, AU$ 64.95
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Abstract
The Iran Contra scandal is one of the greatest scandals in US government in recent memory. It was certainly the biggest foreign policy scandal during the 1980s. It involved at its heart two secret operations conducted by the executive branch of the United States government. The Reagan administration facilitated the sale of military equipment to Iran an enemy of the United States and considered a nation that sponsored terrorism. With the money from that sale a second operation was funded: Military aid was provided to the contra rebels in Nicaragua, aid that Congress had previously banned. This paper details the events surrounding the Iran-Contra scandal that took place during former President Reagan's term in office. The paper discusses why these actions were so scandalous and what it meant in terms of the US government's abuse of its power and its disregard for the Constitution. The paper contends that the scandal represents a major abuse of the constitutional authority afforded the executive branch of the US government, not to mention an affront to the checks and balances system that is supposed to keep each branch of government from amassing too much power.
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Religion, Sex Scandals and Corruption, 2002.
A look at the role of organized religion in the creation of sex scandals with a focus on the scandal surrounding Bill Clinton.
3,150 words (approx. 12.6 pages), 8 sources, AU$ 169.95
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Abstract
This paper investigates the impressions that politics are given by religious organizations in respect to sex scandals. This paper demonstrates that the sex scandal itself is actually perceived as a remarkably minor event in the political spectrum, but rather it is the influence of religious organizations that promotes the sex scandal to epic proportions. In order to better explore this topic, the example of former American President Bill Clinton is used. Clinton should be considered the ideal candidate for such an investigation, as his entire presidency was affected by sexual scandals and the outcome of such scandals.
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The Watergate Scandal, 2006.
This paper argues that the Watergate scandal and other political scandals provided a means for reinforcing American moral values.
2,490 words (approx. 10.0 pages), 4 sources, MLA, AU$ 110.95
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Abstract
This paper explains that the Watergate scandal represented a crisis situation in which the public, the elites and the media, driven by solidarity, collaborated to eliminate an evil so that the social body could continue its normal existence. The author points out that the Watergate scandal proves that society is a moral phenomenon organically driven by the desire to defend the principles of morality because of its awareness of the fundamental importance played by these principles. The paper suggests that political scandal serves as an interruption of the profane everyday living and inserts a sacred dimension. This dimension renews the forces of the society by identifying and eliminating an evil while simultaneously remembering and reinforcing society's basic principles.
From the Paper
"The American society gives a lot of importance to the moral legitimating of the political regime. It is not only the Watergate scandal that proves it, but also other scandals involving presidents, such as the one involving Bill Clinton. In the case of President Clinton, the most serious mistake that he made was not that he had an affair (even if this too represents an action against the moral principles and reflects an unhealthy attitude towards family). The most serious mistake that both Nixon and Clinton did was to lie to the American people, denying their guilt."
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The Watergate and Enron Scandals, 2006.
An analysis and comparison of the Watergate and the Enron scandals.
675 words (approx. 2.7 pages), 2 sources, AU$ 38.95
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Abstract
This paper compares and contrasts the Watergate and Enron scandals, revealing some significant similarities in terms of their causes and how they were handled, but also a number of major differences. In both scandals, conservatives committed multiple felonies, lied relentlessly in an effort to conceal their crimes, and sought to avoid responsibility by blaming others for the scandal. The major difference between the Watergate and Enron scandals is that Enron is primarily a financial scandal, while Watergate was a political scandal. Another difference between the Enron and Watergate scandals is that Watergate had a much broader and more serious impact on America, for it revealed massive criminal conduct at the highest levels of the government.
From the Paper
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The Watergate Scandal, 2005.
This paper discusses the Watergate Scandal, which forecasted the possible impeachment of President Richard Nixon and led to his resignation on August 9, 1974.
1,825 words (approx. 7.3 pages), 7 sources, MLA, AU$ 85.95
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Abstract
This paper explains that the Watergate Scandal refers to a series of events spread over several years surrounding President Richard Nixon's administration and his alleged abuse of power while in office which encompassed the political undermining of the anti-war movement (Vietnam), the Democratic political party, embarrassing and inculpatory behavior by the administration and subsequent reporting by the press. The author reviews the timeline, events and major players in this scandal including President Richard Nixon, Vice President Spiro Agnew, Special Watergate Prosecutor Archibald Cox, White House Counsel and possibly the original architect of the cover-up John Dean, Attorney General John Mitchell, Judge John Sirica and Bob Woodward and Carl Bernstein, the "The Washington Post" reporters who uncovered the scandal. The paper concludes that the Watergate Scandal, which produced the first dual resignations of a president and vice president, indictments of forty prominent citizens and scarred the nation throughout the process, is the benchmark and term often applied to scandalous political behavior.
From the Paper
"John Mitchell as the Attorney General was a loyal supporter of Nixon. In September 1972, stories published by "The Washington Post" linked Mitchell with a $250,000 slush fund that paid for the Watergate burglaries. He made a famously vulgar remark about the fact that if the stories were published, there would be political repercussions. He was right and later prosecuted for perjury, obstruction of justice, and conspiracy. Elliot Richardson, the Attorney General (after Richard Kleindienst), appointed Archibald Cox as special prosecutor and later refused to fire him. Richardson and Deputy Attorney General William D. Ruckelshaus both resigned during the "Saturday Night Massacre". John Sirica presided over the Watergate trials, while he was the Chief Judge of the US District Court for the District of Columbia. He was considered a maverick on the bench and actively questioned the witnesses and defendants during this trial. He surmised that the participants in the Watergate trial were not being truthful in their assertions. He ordered that the original audiotapes containing the recorded conversations be presented to the court, not the transcripts. The Supreme Court upheld this ruling in July, 1974, thus leading to the resignation of Nixon in August, 1974."
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The WorldCom Scandal.
This paper discusses the shocking scandal at WorldCom, the Mississippi-based telecommunication company, which was considered to be scandal-free and profitable.
2,060 words (approx. 8.2 pages), 5 sources, MLA, AU$ 94.95
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Abstract
This paper explains that, compared to the sophisticated accounting techniques adopted by Enron to hide its real financial health, the "modus operandi" of the 'crooks' at WorldCom was relatively simple, involving the improper capitalization of expenses by re-characterizing certain operating expenses as capital assets, and the improper release of reserves held against operating expenses. The author points out that personal greed stands out as the single biggest reason for this crime. The paper relates that the continuing manipulation of WorldCom's financial statements remained undetected from as far back as 1999 to mid-2002 due to the failure of the system because the auditors, the "moral watchdogs," were largely unregulated, and the accounting profession had followed a long-held tradition of self-regulation.
Table of Contents
Facts
Background
How Was the Fraud Perpetrated?
Why Was the Fraud Committed?
Preventing and Detecting Fraud
Why the Fraud Remained Undetected at WorldCom?
Measures Needed to Prevent or Detect Fraud
Comments and Conclusion
From the Paper
"In the 1990s, WorldCom entered into a number of long-term lease agreements with various third party telecommunication companies in order to gain access to their networks. According to the terms of the agreements, WorldCom was obliged to pay a fixed amount to the carriers, regardless of how much of the leased capacity was actually utilized by WorldCom. These lease payments were named "line costs" and as per the prevailing accounting principles should have been treated as "operating expenses" in the income statements of the company. By 2000, the optimistic growth projections in the telecomm sector had failed to materialize, and WorldCom's incomes could not keep pace with its rising expenses. If the company's declining income had become public at that stage, its share price that had reached a peak of $64 in 1999 would have fallen drastically."
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The Enron Scandal, 2006.
An overview of the Enron scandal and the resulting Sarbanes-Oxley Act.
1,679 words (approx. 6.7 pages), 8 sources, MLA, AU$ 79.95
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Abstract
This paper describes the disastrous Enron accounting scandal and how it brought financial destruction to thousands of investors, as well as the resulting Sarbanes-Oxley Act, an act intended to protect investors by mandating the accuracy and reliability of corporate disclosures to the public. The paper recounts the rise of Enron and its financial ruin brought on by fraudulent investments and accounting practices. The paper further describes the Department of Justice investigation into the scandal, its implications, indictments in the scandal and the many important features of the Sarbanes-Oxley Act.
Outline
Introduction
Enron History
Enron's Fall
Implications of the Enron Scandal
The Sarbanes-Oxley Act
Conclusion
From the Paper
"Imagine, one day you are gleefully planning for retirement, you've just received your retirement fund statement and your diligent savings has grown nicely over the years. In fact, you envision traveling the country, during your golden years, or perhaps taking that European cruise you've so dreamed about. Yes, you're finally seeing the light at the end of the tunnel, your careful savings is finally about to pay off. However, in the next moment, it's gone! Completely. Gone are your dreams of cross-country sight seeing. Gone are your dreams of cruising the Mediterranean. In place of these dreams is the nightmare of the reality that your retirement savings is now not worth the paper the statement is printed on. That nightmare is the reality many Enron investors had to face."
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The Watergate Scandal, 2007.
This paper discusses the Watergate scandal and President Nixon's guilt.
2,400 words (approx. 9.6 pages), 16 sources, MLA, AU$ 107.95
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Abstract
The paper describes the Watergate scandal where President Nixon attempted to photograph and steal records from his rival's office with the intent of using this private information to win his next election. The paper details the drama that was uncovered by The Washington Post and relates that Richard Nixon became the first President of the United States to resign. The paper discusses how the scandal had far-reaching and long-lasting results; it demonstrated to the world that a nation could, under the American democratic political system, call the highest official in the land to account for his actions and then pay the price for his misdeeds.
From the Paper
"Watergate was an event in American history that changed the course of politics, American life and leaders drastically. At first the public was unaware of the seemingly insignificant event, then when made aware, they were unaware of the importance of what appeared to be five ordinary men burglarizing an office in downtown Washington, D.C., then, when they realized this significance of the burglary and who it led to, they were unaware of the consequences that would arise from this event. Gradually, the significance and the consequences were impressed upon the public by the wide and intense media coverage of the event over a period of six years, from 1970 to 1976."
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The WorldCom Scandal, 2007.
This paper examines the ethical considerations behind the WorldCom scandal.
1,403 words (approx. 5.6 pages), 6 sources, MLA, AU$ 68.95
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Abstract
The paper provides an overview of the events surrounding the WorldCom scandal and discusses three ethical concepts of utilitarianism, Kantian ethics and discursive ethics. The paper shows how the company employed purposeful deceptive strategies to fool investors and other stakeholders into thinking the company was financially healthier than it truly was. The paper portrays how the Worldcom scandal is a prime example of unethical behavior driven by greed.
Outline:
Abstract
Introduction
Analysis of the Topic
Statement of Position
Arguments in Support of this Position
Conclusion
From the Paper
"In the 1990s, WorldCom was one of the leading players in the telecommunications industry. However, as the industry took a downturn, WorldCom's history of growth faltered and forced the company to eventually abandon a plan to merge with Sprint, in the latter part of 2000. With this downturn came a decline in WorldCom's stock prices. Between 1999 and May 2002, the organization utilized fraudulent accounting methods to hide their deteriorating financial condition. Then CEO Bernard Ebbers, CFO Scott Sullivan, Controller David Myers, and Director of General Accounting Buford "Buddy" Yates led this unethical strategy ("MCI Inc.", 2006)."
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The Parmalat Scandal, 2008.
This paper examines the accounting and auditing roles in the Italian Parmalat scandal.
1,025 words (approx. 4.1 pages), 4 sources, APA, AU$ 53.95
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Abstract
The paper discusses the Italian food conglomerate Parmalat's financial scandal that was one of the worst in world history. The paper looks at the combination of financial fraud and lax oversight and demonstrates what went wrong. The paper focuses on the auditor's role in this scandal and addresses what can be done to avoid such unethical activities in the future.
Outline:
What Went Wrong at Parmalat?
What Was the Auditor's Role?
What Can Be Done to Avoid Parmalat in the Future?
From the Paper
"In December 2003, the Italian food conglomerate Parmalat crashed in a financial scandal that was one of the worst in world history (Citizen Works, 2006). Through a combination of financial fraud and lax oversight, the company had engaged in misstating income and hiding debt. In fact, the fraud was so extensive that almost 80% of the company's income for one sales year was fabricated of lies, and all of its profits were made up (Rogers, 2005). The scandal was particularly damaging to proponents of a principles-based reform of accounting, since it showed that such a system was just as prone to abuse and scandal as an alternate rules-based system. In fact, following the Enron and Worldcom scandals in the U.S., under the rules-based accounting system followed in the U.S., the Generally Accounted Accounting Principles (GAAP) had been reformed under Sarbanes-Oxley to bring the GAAP standards more in line with principles-based approaches (Rogers, 2005). The Parmalat scandal showed that these reforms ultimately may not work either if the accountants in a scandal are either collusive or neglectful to the point that scandal is possible by unethical persons."
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Accounting Scandals, 2005.
A look at recent accounting scandals and their consequences to employees, investors, shareholder and ordinary consumers.
907 words (approx. 3.6 pages), 5 sources, APA, AU$ 47.95
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Abstract
This paper briefly describes the Citibank and Enron accounting scandals, the cost of and damages caused by the scandals and the current status of the companies involved.
From the Paper
"$2.65 billion. That is the amount the investment Citigroup agreed, less than a year ago, to pay to investors who had bought stock and bonds in the telecommunications giant WorldCom before its bankruptcy filing two years ago. If the adage that 'crime does not pay' is not always true, it is certainly valid when estimating the tremendous cost the WorldCom and Enron investing and accounting scandals have cost employees, investors, shareholder, and ordinary consumers. (Morgenstern, 2004)"
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Fannie Mae Scandal and Corporate Governance, 2004.
Details the recent corporate governance scandal at Fannie Mae and the changes in corporate governance that were made as a result.
3,000 words (approx. 12.0 pages), 18 sources, MLA, AU$ 129.95
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Abstract
The Federal National Mortgage Association or Fannie Mae, a government chartered company, provides mortgages for low-incomes persons. Following an introduction, this paper provides information about Fannie Mae, including background information on the corporate governance scandal where top executives manipulated accounting to hit targets and receive lucrative bonuses. Thirdly, recent changes in corporate governance including the Sarbanes Oxley Act are discussed. Additionally some recommended changes in corporate governance at Fannie Mae are included.
Paper Outline:
Introduction
Background of Fannie Mae Scandal
Issue
Recent Changes in Corporate Governance Which May Help Elevate Problems
Recommended Changes in Corporate Governance for Fannie Mae
Conclusion
References
From the Paper
"Corporate governance, or the way a company is managed, can make or break that company as well as affect lenders, stockholders, and the market as a whole. Corporate governance is best defined as the means by which stockholders ensure that officers and directors will act in the best interest of the corporation instead of in their own best interest. Corporations set up a board of directors and appoint officers to run the company, although the true owners of the company are the stockholders whose money is at stake. It is the officers which play a substantial role in determining whether or not stockholders get a return on their investment. Stockholders entrust the officers to do what is right for the company as well as keep them informed of the financial state of the company through proper reporting. Although the corporation has significant control over the reporting process, there are strict rules which it is required to follow. Sometimes, however, accounting principles are violated by corporate officers in order to increase their own compensation in the form of bonuses".
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HealthSouth Accounting Irregularities, 2004.
Oral presentation presented by an independent auditor of the HealthSouth Corporation regarding its alleged accounting irregularities.
766 words (approx. 3.1 pages), 4 sources, MLA, AU$ 40.95
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Abstract
This paper is an oral presentation of the findings of an independent auditor of the HealthSouth Corporation. The audit concerns a 300-million-dollar refund HealthSouth is seeking from the federal government on the over-inflated profits it reported on its assets. The auditor asserts that no indications of Medicare fraud were found and that the over-inflated profits reported by the company were a result of HealthSound projecting assets not truly expected to incur, as well as a refusal to take into consideration the costs of the company (reporting only money accrued, rather than actual profits. This, in turn, was facilitated by the bureaucratic nature of the medical industry, where reporting of costs, payment of bills, and administrative costs are often delayed because of the nature of health care providers. The paper concludes by stating that HealthSound has not been negatively impacted by the allegations of securities fraud and that it is, and will continue to be, a sound company because of the quality its product.
From the Paper
"As a part of this presentation, I, as an independent auditor commissioned by the committee of the firm representing the HealthSouth Corporation, wish to make clear that the company I have just audited, though tarred and feathered by the modern media, is not nearly at fault as one might initially believe, given the nature of the following components peculiar to the health services and health care industry. Although HealthSouth?s supposed irregularities may have been elided in the public imagination with corporations such as Enron, it is not an ?imaginary corporation.? Mistakes were made, but these mistakes should not cause individuals to forget the ongoing quality of care still provided by the company."
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Enron Scandal, 2004.
A look at the scandal from the public's point of view.
2,105 words (approx. 8.4 pages), 9 sources, MLA, AU$ 97.95
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Abstract
This paper aims to explore the shocking discoveries or revelations that have been made during the Enron scandal and its probable impact on accounting procedures, financial management responsibility, and government regulations. The paper concludes with a personal assessment of the shocking discoveries made in the course of the scandal.
From the Paper
"Enron?s stunning collapse has cost thousands of employees their savings and led to criminal and congressional investigation. Formed in 1985, Enron began as an energy company shipping natural gas through pipelines. In 1989, it entered the natural gas commodities market. In 1994, Enron started trading electricity contracts and soon became the largest US electricity trader. By the late 1990s, Enron had ventured into trading coal, paper and even telecom bandwidth. By this time, most of the Enron?s revenues came through trading. However this massive growth came crashing to a halt in October 2001 when the company made an unexpected announcement. It was worth $1.2 billion less than it had previously claimed ? largely due to debts and losses the company had attributed to separate investment partnerships it had created in the late 1990s, all remained unmentioned in the company?s books. Enron declared bankruptcy on December 2. Since then investigation has been going on about the knowledge that Enron?s management had but did not reveal regarding the partnerships. Partner in this accounting scam was Enron?s accounting firm and external auditors, Arthur Andersen who approved those financial statements."
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