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The paper discusses the failure of Lehman brothers and how it reflects the unethical philosophy which has ruled recent corporate activities. The paper explains that this collapse can be attributed to the behavior of top leaders and decision-makers, who themselves are an active part of an overarching culture with short-term, high-yield financial objectives. The paper further reveals the blatant denial of responsibility by the organization's highest officers, and how the company wasn't honest about its financial condition in the months leading up to its collapse. The paper concludes with the hope that a new presidency and new policies will bring about change, oversight, regulation and accountability.
From the Paper:"Studies of business theory and organizational behavior have both classically and currently held with total consistency the importance of sound business ethics to the success of a business. The role of ethics today, as in the past, is one directly proportional to the ability of an organization to achieve stability, efficiency and profitability as well as to remain within the limitations of the law in terms of policy and practice. Yet, there is stark evidence that the realm of corporate business has been occupied by an increasingly lesser interest in business ethics in favor of corruption, exploitation and short-term gratification. Even with the emergence of more recent legislation in response to the early wave of malfeasant corporate collapses of the 2000s, today yet more daunting financial crisis is indicative of a continued and unabated disassociation of ethical leadership. In its place, the model set forward during the Bush Administration by Enron, Worldcom, Tyco and the Bush Administration itself, has unrolled into the yet more disastrous collapse of America's banking firms, with Bear Stearns, AIG and Lehman Brothers demonstrating the sheer instability of the economy."
Sample of Sources Used:
- Associated Press (AP). (2008). Report: Hong Kong Investor sue over Lehman buys. Associated Press. Online at http://ap.google.com/article/ALeqM5i4w8xBsb3B5-jODq1crSL_kaFysgD94A1B800
- Bloomberg News. (2008). US Probes of Lehman May Include Fuld Subpoena. Newser. Online at http://www.newser.com/story/40247/us-probes-of-lehman-may-include-fuld-subpoena.html
- Caruso, D. (2008). Prosecutors Subpoena ex-Lehman CEO Richard Fuld. Nachrichten English News. Online at http://www.welt.de/english-news/article2595425/Prosecutors-subpoena-ex-Lehman-CEO-Richard-Fuld.html
- Hepp, R. (2008). N.J. State investigators to probe Lehman Brothers. Real-Time News. Online at http://www.nj.com/news/index.ssf/2008/10/nj_state_investigators_to_prob.html
- Mason, P. (2008). A Last Chance. New Statesman. Online at http://www.newstatesman.com/north-america/2008/11/financial-system-world-summit
Cite this Persuasive Essay:
The Collapse of Lehman Brothers (2010, October 31) Retrieved August 25, 2019, from https://www.academon.com/persuasive-essay/the-collapse-of-lehman-brothers-145263/
"The Collapse of Lehman Brothers" 31 October 2010. Web. 25 August. 2019. <https://www.academon.com/persuasive-essay/the-collapse-of-lehman-brothers-145263/>