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Sumitomo Copper Scandal (1995) Impacts on the Sumitomo Corporation The Sumitomo Copper estimated that the copper scandal, the financial scandal, gave rise to losses of $1.8 billion in June 1995. According to the company, the case would not affect their activeness and they would swallow the entire loss in the current fiscal year, which was about nine months after it took place. In order to cover the $1.8 billion losses, they would set aside a fund from the original executive bonuses and canceled…

USA. Let me give a short introduce about it, “In 1974, Kenneth Lay joined the Florida Gas Company, eventually serving as president of its successor company, Continental Resources Company. In 1981, he left Continental to join Transco Energy Company in Houston, Texas. Three years later, Lay joined Houston Natural Gas Co. as chairman and CEO. The company merged with InterNorth in 1985, and was later renamed Enron Corp. In 1986, Kenneth Lay was appointed chairman and chief executive officer of…

Mesothelioma settlements Part 3 Mesothelioma verdicts if the plaintiff doesn’t agree to a settlement, the case will go to courtroom. In asbestos-related cases, the plaintiff will receive a verdict at the end of the trial. The compensation varies depending on whether the jury considers the defendants are legally responsible for their actions that harmed the plaintiff. In such cases, the legal responsibility would be for exposure to asbestos and the harm is often untreatable disease (mesothelioma…

do this. Take for example one of the bank’s ads, it says they are fully devoted to compensating those impacted, but how do you compensate someone who has seen reduced credit scores from bouncing a check in an account that there was supposed to be money in? (Hiltizk, 2016). How do you correct something that took customers years to establish? There seems to be no solid answer to these questions, only vague promises and an absence of a definitive plan in place to make things right, which making…

When the American heavy metal band Metallica, unleashed their self-funded movie, the 2013 American IMAX thriller concert film - 'Through The Never,' it stimulated the interest of Metallica's fans, only to leave them perplexed and confused by its plot, which is extremely complex and difficult to follow. The 'Through The Never' film was such a commercial failure that the members of the Metallica band lost millions of their own money. In an interview with the Metallica's fan club magazine, the…

The Chief Financial Officer David Dyck discovered $300-million in expenses were misclassified after he attempted a re-examination of the company’s accounting practices. CEO Dave Robert gained an “individual account” of 185%. When working out the full compensation, his total compensation roughly totalled $3.5 million for the year. After news of accounting irregularities, Penn West Petroleum Ltd. shares falling 17.4% before pulling back. Penn West shares closed at $8.57, down 13.78%, still some…

Brian Cruver was a firsthand witness to the disturbing, surreal, and hilarious moments of Enron's long dance with death. When he first entered Enron's office complex, "the Death Star," he was the epitome of the Enron employee: young, brash, sporting a shiny new MBA, and obscenely overpaid. From his first day, however, when he was told that some colleagues hadn't really wanted to see him hired, he found himself in the middle of a venal greed machine whose story unfolded with all the absurdity and…

money in losses was never found. The executives; Jeffery Skilling, Kenneth Lay, Andrew and Lea Fastow, Richard Causey, and David Delainey; were later trialed and found guilty on a many different counts of a multitude of different illegal acts. Skilling’s sentenced came to be the longest at 24 years and 4 months with also paying out $60 million for compensation of Enron victims and legal bills. Most were sent to prison but Lay who died of a heart attack before his conviction was made. Enron went…

the outside world. Even though what they were doing was very illegal, teamwork played a huge role. Leadership played a significant role too, but in this case, the leader wasn’t a “good” leader because the whole scheme was illegal. Each leader, Ken Lay and Jeff Skilling empowered their workers and inspired them. They trusted their leaders because of their intelligence and their recognition of them. They always told them to act as if they are the best…

Disaster capitalism, as coined by Naomi Klein in her book The Shock Doctrine, is the exploitation of a community suffering from a state of shock as a result of a natural, political, or biological disaster in order to make a monetary profit. The collective people sharing in this catastrophe are in a state of shock rendering them into a position of heightened vulnerability. This heightened vulnerability opened the door for major worldwide corporations to come in under the guise of providing aid…