Martha Stewart Fraud Case Free Essay Example, 750 words

ï » ¿Martha Stewart Fraud Case Introduction Martha Stewart is an American writer, business magnate, former fashion model and popular television. She gained huge success through the variety of several business ventures as the founder of the Martha Stewart Living Omni media. Her variety of business ventures include broadcasting, publishing, electronic commerce and merchandising. She became one of the popular business entrepreneurs through her written electronic commerce books and magazines. Martha Stewart convicted of several legal charges, such as ImClone insider trading affair in the year 2004. The essay will assess the Martha Stewart fraud case and codes of ethics associated with the case. Discussion The lucrative career of Martha Stewart includes caterer, business owner, home living expert and stockbroker. Martha Stewart Living Omni media can be considered as her success story which has turned from a catering business to a popular and well-recognized brand. According to an author, â€Å"To the degree that her business partners were prepared to help advance the success of Martha Stewart, she was prepared to work with them. To the degree that they got in her way, she was willing to roll right over them† (Daniels Ethics1 2). We will write a custom essay sample on Martha Stewart Fraud Case or any topic specifically for you Only $17.96 $11.86/pageorder now Peter Bacanovic was the stock broker of Martha Stewart. She along with her stock broker has been indicated for â€Å"making false statements and conspiracy to obstruct justice† (Reynolds 1). The Insider trading scandal threatened the career of Martha Stewart’s career. The scandal took place due to the association with the ImClone System. It is a biopharmaceutical company. Martha Stewart owned the stock of this company. However, the FDA refused to review the cancer drug Erbitux of ImClone system. It tumbled the stocks of the company. However, same thing occurred with the insiders of ImClone. Martha Stewart was the potential stock owner. She was one of the closest friends of CEO of the ImClone. However, she gave instruction to his broker to transfer the money invested in stock to the bank account of his daughter. Peter Bacanovic was also the broker of the CEO of ImClone, Mr. Sam Waksal. However, his daughter also has requested the broker to sell her stock capital. The CEO of ImClone was arrested due to obstruction of justice, bank fraud and insider trading. He was sentenced to seven years of jail. However, he got released after the five years of jail ter. He stated in his appeal that â€Å"I am aware that my conduct, while I was in Profession of material non-public information, was wrong, I’ve made some terrible mistakes and I deeply regret what has happened† (Daniels Ethics2 3). However, Martha Stewart stated that it was not her fault and she was innocent. However, during the investigation of her personal e-mails and phone calls it has been cleared that she failed to prove her points and statements. Against the investigation, she was sentenced to five months jail. Event today also she used to state that she is innocent. Assistant of Martha Stewart has left a message to Sam Waksal â€Å"Something’s going on with ImClone, and she wants to know what it is. She’s staying at Los Ventanos† (Daniels Ethics3 3) However, the CEO of ImClone did not reply her back. Despite these evident Martha Stewart failed to prove other points and statements made by her. However, it can be stated regarding the case analysis that insider trading can be considered as one of the major business crimes. It is important for an organization to maintain sustainability and code of ethics in the business operation processes in order to maintain effective re3lationship with several important external and internal stakeholders. It is true that FDA refused to review the drugs that had been developed by ImClone. However, it was the responsibility of Martha Stewart to inform the Food and Drug Administration about the issue of Inter Trading Scandal. However, it affected the image of Martha Stewart in global market place. In addition to this, demand for her several business ventures reduced among the stakeholders. In addition to this, she should have asked her broker what is going wrong in the ImClone’s stock. It affected the entire personality image of Stewart. Conclusion It is clear from above discussion that Martha Stewart was sentenced to jail for five maths after the investigation due to conspiracy to obstruct justice and making false statement. These false statements also have amounted to the securities fraud. It affected her image. She can be considered as one of the leading business women in US. But, this issue of obstructing codes of ethics in business affected the performance of her other business ventures also. Works Cited Daniels Ethics 1. Martha Stewart’s Insider Trading Scandal. Daniels Fund Ethics Initiative University of New Mexico. 2012. Web. 28 Jan. 2014. http: //danielsethics. mgt. unm. edu/pdf/Martha%20Stewart%20Case. pdf. Daniels Ethics 2. Martha Stewart’s Insider Trading Scandal. Daniels Fund Ethics Initiative University of New Mexico. 2012. Web. 28 Jan. 2014. http: //danielsethics. mgt. unm. edu/pdf/Martha%20Stewart%20Case. pdf. Daniels Ethics 3. Martha Stewart’s Insider Trading Scandal. Daniels Fund Ethics Initiative University of New Mexico. 2012. Web. 28 Jan. 2014. http: //danielsethics. mgt. unm. edu/pdf/Martha%20Stewart%20Case. pdf. Reynolds, Alan. Martha Stewart: Obstructing Injustice. CATO Institute. 28 July. 2003. Web. 28 Jan. 2014. .

Whaling Needs to Stop - 672 Words

While you could argue that practically everyone who has gone through the American education system has at least heard of Moby Dick, the whaling industry, a main element of the topic, is not so well known. Since the 12th century, hunting large mammals has been a very active sport. They would fish foe whales, looking for the fat to make oil for lamps, candles, and soap. Hunting whales was not on an industrial scale until the 1890’s, and continued until the International Whaling Commission took effect in 1986. The article refers to the unsustainability of whaling commercially. The number of whales in our oceans has been rapidly reducing in the years that humans have had access to commercial whaling ships. Hunting an endangered species is highly unethical, because we could, within a generation or two, see the fall of the largest beings alive today. The whales in our oceans belong to the whole world and not just to Japan and Norway. Even with the restrictions by the IWC, Japan still continues for â€Å"Scientific Research†. Scientific Research has recently been deemed illegal in the Arctic water, but they have completely disregarded all sanctions put against them to try and stop the unethical whaling. Not only that they were importing whale meat from Norway because of its lower prices there, the whale ban was executed to make all whalin g illegal which Japan failed to recognise. 400 whales were killed a year and most of the meat ending up in fish markets and restaurants. TheShow MoreRelatedStop Whaling Now Essay1450 Words   |  6 PagesNorway currently (2008) allows 1,052 minke whales to be hunted commercially for meat each year. Norway has killed over 8,100 whales since the whaling ban began; Japan currently (2008) kills 1,415 great whales from six species each year, for ‘scientific research. The IWC has condemned this as unnecessary and called on Japan to stop their hunts in over 20 separate Resolutions, Iceland killed 200 minke whales between 2003 and 2007 for scientific purposes (WSPA). This is a very disturbing fact becauseRead MoreCommercial Whaling Essay examples1702 Words   |  7 PagesCommercial whaling is a serious world issue that has always been difficult for those who are in support and those who are against it. Each group defends their side with convincing arguments. Morally, whaling is wr ong, but do the reasons for whaling outweigh the reasons to cease the primitive hunts? By studying the effects of whaling,realizing how culture has changed over time, and taking note of the money that would be saved, it can clearly be seen that there is no longer a current need for whalingRead MoreWhaling Essay805 Words   |  4 Pages Have you ever thought about why killing whales is so bad? Whaling is a cruel and inhumane process of killing whales and should be ban worldwide for good. To start, the whales people are killing off help keep our ecosystem going and without them most fish will die by 2028. Also, whaling isn’t legal in most places and over 1,500 whales are killed illegally through the year. Finally, the whaling process causes certain whales for example the Minke Whale to go more vulnerable than they already are.Read MoreConservation And Management Of Wildlife1519 Words   |  7 Pagesworldanimal.net, n.d. However, we should notice that wildlife is killed and exploited by us. In other words, Human beings are destroying the planet. Recently, I saw an article on the New Zealand herald, which was about whaling carried out by Japan. Despite the global ban of commercial whaling, Japan has insisted it decided to kill 333 whales a year in order to find out how the marine ecosystem is changing, in the name of scientific research. Whales play an extremely important role to our environment,Read MoreWhale Hunting Should Be Banned1074 Words   |  4 PagesWould you eat whale for dinner? Didn’t think so because why would people do such thing. This is really happening to whales. Its not right to whales especially when a certain species is at risk of extinction. The United States is trying to stop these nations from doing this but they wont listen to anyone. They say its their culture which I understand, but really 100 plus whales a year isnt necessary and a lot goes to waste! Whale blubber is over half the whale and Norway hates blubber so they sendRead MoreEffects of Illegal Whaling in The Southern Ocean Whale Sanctuary on Benthic and Pelagic Ecosystems 1725 Words   |  7 PagesWhaling in the Southern Ocean Whale Sanctuary (SOWS) is an ongoing issue despite laws and regulations prohibiting commercial hunting in these waters. Whaling fleets from Japan use scientific research to justify continued whaling in the Southern Ocean. Weak enforcement of the regulations set up in the SOWS has allowed countries, most notably Japan, to continue their hunts with little interference. If whaling continues in the SOWS, it may lead to irreversible effects to the ecosystem of the SouthernRead MoreWhaling is Killing Thousands, Bringing Whales to Near Extinction1237 Words   |  5 Pagesconsequences. Modern society has evolved to understand the fundamental flaw in consuming the world’s resources with abandon. As with the hunting of many other species, whaling w as an unregulated activity. However, in 1986, the world community shifted its stance on whaling and passed international legislation banning commercial whaling. Dangerously close to being snuffed out, the whales have begun to claw their way back from extinction. Despite the positive strides taken on the behalf of whales, theRead More Whaling in US compared to Japan Essay977 Words   |  4 PagesWhaling in US compared to Japan Did you know that in the last 50 years over two million whales have been killed? The United States views whaling very differently than Japan does. It is a complicated and controversial topic. Many people have opinions about whale hunting. However, everyone should know both sides of the whale hunting issues before they act on the issue. To start out I am going to tell you a little about whaling. The first whale hunters were in the prehistoric times. At first theyRead MoreEssay about Whale Hunting By the Makah Tribe 684 Words   |  3 Pages being on the endangered list. In 1994 the gray whale was removed form the endangered list opening the possibility of the Makah Tribe to hunt again. Yet this possibility has caused anti-whaling organizations to protest to the killing of the gray whale. A heated debate between the Makah tribe and anti-whaling organizations over the subject of whale hunting has ensued. Legally the Makah Tribe feels justified in their argument due to the treaty make be the U.S. with the Makahs in 1855, promisingRead MoreShould Whaling Be A Whaling?2045 Words   |  9 PagesThe topic I’m going to be talking about it whaling, the question you may be asking is what is whaling? Whaling is the process that is mainly done by Japanese ships where they hunt and kill whales for their meat, oil and bones. Here is a little background on why the Japanese killed the whales. The Japanese has been killing whales for hundred and hundreds of years, so much so that it is part of their history. Whaling was a very important part of Japan before and during the WWII, when whale meat made

Business Ethics †3 †Ethical and Unethical Free Essays

An event or decision that could be judged as clearly unethical could be any situation where information discovered in a private business environment could be used for a personal financial gain by the person finding the information. A scenario such as the following is a good example of an ethical issue that may occur frequently in business. The scenario is as follows: a strategic management consultant is hired by a firm to analyze and improve the company’s performance and help amend the procedure for evaluating employee performance. We will write a custom essay sample on Business Ethics – 3 – Ethical and Unethical or any similar topic only for you Order Now During the course of this analysis they interview several supervisors and employees individually to gather information about the current evaluation process, and understand how employee performance can be improved, as well as investigate whether there are any issues that staff feel they cannot convey to management. During the corporate analysis, the employees mention that they feel they have not been given sufficient credit for developing a new product that the company expects will double its profits when it is introduced in the near future. The level of dissatisfaction amongst the staff is at a high level, and they disclose some corporate information to the strategic consultant about potential future earnings and profitability. The general discontent with this situation, and the fact that the employees all feel that the share price will rise, and the profitability of the company will increase, through the sales of this new product, the consultant is left to wonder whether he should buy some of the company’s stock to take advantage of the anticipated boost in earnings. This situation is an example of insider trading, where an individual may be able to make money on a stock transaction by using information gained through some illicit means. This situation has ethical issues due to the fact that the consultant has been hired by the company to perform a duty, and during this process has found some information which may enable them to make extra money. There are not many circumstances where this kind of situation would be ethical, and if this was a situation I found myself in, then I would try to be ethical and to not use the information gained for my personal financial benefit. This scenario does not just have ethical issues to consider, it has legal issues as well, because the act of insider trading is a criminal act of fraud therefore people caught doing this ethically unsound business practice are liable for prosecution for fraud. 2. This situation is ethically dubious, due to some of the reasons outlined in part one of this paper, the similarities between the two situations mean that it is not appropriate to act on this information, due to the extra knowledge about whether or not the company is financially and fundamentally strong. However because of a couple of issues in this scenario it may be ethical to purchase stock or to have a conversation about buying stock with friends and family members. The information has come through conversations in the hallways, not from primary sources, and therefore nothing is confirmed as being true, it is mere speculation. The second issue is whether it is ethically sound to discuss business operations with friends and family. Again, because the information has come from a secondary source, which may be classed as gossip, and not hard business facts, mean that a speculative conversation about the business, with friends and family may be ethical. It does not matter if one hundred or one thousand shares are purchased, because the ethical situation is the same. However looking at the facts and the differences between the first scenario and the second, it is possible to say that under the first scenario it is definitely unethical for a third party contractor to discuss or use information for their own personal benefit, but the second scenario may be ethical, due to the issues of reliability of information and the fact that it is an employee of the company acting on speculation and not business facts. However the one crucial element in these two scenarios, is that of human morality, and there are clearly some people in the world who would act on both scenarios, and there are some who wouldn’t. How to cite Business Ethics – 3 – Ethical and Unethical, Papers

Business Process Intersections in Economics

Question: Describe about the Term for Business Process of Intersections in Economics. Answer: Introduction: The report highlights comprehensive evaluation of based upon the PESTLE analysis favoring both the external environment. The organization is said to be leader in the telecommunication unless it understands the innovating technology. Therefore, preserving and maintaining the fairly demand elasticity of price leads to advantageous position of business cycle. The report intends to show the various types of the external factors in accordance with the requirement of the business. The external analyses of the report are based on the PESTEL analysis which shows the positive political climate in the country. As stated by Cook et al.(2016) The several other positive external factor responsible for the business includes positive technological climate, environmental climate and the present legal climate of Australia which are observed to be favorable for the doing the business in Australia. The report highlights the various type of the positive aspects related to the present free trade policies by the Australian Government. The project also takes into account the competitive analysis forces in the industry to that may limit the organization to generate profit. In addition to this the project also undertakes and identifies the relevance of external factors along with the implications of the external factors to comply with the digital market needs. Reference List: Cook, N., Davison, A. and Crabtree, L. eds., 2016. Housing and Home Unbound: Intersections in Economics, Environment and Politics in Australia. Routledge.