This paper examines the fraud fiasco at Tyco International Ltd.
Written in 2007; 2,139 words; 8 sources; APA; $ 66.95
Paper Summary:
In this article, the writer notes that the 21st century saw the frauds committed by executives of Enron, WorldCom and Tyco. The writer points out that these frauds concern not a pitiful few thousand dollars in change but the betrayal of public trust, amounting to theft of billions of dollars over a period of several years. This paper focuses on the Tyco fiasco and examines it in detail. The writer discusses the actions of the three Tyco executives concerned and maintains that their downfall is their own doing and that they will spend most of their twilight years in prison with history books judging them as thieves and con artists of the grandest scale. The writer then concludes that these same individuals have ultimately contributed to the betterment of corporate social responsibility, corporate governance and fiscal responsibility because better and stricter regulations have been implemented to prevent re-occurrence of their actions not only at Tyco but other corporations as well.
Outline:
The Reckoning
Perpetrators and Discoveries
How Could It Have Been Detected Earlier
The Red Flags
Lack of Controls?
End Game
From the Paper:
"In the contemporary setting, the men whom the gods wish to destroy are the icons of American industry that supposedly brought myriad riches to the coffers of various American corporations. But these industry and finance magnates forgot they are mere mortal, men of flesh and blood whose mortality is guaranteed. Yet for the power given to them, they felt they are demi-gods or gods themselves that could rule and conquer the corporations they supposedly lead. The beginning of the century saw the downfall of these gods of American corporations and the gods indeed deprived them of their senses - that of the sense of propriety, decency and humanity. Hence, the 21st century saw the frauds committed by executives of Enron, WorldCom and Tyco."
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