Essay on Bank of America

3000 Words 12 Pages
NAME: HAMZA .S. MAKANDE
STUDENT NUMBER: TP027192
INTAKE CODE: UC2F1501IBM
BM061-3.5-2-BEG
MODULE NAME: BUSINESS ETHICS GOVERNANCE
TOPIC: BANK OF AMERICA’S MOST TOXIC ASSET (CASE B) INDIVIDUAL ASSIGNMENT
LECTURER: FARAHIDA BINTI ABDUL JAAFAR
DATE ASSIGNED: 06th MARCH 2015
DATE DUE: 17th APRIL 2015

Table of Contents INTRODUCTION. 3 Summary. 3 Ethical Dilemma. 3 Affected Stakeholders. 4 ANSWER FOR QUESTION 1. 4 ANSWER FOR QUESTION 2. 5 ANSWER FOR QUESTION 3. 6 ANSWER FOR QUESTION 4. 7 ANSWER FOR QUESTION 5. 8 ANSWER FOR QUESTION 6. 8 CONCLUSION. 9 REFERENCES. 10

BANK OF AMERICA’S MOST TOXIC ASSET (CASE B).
INTRODUCTION.
Summary.
Ken Lewis was a Chief executive officer of Bank of America, he was
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A salary cap of $500,000 introduced by Obama Administration for all executives of banks made no choice for many CEO’s rather than leave for other banks who were not affected by the financial meltdown. Many CEO they wanted more salaries that’s why they went for banks which were ready to pay them more than $500,000 and maintain their highly stylish life.
One of the responsibilities of the top manager is to make sure to serve for the benefits of the company and not for self-interest. Merrill Lynch CEO John Thain, failed to be responsible of the situation in the company and spent $1.2 million for his own interest.

Affected Stakeholders.
Stakeholder is a person, group or organization that has interest or concern in an organization, OR anyone who is directly affected by the corporation such as investors, employees, customers, and suppliers. Apparently many companies have started to view stakeholders as anyone within a community or anyone who could potentially be affected by a company’s decisions. In this case we see shareholders impacted by the decision of Bank of America CEO Ken Lewis. He lied to all of the shareholders and covered up the fact that Merrill Lynch and Countrywide

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