- Political Science Term Paper topic suggestions give the warn out topics of democracy, liberty, the President and Congress, new life with interesting and innovative twists on common Poly Sci assignments.
What is Enron Scandal?
White collar crimes can occur from different perspectives all over the world. This is because white collar crime is considered as illegal activities that are non-violent and are committed by persons, government organizations and businesses for personal or financial gain. It is difficult to prosecute many white collar crimes due to the fact that the perpetrators of such crimes utilize sophisticated technological procedures as a means to conceal their actions or cover up the crimes that they have committed. The different perspectives that white collar crime can take include Ponzi and pyramid schemes, credit card fraud, and money laundering copyright fraud, tax evasion and even identity theft.
Enron scandal is considered as a corporate White Collar crime as it is an instance of insider trading and corporate fraud. Basically, the executives of Enron were involved in “cooking the books” whereby they were able to overstate the value of the company. According to O’Meara (2003), by overdoing the value of the company, the executives were in a position to sell the shares of Enron in over highly priced shares before the company was declared bankrupt a few days later. The aftermath of the sale of shares was devastating to both the investors of the company and the employees of Enron. Most of the employees of Enron lost their life savings while the investors lost billions of dollars (AUDIT FORECAST, 2004).
For white collar crimes to occur, the perpetrators must use innovative techniques to avoid detection. In Enron scandal, creative accounting was utilized by the executives so that the company was portrayed as being more powerful than it actually was. Additionally, special purpose entities- these included subsidiaries that were purposefully included as partners of Enron used and there was no need to include the subsidiaries in the balance sheet of Enron. The purpose of using the subsidiaries was to ensure that the risky investments and the financial losses was hidden. Additionally, some of the debts and losses that Enron was accountable for had been recorded in offshore accounts and this was not provided to the public.
From Enron scandal, it can be deduced that white collar crime is very difficult to prosecute. From an open perspective, white collar crime can be overlooked as it seems harmless. After all the perpetrators do not kill or use violence but the impacts are great. The livelihoods of the individuals who are affected are impacted immensely. Additionally, white collar crime costs the economy by raising the cost of services and goods of a country especially if the scandal is as big as the Enron scandal. Additionally, white collar crime decreases the effectiveness of conducting business in the long run in that there is a negative feeling of how business is done by large corporations or the business that is done by the working class individuals.
The collapse of Enron created many questions considering how white collar crime could be policed. Due to this appalling scandal the SEC has stiffened its grip on publicly traded stocks of companies as well as the corporations that offer them, attempting to raise the bar for the conduct of stock trades and avert another scandal in the future. According to Coy (2003), another precautionary measure created after Enron was the formation of the Sarbanes-Oxley Act of 2002, which stiffened disclosure and augmented the penalties for financial operation. In addition, The Financial Accounting Standards Board (FASB) considerably raised its levels of moral conduct. With the alteration in legislation, the augmented monitoring of the stock market, and the escalation of ethical prospects, it is hoped that the Enron scandal may eventually lead to the defense of more stock investors than it initially hurt.
From the backdated viewpoint of history, Enron Scandal undoubtedly validates how easily the activities of a few fraudulent, overly materialistic men can change the lives of an entire country through white-collar crime. It is expected that Enron Scandal will force America to spot the ghastly magnitudes of the reckless greed of white collar crime. Ultimately, it falls to every individual to be vigilant in guaranteeing that another Enron Scandal does not emerge from the obscurities to claim more losses in the future (McBarnet, 2006).
As a conclusion managers cannot ignore integrity and morality for the stability of the corporation based on their greed due to white collar crime. Enron’s failure was as a result of moral ethics in the administration. The instantaneous outcome of the Enron’s scandal was the pronouncement of the bankruptcy of the organization and enormous losses on. The white collar crime elicited public discussion on the moral behavior in the financial management of public companies. After the Enron scandal had been exposed, Justice Department prosecuted over 30 Enron administrators with Fastow charged with 78 cases of swindling Enron and was jailed. This Enron scandal brought an understanding to the Federal government that a lot was happening in financial management that had to be considered as a white collar crime. The Enron scandal altered the public posturing of executives. The executives are now aware that financial fraud can result in adversative impacts on their social standing, monetary losses to the shareholders and even can smudge the entire capitalist giant image of the United States corporate as a white collar free country.
We term this .Although the digitally signed receipt dominatesin informationterms, in processing terms it falls short. Doubleentry book keeping fills in the processing gap,and thus the two will work better togetherthan apart. In this sense, our term of tripleentry bookkeeping recommends an advance inaccounting, rather than a revolution.
The precise layout of the entries in softwareand data terms is not settled,and may ultimately become one ofthose ephemeral .The signed receipts may form a naturalasset-side contra account, or theymay be a separate non-book list underlyingthe bookkeeping system and its two sides.
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What are the management challenges and opportunities of bio-energy chains for both running their business efficiently and effectively and fostering the relationships with most relevant external stakeholders? This question is approached by systematically reviewing papers at the interface of bio-energy and supply chain or logistics issues. The review conducted as content analysis is based on an analytic framework that conceives bio-energy chains between challenges and benefits of bio-energy production with simultaneous internal supply chain management and external stakeholder management needs. Smartly designed and operated bio-energy projects hold promising potentials of contributing to sustainable development by both mitigating climate change and strengthening adaptation capabilities. Our analysis distils specific strategies and success factors for tapping this potential on two levels: On a supply chain level, individually adapted and designed supply chain systems relying on trustful information exchange, cooperation and relational governance safeguard profitability while holding adverse ecological and social impacts of operation down; they allow, for instance, minimising costs and emissions, implementing new technologies, and coping with environmental uncertainties such as crop failures and volatile prices. On a stakeholder level, governments as key actors for designing the future legal framework of bio-energy are primary targets for lobbying activities of bio-energy representatives. Respective arguments may focus on economic development and job generation. By minimising its adverse impacts on society and eco-systems and by communicating these efforts credibly, bio-energy warrants its superiority over fossil energy systems. Involving NGOs and residents in early stages of bio-energy projects via transparent two-way communication considerably increase societal acceptance.
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