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Corporate Fraud: The Enron Scandal of 2001

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Prior to beginning work on this discussion forum, review Enduring Illusions: The Social Organization of Secrecy and Self-Serving Justifications: Doing Wrong and Feeling Moral, and watch Bernie Madoff The $50 Billion Ponzi Scheme
(Links to an external site.)
Identify one other example of a similar instance of corporate fraud that allows for an ethical analysis, and then discuss the following questions:
What ethical framework in our society allows for this kind of fraud to happen?
What ethical or moral framework are perpetrators of corporate fraud operating under?
Is this kind of fraud an inevitable result of corporate expansion or can the profit motive that undergirds corporate growth be controlled through moral regulators? Should it be controlled?

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1 Corporate Fraud: The Enron Scandal of 2001
Enron Corporation was once a U.S. powerhouse that caters to the country's energy and electronic tradings. On December 2, 2001, it declared bankruptcy due to the billions of dollars debts incurred by the two previous CEOs who faked the accounting realities through the use of special purposes entities (SPEs). Additionally, they deceived the creditors with off-the-books accounting practices. The two CEOs were eventually convicted, and the company was obliged to pay its creditors approximately $217 billion from 2004 to 2011 CITATION Seg21 \l 13321 (Segal, 2021).
2 Ethical Framework in the Society
The duty-based theory, a non-consequentialist approach, emphasizes the importance of an individual's will and purpose in life. It does not object to the nature of the purpose, whether it is ethically acceptable or unacceptable. As long as the individual has an intention, he becomes entitled to action regardless of the consequence. This approach states that ethical action is based on an obligation to execute an action. Therefore, it encourages individuals to act based on perspective (Bonde et al., 2013).
3 Perpetrators' Ethical Framework: Egoistic Approach
This approach illustrates how their interests and desires drive individuals. In this case, the CEOs had the four traits of an egoist: an authoritative position, capabilities to commit fraud, high self-confidence and personal ego that the fraud will go unnoticed, and reluctance to stress and anxiety secondary to th...
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