Enron accounting scandal Essay Example | Topics and Well Written Essays - 1250 words

Enron accounting scandal - Essay Example It made revolutionary changes in the trading markets of energy which has opened the door for new power traders and suppliers. It also tailored a nationwide energy-trading network by engaging in electricity and natural gas contracts that reflects the cost of delivery to a specific destination. By year 1999, the company adapted an internet-based system as Enron Online was launched. In 2001, it reported its executed trades on-line averaging to $2.5 billion a day. Having posted a 57 per cent increase in sales between 1996 and 2000, the company was considered as one of the most successful companies in the world. It controlled, 25 per cent of the â€Å"over the counter† energy-trading market or the trades conducted party-to-party and not over an exchange like the New York Mercantile Exchange. In addition, in the last week of 2000, its shares hit a 52-week high of $84.87 per share (www.mbaknol.com, 2011). No doubt that among the major player that had a major impact in the gigantic co llapse that turned out to be Enron is the accounting firm that handled its auditing. This is Arthur Andersen which garnered ire and revulsion following the events of the scandal. There was the unending debacle over the alleged shredding of important documents moments before they were subjected to an investigation. This was to cover-up the paper trail on the corruption that went on within the company. In 2002, the Houston Court found the company guilty of obstructing justice that led to the lost of over $60 billion by investors. The jury found it guilty on account of an alteration of a company memorandum that was connected with the revelation of the income of Enron. The judgment emphasized the need of accounting firms to monitor corporations and not just to stick with balancing accounts (Thomas, 2002). Though the entire firm had been indicted and found guilty, the most prominent figure that contributed to the catastrophe is their Chicago lawyer Nancy Temple who ordered David Duncan t o erase her name from a memo when they already knew the Securities and Exchange Commission was after them. The subject of the memo was on a $1 billion loss of Enron that Temple disagrees with. The whole debacle has placed the entire firm into jeopardy as they lost one-third of their 2,300 clients whereas only 5,000 out of a former 26,000 of their United States employees opted to remain with the company. The editor of Bowman’s Accounting Report has been quoted describing â€Å"Arthur Andersen is dead. Once the indictment was handed down, clients started jumping faster than they did off the Titanic† (Thomas, 2002). All these turn of events had led to the realization that there has been transcendence among accounting firms to be more cautious and transparent of their dealings with client companies. This judgment over Arthur Andersen only leads as basis to the public conclusion that there was something awfully wrong with the way Enron conducted its business. The non-disclo sure of facts that the company is in ruins which led investors to believe they are putting their money on a viable company when in fact they are not. This case served only as fuel to the public clamor to delve into the culpability of Enron executives and to hold them liable and to make them responsible to the aftermath of the company’s mess. There have been a number of opinions that pertain to the whole situation, some even uncalled for and downright degrading such as the reference to Andersen employees as Androids (Thomas, 2002). T

Oppurtunity cost on economics Essay Example | Topics and Well Written Essays - 1000 words

Oppurtunity cost on economics - Essay Example According to Varian (1999, p327): â€Å"In the expression for cost we should be sure to include all the factors of production used by the firm, valued at their market price. Usually this is pretty obvious, but in cases where the firm is owned and operated by the same individual, it is possible to forget about some of the factors.† Varian (1999, p327) went on to give the following example which will enable a better understanding of opportunity costs: â€Å"If an individual works in his own firm, then his labor is an input and it should be counted as part of the costs. His wage rate is simply the market price of his labor – what he would be getting if he sold his labor on the open market. Similarly, if a farmer owns some land and uses it in his production, that land should be valued at its market value for purposes of computing the economic costs. We have seen that economic costs like these are often referred to as opportunity costs. The name comes from the idea that if you are using your labor, for example, in one application, you forgo the opportunity of employing it elsewhere. Therefore, those lost wages are part of the cost of production. Similarly, with the land example: the farmer has the opportunity of renting his land to someone else, but he chooses to forgo that rental income in favor of renting it to himself. The lost rents are part of the opportunity cost of his production. The economic definition of profits re quires that we value all inputs at their opportunity costs.† When firms are making profits in an industry, the industry becomes attractive to prospective investors. The costs of firms should include all costs incurred at their market price. This market price is the opportunity cost. â€Å"After all, the cost curve is supposed to include the cost of all factors necessary to produce output, measured at their market

Offshoring Paper Essay Example for Free

Offshoring Paper Essay This article talks about a trend that started as far back as the 1980’s when companies began sending many jobs abroad mainly because of cheap labor. However, that trend is quickly changing. Companies are discovering that the wage gap is narrowing and many of the disadvantages are now starting to outweigh benefits of sending jobs abroad. One of the points mentioned in the article is that wages in china have risen 10-20% in the last 10 years, whereas wages in America and Europe have remained about the same. Also, another disadvantage of send production abroad is that shipping can be very expensive. In recent years shipping costs have gotten higher such that the cost of producing elsewhere and shipping to the US is no longer as cheap as it used to be. The time factor is also a big issue. Many times transit takes as long as six weeks which makes it hard for companies to fulfill their orders in a timely manner. In conclusion, the article makes a note that a lot of companies are now rethinking their decision about going offshore. Opinion Most of the companies went offshore to save money, and I can see where they are coming from after all the whole goal of having a business is to make profits however in my opinion many of the companies did not take the time to properly analyze the other costs involved in moving jobs offshore. Many also forgot to consider how it will affect the quality of their service when it comes to shipping time and sometimes the quality of the product. I am very happy that many jobs are coming back and I think the government needs to do more to encourage the companies. They should offer tax reductions where necessary so that America will be able to compete in the global market. I also like the point the article makes, that just because companies are tending towards reducing offshoring does not mean they will be less global, infact distributing their activities more evenly around the globe will make most companies more efficient.

President Jackson and the Removal of the Cherokee Indians :: American History Essays

President Jackson and the Removal of the Cherokee Indians "The decision of the Jackson administration to remove the Cherokee Indians to lands west of the Mississippi River in the 1830's was more a reformulation of the national policy that had been in effect since the 1790's than a change in that policy." The dictum above is firm and can be easily proved by examining the administration of Jackson and comparison to the traditional course which was carried out for about 40 years. After 1825 the federal government attempted to remove all eastern Indians to the Great Plains area of the Far West. The Cherokee Indians of northwestern Georgia, to protect themselves from removal, made up a constitution which said that the Cherokee Indians were sovereign and not subject to the laws of Georgia. When the Cherokee sought help from the Congress that body only allotted lands in the West and urged them to move. The Supreme Court, however, in Worcester vs. Georgia, ruled that they constituted a "domestic dependent nation" not subject to the laws of Georgia. Jackson, who sympathized with the frontiersman, was so outraged that he refused to enforce the decision. Instead he persuaded the tribe to give up it's Georgia lands for a reservation west of the Mississippi. According to Document A, the map shows eloquently, the relationship between time and policies which effected the Indians. From the Colonial and Confederation treaties, a significant amount of land had been acquired from the Cherokee Indians. Successively, during Washington's, Monroe's, and Jefferson's administration, more and more Indian land was being commandeered. The administrations during the 1790's to the 1830's had gradually acquired more and more land from the Cherokee Indians. Jackson followed that precedent by the acquisition of more Cherokee lands. According to Document B, "the first of which is by raising an army, and [destroying the resisting] tribes entirely or 2ndly by forming treaties of peace with them", "under the existing circumstances of affairs, the United States have a clear right, consistently with the principles of justice and the laws of nature, to proceed to the destruction or expulsion of the savages." The use of the word savages, shows that the American had irreverence toward other ethnic backgrounds. Henry Knox wanted to destroy the cherokee tribes inorder to gain land for the United States, although he questions the morality of whether to acquire the cherokee land, his conclusion forbode's the appropriation. According to Document C, "That the Cherokee Nation may be led to a greater degree of civilization, and to

Popular- Process Analysis Essay

Popularity. Everyone, admitting or not, craves the positive attention from their peers and classmates. To be desired by those surrounding oneself and accepted amongst others is an inevitable side effect to the complete high school experience. No one goes to school with a want to be the out casted and sociopathic seeming student who has little to no friends; it could be said practically that teenagers lust for popularity. While some enter their school years with instant desirability, there are ways to make a popular being of oneself.The first step to becoming popular is to lose every ounce of self respect one could possibly maintain; thus creating an appearance of vulnerability which is more appealing to the widely admired crowd. This is because the lack of self respect makes one come across as a more easily persuaded being which is exactly what certain groups would look for in a person; solely because it’s easier to add an attention craving zombie to their clique, as opposed t o someone who might actually stand for what they believe in.To quicken the effect of the first step one could simply give in and choose to agree or be willing to do whatever the desired clan asks or defines as cool. The aforementioned first step on the road to popularity may have but is not limited to these side effects: losing friendships, making regrettable mistakes, backhanded compliments, and loss of self confidence. Second on the journey to social inclination is kissing good grades goodbye!Popular people don’t have time for homework or extracurricular activities, and if one ever expects to reach that level of mass acceptance then grades should be forgotten or seen as extremely low importance. This way there will be plenty of class time to make jokes, a fool of oneself, and text friends. If time is managed wisely one could probably even make fun of their previous best friends and expose their weaknesses or insecurities to the rest of those with a more commonly craved repu tation. Bad grades and hurting old friends is entirely worth the fame though, isn’t it?Lastly, to complete the transformation of popularity, trash the old reputation. Sure, it’s likely to be seen as a total wreck by most at this point, however there are probably a few people with some faith things could go back to their old and innocent ways. It’s best to eliminate that idea from their head. A few ideas on how to do that are: be provocative, publically disrespect parents, show anti-school spirit, and get caught committing some illegal act (stealing and vandalism are always some good ones).This should ensure that everyone knows just how important and deserve to be talked about one has come to be. Never stop there though; once the steps have been completed, one should continue to do crazy stupid things that will make them hallway gossip for weeks to come! In conclusion, everyone just wants to be wanted. It’s known to nearly every kid in a public school syst em, and it’s not uncommon to see ones classmates do ridiculous things for the attention of their peers. Yes, it’s impossible not to feel a need for wanting and social acceptance, it’s only human.However, it is possible to not go overboard on the need for idolization by those surrounding us. Popularity, in all honesty, is a drug more addictive than heroin, and we’re all abusing the use of it. Whether one enters their years in a school system with the support and companionship of many, or as an outcast in a social dry spell, the acceptance and acknowledgement of others can be achieved through other ways that allow not changing oneself to match another’s standard definition of popular.

Battle of Malvern Hill - Civil War Battle of Malvern Hill

Battle of Malvern Hill: Date Conflict: The Battle of Malvern Hill was part of the Seven Days Battles and was fought July 1, 1862, during the American Civil War (1861-1865). Armies Commanders Union Major General George B. McClellanBrigadier General Fitz John Porter80,000 men Confederate General Robert E. Lee80,000 men Battle of Malvern Hill - Background: Beginning on June 25, 1862, Major General George B. McClellans Army of the Potomac was the subject of repeated assaults by Confederate forces under General Robert E. Lee. Falling back from the gates of Richmond, McClellan believed his army to be outnumbered and hastened to retreat to his secure supply base at Harrisons Landing where his army could shelter under the guns of the US Navy in the James River. Fighting an inconclusive action at Glendale (Fraysers Farm) on June 30, he was able to gain some breathing room for his continued withdrawal. Retreating south, the Army of the Potomac occupied a high, open plateau known as Malvern Hill on July 1. Featuring steep slopes on its southern, eastern, and western sides, the position was further protected by swampy terrain and Western Run to the east. The site had been selected the previous day by Brigadier General Fitz John Porter who commanded the Union V Corps. Riding ahead to Harrisons Landing, McClellan left Porter in command at Malvern Hill. Aware that Confederate forces would have to attack from the north, Porter formed a line facing in that direction (Map). Battle of Malvern Hill - The Union Position: Placing Brigadier General George Morells division from his corps on the far left, Porter placed the IV Corps division of Brigadier General Darius Couch to their right. The Union line was further extended to the right by the III Corps divisions of Brigadier General Philip Kearny and Joseph Hooker. These infantry formations were supported by the armys artillery under Colonel Henry Hunt. Possessing around 250 guns, he was able to emplace between 30 to 35 atop the hill at any given point. The Union line was further supported by US Navy gunboats in the river to the south and additional troops on the hill. Battle of Malvern Hill - Lees Plan: To the north of the Union position, the hill sloped down across open space that extended from 800 yards to a mile until reaching the closest tree line. To assess the Union position, Lee met with several of his commanders. While Major General Daniel H. Hill felt that an attack was ill-advised, such an action was encouraged by Major General James Longstreet. Scouting the area, Lee and Longstreet identified two suitable artillery positions that they believed would bring the hill under crossfire and suppress the Union guns. With this done, an infantry assault could move forward. Deploying opposite the Union position, Major General Thomas Stonewall Jacksons command formed the Confederate left, with Hills division in the center astride the Willis Church and Carters Mill Roads. Major General John Magruders division was to form the Confederate right, however it was misled by its guides and was late in arriving. To support this flank, Lee also assigned Major General Benjamin Hugers division to the area as well. The attack was to be led by Brigadier General Lewis A. Armisteads brigade from Hugers Division which was assigned to move forward once the guns had weakened the enemy. Battle of Malvern Hill - A Bloody Debacle: Having devised the plan for the assault, Lee, who was ill, refrained from directing operations and instead delegated the actual fighting to his subordinates. His plan quickly began to unravel when the Confederate artillery, which was strung out back to Glendale, arrived on the field in piecemeal fashion. This was further compounded by confusing orders that were issued by his headquarters. Those Confederate guns that deployed as planned were met with fierce counter-battery fire from Hunts artillery. Firing from 1:00 to 2:30 PM, Hunts men unleashed a massive bombardment that crushed the Confederate artillery. The situation for the Confederates continued to worsen when Armisteads men advanced prematurely around 3:30 PM. This keyed the larger assault as planned with Magruder sending forward two brigades as well. Pushing up the hill, they were met by a maelstrom of case and canister shot from the Union guns as well as heavy fire from the enemy infantry. To aid this advance, Hill began sending troops forward, though refrained from a general advance. As a result, his several small attacks were easily turned back by the Union forces. As the afternoon pressed on, the Confederates continued their assaults with no success. Atop the hill, Porter and Hunt had the luxury of being able to rotate units and batteries as ammunition was expended. Later in the day, the Confederates began attacks towards the western side of the hill where the terrain worked to cover part of their approach. Though they advanced farther than the previous efforts, they too were turned back by the Union guns. The greatest threat came when men from Major General Lafayette McLaws division nearly reached the Union line. Rushing reinforcements to the scene, Porter was able to turn back the attack. Battle of Malvern Hill - Aftermath: As the sun began to set, the fighting died out. During the course of the battle, the Confederates sustained 5,355 casualties while Union forces incurred 3,214. On July 2, McClellan ordered the army to continue its retreat and shifted his men to the Berkeley and Westover Plantations near Harrisons Landing. In assessing the fighting at Malvern Hill, Hill famously commented that: It was not war. It was murder. Though he followed the withdrawing Union troops, Lee was unable to inflict any additional damage. Ensconced in a strong position and backed by the US Navys guns, McClellan began a steady stream of requests for reinforcements. Ultimately deciding that the timid Union commander posed little additional threat to Richmond, Lee began dispatching men north to begin what would become the Second Manassas Campaign. Selected Sources History of War: Battle of Malvern HillBlue Gray Trail: Battle of Malvern HillCWPT: Battle of  Malvern Hill

Inter Team Conflicts And Interpersonal Conflicts - 1306 Words

When a group of people is brought together to form a team it is inevitable that some type of conflict will arise. Every member of a team has value and each one must understand that a team without conflict is necessary to accomplish the goal at hand (Mosley, 2005). There are multiple things that can lead to conflicts and leaders must recognize these to have an effective team. As a result of this, the leader must take into account everyone’s background and experience level as the team is formed. This paper will discuss the inter-team conflicts, interpersonal conflicts, why policies are created and ways a leader can prevent conflicts from happening. Inter-team Conflict Conflict in teams can have an adverse effect on a team’s performance. As a leader, it is imperative to manage conflict and handle matters before they become unmanageable. Assessing and managing inter-team conflicts before they arise is critical when stopping conflicts (Hoegl, Weinkauf Gemuenden, 2004). When conflict occurs, the trigger or event could be very minor and seem insignificant at the time. However, if the conflict is not resolved quickly, it could build up over time, creating a snowball effect. After this happens, it’s a matter of time before the conflict reaches a tipping point and emotions flare up. Conflict can result from a variety of events or situations. These could arise as a result of misinformation, a misunderstanding between team members, or a lack of clear and conciseShow MoreRelatedThere Is A Lot Of Misperceptions About Teams And Teamwork1018 Words   |  5 PagesThere is a lot of misperceptions about teams and teamwork and the behaviors associated with different leadership styles. Most teams encounter some dangers ranging from inter-team conflict to interpersonal policies. Most individuals become relationally involved and seek a balance as without losing a personal identity. 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