| "There's No Such Thing As Business Ethics," a | | | | these businesses have formed. |
| book by John C. Maxwell, notes three big | | | | His last major review for the sake of white collar |
| scandals, focusing on the white collar crimes by | | | | crime took place on the same day when Dennis |
| Enron, Adelphia Communications, and Tyco. The | | | | Kozlowski, CEO of Tyco, was charged by the |
| author has clearly made the statement that | | | | district attorney of Manhattan. He had evaded |
| particular cases of fraud show even more | | | | over $1 million in sales tax on things such as |
| damage to business ethics. He begins in a very | | | | artwork and personal items purchased with |
| matter-of-fact yet informal tone that evaluates | | | | company money, approximating $600 million taken |
| major ethics violations. His first task is the most | | | | from the company. Maxwell leaves the only the |
| famous of them all: Enron. For those unfamiliar, he | | | | facts for the reader to understand, alleviating any |
| notes that on November 1, 2001, Enron, | | | | purple prose, as his topic needs none. He uses |
| confessed to accounting performances which | | | | additional data from sources such as Time |
| caused inflation in Enron's income. Over a four | | | | magazine. In their July, 22, 2002 publication they |
| year period, they inflated their income by $586 | | | | provided statistics that supported America's |
| million. After this, Enron filed for Chapter 11 | | | | mistrust toward the increasing number of |
| bankruptcy. As if this wasn't enough, executives | | | | companies who were deceiving their employees |
| knew about the company's status. They used this | | | | and the general public through white collar crime. |
| information to sell more than $1 billion of their own | | | | Taking into consideration GBX Codex Standards, |
| shares in the company while encouraging their | | | | the author leaves the reader with the |
| employees to hold on to their shares. | | | | understanding that these specific scandals show |
| The next topic Maxwell reviews in his book is the | | | | violation of the second and fifth principles, the |
| financial misguidance by Adelphia Communications. | | | | transparency and citizenship principles. We know |
| He uncovers how Adelphia Communications | | | | that there are attempts to rip off, not just |
| broadcasted financial problems. This broadcast | | | | individuals through private fraud and |
| took place on March 27, 2002. John Rigas-the | | | | embezzlement schemes, but massive numbers of |
| founder of the company-and his sons were soon | | | | stockholders in supposedly legitimate operations. |
| after accused of using the company assets as | | | | Beyond that, business executives violate |
| collateral for their own personal loans used for | | | | transparency by concealing these schemes and |
| family projects, for private purchases, all of which | | | | citizenship by lying and resisting government |
| totaled $3.1 billion. It wasn't until after Rigas was | | | | investigation, which was particularly evident in the |
| removed that the company had to file for | | | | Enron case. Therefore, we are forced to agree |
| Chapter 11 bankruptcy. Conclusively, he reports | | | | with the upsetting truth that Maxwell reveals |
| that on June 3, 2002, Adelphia was taken from | | | | about white collar crime: it is despicable and must |
| NASDAQ, bearing with the conclusion a sense of | | | | be stopped. |
| repugnant disdain for the corrupt relationships | | | | |