Lessons Learned from the Enron Scandal Term Paper

Lessons Learned from the Enron Scandal - Term Paper Example The bankruptcy of such a big organization is regarded as the greatest setback in American history. The dissolution of Enron was the result of its own false practices illegal dealings of projects and not showing their debts on their company’s accounts. (Project 2000_25_Corporate) It was regarded as the greatest failure in terms of audit. Enron was established in 1985 by Kenneth Lay after the merger of Houston Natural Gas and Inter North. This merger created the largest gas pipeline system in America. In the 1990’s Kenneth Lay took an initiative to sell the electricity at market prices and the resulting markets helped him to sell the electricity at higher rates as a result increasing their income. Enron not only delivered natural gas but also became a market middleman for energy and brought the buyers and sellers of energy on one platform. Enron in just 15 years reached such a position where it became America’s seventh biggest company which employed 21,000 employee s in more than forty countries. (Enron scandal-at-a-glance, 2002) Enron became dominant in the trading of energy contracts and financial instruments known as Derivatives. By 1992, Enron became the largest seller of natural gas in North America with earnings of $122 million. In the late 1990’s Enron was considered as the best in the world as it controlled twenty five percent of all electricity and natural gas contracts. In November 1999, Enron’s online website was established which helped the company to manage its contracts more efficiently. This website of the corporation in no time became the largest e-business site of the world. Enron also invested in physical facilities. Enron in the beginning was an insurance company. For further development of the company, Enron purchased a number of assets which included gas pipelines, electricity plants, water plants and broadband services all over the world. The company also incurred revenue by dealing in the same products and services in which it had been involved. The stock of Enron rose from the beginning of the 1990’s until 1998 by 311% which was a remarkable increase in the rate of growth. Apart from that Enron was rated as the most innovative corporation in America, in the survey of Fortune’s most Admired Companies. After many years Jeffery Skilling was hired who developed the idea of using such an accounting system which could hide debts in billions from the failed deals. Not only him but Andrew Fastow Chief Financial Officer and many other executives misguided the board of directors of the Enron company. The shareholders of the Enron Company lost 11$ billion which was as high as US$90 per share in the middle of 2000 but fell to less than 1$ at the end of Nov 2001.As a result of which the U.S. Securities and Exchange Commission started to investigate the matter. The decline of Enron started when its investors became known of the â€Å"off balance sheet† partnerships that were h iding billions of dollars of debts. One of the deals with Blockbuster Inc. which was a video rental company to provide movies on the internet was also cancelled in March. Moreover the rival company Dynegy offered to purchase the company and the deal was finalized on December 2, 2001. The Enron Company finally filed for the bankruptcy of the company. In the U.S. history Enron was the largest corporate bankruptcy until WorldCom’s was declared bankrupt the next year. Moreover there were many executives who were blamed for a number of charges and were then sentenced to prison. Moreover, Arthur Andersen the auditor of the corporation

The Legal System of the European Union Research Paper

The Legal System of the European Union - Research Paper Example The treaty that established the Constitution for Europe was signed in the year 2004, but as at 2007, it became apparent that the treaty would not be ratified by member states. The Reform Treaty or the Treaty of Lisbon, which included an amended version of the original constitutional text of the Treaty that established the European Constitution, as well as numerous changes to the EU, was signed in December 2007 in Lisbon, Portugal. The aim of the new treaty was to ratify it in its member countries before the European elections held in 2009. The future of the Lisbon Treaty is uncertain following its rejection by a referendum in Ireland in the year 2008 and its ratification in other member states is still on hold since 2008 (Barnard, 2007). From the start, the plan behind establishing a common legal and economic community in Europe was to create a common market. This vision formally materialized in 1993, and is currently down the path of monetary, political and economic union. At this s tage, it is imperative to point out the EU member states. From 2008, EU member states are Germany, Austria, Cyprus, Ireland, Latvia, Belgium, Lithuania, Czech Republic, Poland, Denmark, Italy, Estonia, Finland, Luxembourg, Netherlands, France, Hungary, Greece, Malta, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. However, Turkey Republic of Macedonia and Croatia are currently official member countries while Herzegovina, Albania, Kosovo, Bosnia, Montenegro and Serbia are potential member candidates (Albi, 2008). The EU is continually enlarging its scope through the accession of new member states. The enlargement process started with the inner six nations that founded the European Coal and Steel Community in 1952, namely, Belgium, France, West, Italy, Luxembourg and Netherlands. Since then, membership to the EU has grown dramatically. European Integration refers to the method of improvement although this term also refers to the increased cooperation betwe en EU members through the process of gradual harmonization of individual, national laws. In order to become a member of the EU, a state must meet numerous political and economic thresholds referred to as the Copenhagen Criteria, established pursuant to the Copenhagen summit of 1993. The criteria require that the state has a stable, democratic government, which upholds the rule of land, as well as the consequential institutions and freedoms under law. Pursuant to the Maastricht Treaty, all member states together with the European Parliament must approve any enlargement (Bache & George, 2006). The operations of the EU run through a scheme of supranational independent institutions, as well as decisions negotiated by member states through an intergovernmental system. The EU systems allow free interchange of goods, people, services, and capital among EU member states as within a nation. This means that there are no tariff restrictions among member states. Furthermore, the EU member state s use a single unified set of tariffs on goods and services imported from outside the union. This tariff is referred to as the common customs tariff. The establishment of a single, unified EU market has had

Work Life Balance Essay Example | Topics and Well Written Essays - 2750 words

Work Life Balance - Essay Example From the research a work-life balance is a metaphor through which work is understood in terms of life. However, what constitutes a balance between work and rest of life to one individual may not be the same for another. As employers and policy makers are pressured to respond to the work-life challenges that today’s workforce is facing, it will become more and more important to understand what these individuals are looking for in terms of work-life balance. A major driver that has led to the increased interest in work-life balance is the changing face of the Workforce. There are a number of significant demographics changes taking place in the workforce today, changes that will also continue well into the future. Those organisations that understand how today’s workforce is changing will be better able to adapt. Furthermore, those organisations will become the leaders in attracting, hiring, and maintaining good employees. Although this is a relatively overlooked phenomenon in business arena, evidence will come from current research and case study example that demonstrate new ideas in practice and show the benefits of what is already being achieved. This ethnographic study will give a voice to employees who are struggling to balance their work and personal lives, but it is only a beginning. The meaning of work-life balance is elusive. In one sense, it describes â€Å"the relationship between the institutional and cultural times and spaces of work and non-workâ€Å". In another sense, it describes a state of equilibrium, in which the demands of both a person's job and personal life are equal. Although the focus is different, what these descriptions have in common is that they highlight the importance of the relationship between work and life. In particular, the first description focuses primarily on the relationship between work and non-work time and space, whereas the second focuses on the relationship between the demands associated with work and li fe. Of course, if we consider examples of such demands, we may also find ourselves back to the notion of time and space. What this raises is the importance of understanding how people describe the relationship they are seeking between work and life. In order for employers and policy makers to put strategies in place to promote a healthy work-life relationship there needs to be an understanding of what that means to employees. It may be that a continuum of work-life relationships exists throughout various stages of an individual's life and/or career. Furthermore, it might not matter what people call it, but rather how well they are able to articulate the relationship between work and life that works for them, and whether or not they are capable of managing that relationship. The type of balance sought by many individuals may not imply equal emphasis in both areas. Furthermore, it is important to recognise that individuals may

The Shawshank Redemption Essay Example for Free

The Shawshank Redemption Essay The Shawshank Redemption You have just been given a life sentence imprisonment to be served out in Shawshank Prison. Your world as you know it will be turned upside down. Inside these brick walls everything will be different. Or will it? You are no longer part of society as a whole, but you are now part of a smaller society, the Shawshank prison. Like the large society you just left the prison has the same five social institutions that every society has, just in different forms. You will see a government enforcing the harsh rules of the prison, develop new relationships with fellow inmates who will become your family and educate yourself both academically and spiritually. From the moment an inmate arrives at Shawshank Prison it becomes obvious who makes the rules and who enforces them. Warden Norton’s speech to the prisoners when they first arrive makes this clear as his exclaims, â€Å"your ass belongs to me†. The fatal beating of â€Å"fatass† by the guard Hadley reiterates the fact that the prisoners have no voice inside the prison walls. Step a foot out of line or say something the Warden does not like and it’s off to solitary confinement. When Andy calls the Warden â€Å"obtuse†, because he would not help him prove his innocence Andy is locked in solitary confinement for two months. The Warden will even abuse his power and purposely execute an inmate he feels could get in his way. Tommy Williams is wrongly executed when he tells the Warden he will gladly testify to help prove Andy’s innocence. Of course the shooting is posed to look like â€Å"a tragic accident†. The government, or basically whatever Warden Norton says, is harsh and corrupt and there is little to nothing the inmates can do to help themselves. Although Shawshank prisoners leave their blood families behind they soon acquire a new one, their fellow inmates. Although not a traditional family the inmates actions towards each other are no different then those of two brothers. Family members are willing to take risks and make sacrifices for each other. When Andy is sitting in the Warden’s office and begins playing the record with the two singing Italian woman he is taking a risk so he can give his fellow inmates a much needed lift of spirits, if only for a few moments. Red and Andy are especially close, so when Andy uses his connections to get Red a harmonica to spark hope inside of him, it is because Andy is concerned for Red’s well being and state of mind, the same way a brother would care. Family members also have unconditional love for one another. No matter what crazy, idiotic things family members do for the most part they can forgive one another and move on. When Brooks goes crazy and whips a knife out on Heywood everyone is able to look past his momentary lapse of judgment and forgive Brooks. Although slightly shaken up even Heywood does not stay angry for too long. As family members the inmates can forgive each other for their mistakes. Although Shawshank prisoners are not receiving a formal education they are still educating themselves academically and spiritually. With the money that Andy receives from Congress he sets up a library to help his fellow inmates grow intellectually. He even goes a step further to help Tommy Williams and several others study to get their GEDs. However most of the education a prisoner receives at Shawshank is not the kind you learn in a classroom, but the kind that makes you look at life differently. Andy helps teach Red that hope does not â€Å"make a man go insane† but that it â€Å"can set you free†. When Red sits before the parole board after serving forty years of his life sentence the speech he makes differs greatly from his two previous speeches. This one shows a great amount of personal growth and understanding. Even if he stays locked up in Shawshank for another forty years he has found the hope inside of him that has already set him free. What he has learned in his time at Shawshank is something that cannot be taught, it is learned from experience Your new life at Shawshank will be filled with much pain, frustration and injustice just like it was when you were out of prison. But you will still have people there to support and care for you just like you did when you were out of prison. You will still have ways to empower you mind and grow as a human being just like you did when you were out of prison. Life at Shawshank will take time to adjust to but as long as you keep hope inside you will always be free just like when you were out of prison.

Symbolism Of Death :: essays research papers

In â€Å"The Lottery† by Shirley Jackson, she speaks much about tradition in a small town in which many have been lost over the years. The black box, which Shirley speaks about in the beginning of the story, is of great importance. The black box represents the entrapment of tradition and the change over time. It is the trapping of tradition because now that it is worn and ragged they still do not want to change it because it is tradition. Along with the box changing many people’s views on The Lottery, it also lets the town’s people stand strong by themselves. Shirley Jackson in â€Å"The Lottery† uses symbolism and irony to foreshadow death. Although the towns’ people are gathering for a lottery drawing there is an air of nervousness about the event. From start to finish there is an overwhelming sense that something terrible is about to happen due to the authors deep use of foreshadowing. The setting and irony of the story starts when the day is described as a bright sunny day and all the towns’ people are looking forward for the Lottery on the big day, but not knowing the big day ends in death. Mrs. Hutchinson, as is seen later, is the only one who rebels against male domination, although only unconsciously. "She tapped Mrs. Delacroix on the arm as a farewell and began to make her way through the crowd" (318). The word "farewell" is used as foreshadowing to the climax of the story (318). Normally when a person enters a crowd of people they are greeted, but not Mrs. Hutchinson for she is obviously â€Å"leaving.† Although they are gathering for a lottery drawing there is an air of nervousness about the event. Shirley Jackson uses an abundance of foreshadowing, which indicates, to a degree, what is about to happen to the winner of the lottery drawing. There is at least one indicator within each individual paragraph, which lets the reader know that the lottery is disturbing, and that the people of the town are not looking forward to its commencement. The Lottery takes place on a clear, sunny, June day. It does not take long for the skies to turn gray as she introduces the readers to the black box. The black box is the central symbol of the short story. It suggests both death and necessity of change due to a combination of the passage of time and population expansion.

Fast Food Essay

College students do not have much time to make their own meals on a regular basis because they are busy with work and school. In lieu of home cooked meals, fast food is the number one choice that comes to mind. Fast food is quick, taste pretty delicious, and is inexpensive for the average college student. In many cases, there is a wider variety of fast food places in radius of the school campus to choose from. Even college students can always find what they are searching for in reasonable situations. When there is not enough time to go to the supermarket and buy the essential groceries needed to make a home cooked meal, there is always the quickest solution of going to a fast food place. Here, an employee will make what is desired with little to no wait. Any college student can run in, order what they want, and be back out with their food in hand and still be able to do everything on their agenda without being rushed. Drive through is also always available to those who do not want to enter the facility and for those who own a vehicle. What is even better about fast food is the fact that many places allow to put in a future order. Then there would be no wait for the food that was ordered. No one wants to eat food that does not appeal to their taste buds. Not even the college students whose diet consists of junk food. Students want something that taste delicious when they are eating it. Luckily, there is almost every kind of fast food joint that will appeal to one person or another. Fast food tastes extremely good because it is food that is not usually eaten on a day to day schedule. The taste of fast food will make any student fulfilled with it’s appetizing selections. Money, no matter what day and age, will always be a concern and with the option of buying fast food, it does not have to be a worry. Fast food is not at all expensive to the everyday college student. For seven dollars, a student can have a sandwich, a side, and unlimited fountain drinks. Many facilities have a â€Å"value† or â€Å"dollar† menu where food can be bought for even cheaper than what is seen on the regular, full-priced menu. If seven dollars were to be an issue, a student could get two hamburgers and a small drink for three dollars plus tax. They would still get unlimited refills plus an extra three dollars and change in their pocket. With the money left over, they could go the next day and buy the same thing as the day prior.  Whether it is french fries or a side salad, fast food places give the average student such a wide variety to choose from.

Journalism around the world Essay

Traditionally, the term â€Å"international conflict† referred to conflicts between different nation-states and conflicts between people and organizations in different nation-states. Increasingly, however, it also applies to inter-group conflicts within one country when one group is fighting for independence or increased social, political, or economic power (e. g. , Chechnya, Kosovo). (Ref. 1) Five years into the 21st Century a dark and sinister cloud hangs over journalism around the world. More editors, reporters and media staffs are killed, targeted, kidnapped and subject to violence than ever before. Independent media are under intolerable pressure. This pressure comes directly from ruthless terrorists, with no respect for civilisation and human rights, who have targeted and murdered journalists in all continents. In Iraq alone, more than 50 media staff have been killed by political extremists and criminals, in pursuit of a grotesque agenda of hatred. (Ref. 2) New York, May 28, 2004—Two Japanese journalists and their Iraqi translator were killed on Thursday night when their car came under attack by gunmen in Mahmoudiya, 20 miles (30 kilometers) south of Baghdad, according to news reports. Bangkok-based freelancer Shinsuke Hashida and his nephew Kotaro Ogawa, also a freelancer, had been traveling to Baghdad from the southern city of Samawah, where Japan has deployed hundreds of troops, when the attack occurred. Agence France-Presse (AFP) listed the translator as Mohamed Najmedin. The Associated Press reported that both men were working for the Japanese tabloid daily Nikkan Gendai covering Japanese troops stationed in the southern city of Samawah. Japanese station NHK reported that the two journalists had also reported for several other Japanese news organizations. The Japanese foreign ministry acknowledged the incident but has not confirmed the identities of those killed. According to some press reports, the journalists’ car burst into flames after the attack. Reuters news agency reported that the car was hit by rocket propelled grenade (RPG) fire. The driver, an Iraqi, who survived the incident and spoke with Japan’s NHK News said he was able to exit the car before it exploded after the assault. Thursday’s attack occurred in the same area where two Polish journalists were killed by gunmen on May 7 and two CNN employees were gunned down in January. Hashida was an experienced journalist who had covered several conflicts as a television reporter, according to Japanese media. At least 28 journalists (not including Hashida and Ogawa) have been killed in Iraq since the US-led war in Iraq began in March 2003. At least seven other media workers have (â€Å"International Journalism†) also been killed. In other developments, U. S. television broadcaster NBC announced Friday that insurgents in Fallujah released three staffers and an Iraqi freelancer–correspondent Ned Colt, cameraman Maurice Roper, soundman Robert Colville, and journalist Ashraf al-Taie who had been kidnapped by armed insurgents on Tuesday. All four were released unharmed, and NBC said in a statement that local Iraqi leaders had mediated the releases when it was clear that the men were working as journalists. (Ref. 3) NBC said it did not previously report the abduction for security reasons. New York, December 11, 2003—Two journalists working with the U. S. newsmagazine Time were wounded today in a grenade attack in Baghdad while accompanying U. S. troops. Senior correspondent Michael Weisskopf and photographer James Nachtwey suffered undisclosed injuries when unidentified assailants threw a grenade into a Humvee the men were traveling in, Time managing editor Jim Kelly said in a written statement. Two soldiers in the Humvee were also injured in the attack, which occurred at about 9:30 p. m. The statement described both journalists as being in â€Å"stable condition† and said they were awaiting transfer to a U. S. military hospital in Landstuhl, Germany. CPJ is seeking more details at this time. (Ref. 4) It is not unusual in conflicts to find mass media recruited to support political objectives often at the expense of professional credibility. Indeed, this holds true for almost all wars. But as peoples of one country turn against each other in ethnic conflict, journalists find themselves facing the grotesque choice of respecting their professional commitment to truth-seeking or risk being branded a traitor. In conflict situations there is always the danger that the media are conscripted by undemocratic politicians to inspire, provoke and underwrite national fears and hatreds. Journalists who lend themselves to this process abandon their professional status and become propagandists. Ethnic conflict and strife are not a new phenomenon but in recent years we have seen an ever increasing fragmentation of human society. As Harold Isaacs put it in his book ‘Idols of the Tribe’: ‘We are experiencing (†¦ ) an ingathering of people in numberless grouping of kinds – tribal, racial, linguistic, religious, national. It is a great clustering into separateness that will, it is thought, improve, assure, or extend each group’s power or place, or keep it safe or safer from the power, threat, or hostility of others’. (Ref. 5) (â€Å"International Journalism†) Towards an accurate portrayal of all groups in society One of the most important challenges faced by the journalists during international conflicts is to portray groups on both sides of the conflict accurately. It is important for the journalists to be impartial while reporting aggression and human rights violations in the conflict affected areas. The journalists should become the voice of the suppressed and worst affected group during the conflict. The main objective should be to bring out the truth through reliable sources and create an atmosphere for compromise. Threat to life from various groups and anti-social elements In covering and reporting international conflicts and warfare, journalists face threat to life from various anti-social elements and extremist groups. In their process to expose the culprit, journalists receive threats on a daily basis. The assignments are sometimes very dangerous which may involve covering the warfare and battlefield where bullets are being sprayed everywhere and shells are raining. With the international news agenda controlled by the world’s major media giants, it has become crucial to develop and strengthen media at the local level to maintain diversity of opinion. As media in many developing nations, such as Indonesia, move away from state control towards private enterprise, it is essential for local media to find their own voice and professional codes. A well developed media system with professionally trained journalists usually benefits both global and local audiences and provides a vital link to the outside world during conflict situations.