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Resisting Corporate Corruption: Practical Cases in Business Ethics from Enron through SPACs, 4th Edition

Resisting Corporate Corruption: Practical Cases in Business Ethics from Enron through SPACs, 4th Edition

  • 作者:
  • 出版商: John Wiley & Sons
  • ISBN: 9781119871439
  • 出版时间 October 2022
  • 规格: Hardback , 624 pages
  • 适应领域: International ? 免责申明:
    Countri(es) stated herein are used as reference only

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  • 描述 
  • 大纲 
  • 作者 
  • 详细

    Resisting Corporate Corruption

    The frequently used textbook is now in its 4th edition and includes new case studies on Tesla, VW, Nikola, WeWork, and Theranos.

    Resisting Corporate Corruption teaches business ethics in a manner very different from the philosophical and legal frameworks that dominate graduate schools. The book offers twenty-seven case studies and eight essays that cover a full range of business practices, controls, and ethics issues. The essays discuss the nature of sound financial controls, root causes of the Financial Crisis, contemporary ethics challenges like ‘Fake it Till You Make It,’ and the evolving nature of whistleblower protections. The cases are framed to instruct students in early identification of ethics problems and how to work such issues within corporate organizations. They also provide would-be whistleblowers with instruction on the challenges they’d face, plus information on the legal protections, and outside supports available should they embark on that course. Some of the cases illustrate how ‘The Young are the Most Vulnerable,’ i.e. short-service employees are most at risk of being sacrificed by an unethical firm. Other cases show the ethical dilemmas facing well-known CEOs and the alternatives they can employ to better combine ethical conduct and sound business strategy. Through these case studies, students should emerge with a practical toolkit that will help them to follow their moral compass. Finally, the cases provide an in-depth look at how a corporation becomes progressively corrupted (Enron), how the Financial Crisis was rooted in ethical decay at institutions as diverse as Countrywide, Goldman Sacks, Citigroup, and Moody’s, and at the ethical challenges that have emerged in the post-crisis, post-Dodd-Frank environment at firms like TESLA, VW, Theranos and WeWork.

    Audience

    This text provides practical case study work for business and law students, and employees in the formative stages of their careers. It is intended to help prepare this audience to withstand pressures and adverse cultural influences as they progress along a career path.

  • Foreword xiii
    Sherron S. Watkins

    Preface xvii

    Note to Faculty: How to Use this Book xxi

    Acknowledgements xxv

    Section 1 The Enron Cases 1

    Part 1 Demolishing Financial Control, Neutering the Gatekeepers 1

    Case 1 Enron Oil Trading (A): Untimely Problems in Valhalla 3

    Natural Gas Pipelines in Crisis 4

    Considering the Options 6

    The Meeting with Internal Audit 9

    Attachment 1 Historical Recreation (HRC) 11

    Attachment 2 13

    Author’s Note 14

    Notes 15

    Essay 1 How to Do an Ethics Case Study 17

    The Solution Framework: Defining the Ethics Issue 18

    Tactical Planning and Alternative Business Plans 20

    Personal Considerations 23

    A Final Word About Financial Control 24

    Case 2 Enron Oil Trading (B): An Opening for Enron Audit? 25

    Author’s Note 26

    Notes 26

    Essay 2 How a Corporation Becomes Corrupt 27

    Case 3 Enter Mark-to-Market: Exit Accounting Integrity? 31

    Jeff Skilling’s Association with Enron 33

    Serge Goldman Prepares to Meet Jeff Skilling 35

    Author’s Note 43

    Note 44

    Essay 3 Necessary Ammunition: Economic Rationales

    for Financial Control 45

    Financial Control at the Heart of Business Success: Personal Experience 45

    Summarizing the Controls/Business Success Intangibles 50

    The Economic Consequences of Sound Financial Control 51

    Notes 59

    Part 2 Business Struggles, Accounting Manipulations

    Case 4 Adjusting the Forward Curve in the Backroom 65

    Conversation with T.J. Malva 66

    Ethics Assessment and Tactical Options 68

    Author’s Note 71

    Case 5 Enron’s SPEs: A Vehicle too Far? 75

    Enron and Special Purpose Entity (SPE) Vehicles 76

    Chewco Investments 81

    Author’s Note 90

    Notes 92

    Case 6 Court Date Coming in California? 93

    California Decontrols Electricity 94

    Enron’s ‘Star Wars’ Gambits 96

    Political Fall-out in California 98

    Enron Legal Investigates 98

    SR Produces a Legal Opinion 99

    Author’s Note 105

    Notes 106

    Part 3 Resisting Corruption At Enron 107

    Case 7 New Counsel for Andy Fastow 109

    Determining a Course of Action 111

    Author’s Note 120

    Notes 121

    Case 8 Nowhere to Go with the “Probability of Ruin” 123

    The Enron Companywide Risk Management Report 123

    Kaminski and LJM 126

    Meeting with Ben Glisan 128

    Elsewhere in Enron 129

    Author’s Note 138

    Notes 138

    Case 9 Lay Back … and Say What? 139

    Problems Deciding What to Say 140

    Skilling Decides to Call it Quits 141

    Assessing the Broader State of Enron 143

    Focusing on the Task at Hand 144

    Author’s Note 153

    Notes 154

    Case 10 Whistleblowing Before Imploding in

    Accounting Scandals 155

    Welcome Back; Now Meet the Raptors 157

    Pondering an Approach to Ken Lay 159

    A Decision to go Forward 161

    Author’s Note 169

    Notes 171

    Essay 4 Resisting Corporate Corruption: The Enron Legacy 173

    Tactical Lessons for Internal Resistance 173

    Tactical Lessons for Taking Ethics Issues Outside the Firm 177

    Implications for the Financial Crisis Cases 179

    Essay 5 Underappreciated Origins of the Financial Crisis –

    A Personal Memoir 181

    Jack Bennett Shakes Up Wall Street 182

    Wall Street Restructures, Consolidates, and Innovates 185

    Trading Dominates Banking and Client Relations Change 189

    Prelude to Financial Crisis 191

    Section 2 The Financial Crisis Cases Part 1 New Business Models Undermine Standards and Controls 195

    Case 1 Seeking a Sustainable Business Model at Goldman Sachs 197

    Banking vs. Trading at Goldman Sachs 199

    Competitive Pressures Change Wall Street’s Business Models 201

    Embarrassment and Unprecedented Losses 202

    Hank Paulson Decides on a “Counter to Corzine” 204

    Author’s Note 212

    Notes 213

    Case 2 Juggling Public Policy, Politics and Profits at Fannie Mae 215

    Origins of a Conflicted Government Entity 216

    New Law, Politics and the “Housers” Complicate Fannie Mae’s Mission 219

    Reconciling Wall Street Performance and ‘Affordable Housing’ 221

    Beating Back the Privatizers 222

    Wall Street Mounts an End Run, and Fannie Lowers its Standards 223

    The Year 1998 225

    Guidance for Franklin Raines 225

    Author’s Note 232

    Notes 233

    Case 3 Should Countrywide Join the Subprime “Race to the Bottom?” 235

    Nature and Structure of the U.S. Mortgage Business, 1940–85 236

    Wall Street Develops Collateralized Mortgage Obligations (CMOs) 238

    “Subprime 1.0” Temporarily Sobers the Market 240

    Countrywide’s Strategy in the 1990’s 241

    Ameriquest Launches a Subprime “Race to the Bottom” 242

    Mozilo Reconsiders Countrywide’s Subprime Strategy 243

    Author’s Note 251

    Notes 252

    Case 4 Subprime Heading South at Bear Stearns Asset Management 253

    Hedge Funds Develop on Wall Street 254

    Bear Stearns Forms its Own Hedge Funds 255

    Mortgage Market Trends and HGF Disclosure 258

    Financial Control Issues at HGF 260

    Cioffi and Tannin Respond to Growing Pressures 261

    February 2007: ELF Performance Turns Negative 261

    Matthew Tannin Considers His Response to Barclays Bank 262

    What is a Hedge Fund? 264

    Author’s Note 272

    Notes 273

    Part 2 Consequences For Gatekeepers and Firms

    Case 5 Ratings Integrity vs. Revenues at

    Moody’s Investors Services 277

    RMBS/CDO Ratings: Kolchinsky Protests and is Transferred 278

    Moody’s Becomes a NRSRO 280

    Moody’s Culture Changes, and the Firm Goes Public 282

    Subprime Mortgage Debt: The Ratings Methodology Challenge 284

    The Subprime Market Begins to Unravel 285

    Summer 2008 – Moody’s Prepares to Resume Ratings 287

    Author’s Note 294

    Notes 295

    Case 6 Admission of Material Omission?

    Citigroup’s SIVs and Subprime Exposure 297

    Citibank’s Subprime Product Flow and its SIVs 298

    Citibank Structures and Launches SubPrime SIVs 300

    Citibank’s SIVs Finesse the VIE Rules 301

    Conditions Worsen in the Mortgage and RMBS/CDO Markets 302

    Citibank Reports Second Quarter Results 303

    Third Quarter Events Hammer Citi’s Results 304

    Considering Citi’s 3Q Results and IR’s Proposed

    Pre-Announcement 305

    Author’s Note 314

    Notes 315

    Case 7 Facing Reputational Risk on Goldman’s

    ABACUS 2007-AC1 317

    From Subprime RMBS to CDOs to SCDOs 319

    Goldman’s Trading and its Clients, 2006–07 321

    Fabrice Tourre Constructs ABACUS 2007-AC1 323

    Tourre Prepares for the MCC ABACUS Review 324

    Author’s Note 329

    Notes 330

    Case 8 Time to Drop the Hammer on AIG’s Controls? 331

    Innovation & Controls on Wall Street 333

    Management and Controls at AIG 336

    Greenberg Takes a Fall for AIG’s “Cooked Books” 338

    AIG-FP Confronts a Subprime Market Decline 340

    FP Faces Collateral Calls on Subprime CDS 340

    Ryan and PW Approach a Decision 342

    Author’s Note 349

    Notes 350

    Part 3 Financial Firms And Resisters

    Case 9 Write to Rubin? – Pressure on Underwriting Standards at Citigroup 353

    National City Bank Becomes a Giant Financial Conglomerate 354

    Citi Demolishes Glass-Steagall 355

    Organizational Challenges at Citigroup 356

    Growth and Controls within Citigroup’s Mortgage Operations 357

    Bowen Considers His Next Step – Write to Rubin? 359

    Author’s Note 371

    Notes 372

    Case 10 Lehman Brothers Repo 105 373

    Lehman Gets in Trouble 374

    Repo 105 to the Rescue 375

    Weighing Ethics, Career and Courses of Action 377

    Author’s Note 385

    Notes 386

    Essay 6 Wall Street and the Crisis – Causes, Contributions and Problems to Fix 387

    Section 3 The Post-Crisis Cases – Reforms, Resistance, Continuing Realities

    Part 1 The Dodd-Frank Act: A Primer

    Case 1 Morgan Stanley Seeks a Sustainable Business

    Model After the Financial Crisis 397

    John Mack Returns, Big Trading Comes to Morgan Stanley 399

    Mack Guides Morgan Stanley into and Through the

    Financial Crisis 402

    Mack Analyzes the Financial Crisis and Revamps MS Compensation 403

    Mack Weights Strategic Alternatives for Morgan Stanley 405

    Author’s Note 422

    Notes 423

    Case 2 Back to the Future on Goldman Sachs

    Reputational Risk 425

    KMI Moves on El Paso 426

    El Paso Reacts and Goldman Faces its Conflicts 428

    The Business Standards Committee on Client Conflicts 430

    Blankfein Considers Goldman’s Options to

    Manage its El Paso-KMI Conflicts 431

    Author’s Note 440

    Notes 442

    Case 3 “Take Customer Cash to Survive?” Compliance and Chaos at MF Global 443

    Client Protections and Segregated Accounts 444

    MF Global Courts an Illiquidity Crisis 446

    Corzine “Bets the House” on Euro Sovereign Debt 448

    The Euro Sovereign Debt Crisis Hits 449

    Markets Begin to Close in on MFGI 450

    MFGI’s Final Week and a Decision on Segregated Accounts 451

    Author’s Note 459

    Notes 460

    Case 4 Fix the LIBOR Fix? 461

    LIBOR, its Fix Procedures, and Growth as a Global Benchmark 462

    LIBOR Fixing Flaws and Incentives to Manipulate 463

    London Banks Begin to Manipulate LIBOR Fixings 464

    The Bank of England Learns LIBOR is Being Manipulated 465

    The Financial Crisis Hits Barclays and LIBOR 466

    Tucker Considers His Messages for Barclays 468

    Author’s Note 475

    Notes 476

    Case 5 Too Big to Know What’s Going On at Banamex? 477

    Oceanografia Defrauds Banamex 479

    Managing the Global Financial Supermarket 480

    Corbat Confronts the Banamex Scandal in a

    Post-Financial Crisis World 484

    Author’s Note 493

    Notes 494

    Case 6 Take CitiMortgage to the Feds? 495

    CitiMortgage Ignores FHA Procedures 496

    Citi Fails to Fix its FHA Non-Compliance Issues 497

    Hunt Meets Her Attorney 499

    Author’s Note 509

    Notes 510

    Case 7 Chipping Away at Dodd-Frank’s Volcker Rule? 511

    Proprietary Trading, Market-Making and the Volcker Rule 512

    What Happened in the Market? 514

    Considering an SEC Response 515

    Author’s Note 523

    Notes 524

    Essay 7 “And the Young Shall get Thrown Under the

    Bus” – Lessons in Resisting Unethical Conduct from Enron Through the Financial Crisis 525

    Essay 8 Resisting Corporate Corruption, 2016 – Improved Conditions, Unresolved Issues 531

    Are the Reforms Enough? What Risks Remain Unaddressed? 536

    Resisting Corporate Corruption – 2016 538

    A Note on Blogs and Law Firms

    A Note on Sources

    Index

  • Stephen V. Arbogast is Professor of Practice of Finance and Director of the Energy Center at the Kenan-Flagler Business School, University of North Carolina at Chapel Hill. At the Energy Center, he leads industry conferences and research on the Energy Transition. From 2004-2014 Arbogast was Executive Professor of Finance at the University of Houston. From 1972-2004, he worked for ExxonMobil Corporation in various finance positions, serving overseas in Brazil and Thailand, and culminating as Treasurer of ExxonMobil Chemical Company. Professor Arbogast has authored over eighty case studies and published articles on the Energy Transition, project finance, advanced biofuels, and the disconnect between economics and Catholic Social Doctrine. Since 2010 he has been a member of the Technical Review Panel of the National Renewable Energy Laboratory.

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