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Submit a ProposalResisting Corporate Corruption, 2nd Edition
 | Lessons in Practical Ethics from Enron through the Financial Crisis By Stephen V. Arbogast Copyright: 2013 | Status: Published ISBN: 9781118208557 | Hardcover | 548 pages | 92 illustrations Price: $75 USD  |
One Line Description
Presents real world case studies exploring the complex challenges that cause ethical failures and the means available to overcome them with integrity.
Audience
The book has many audiences including:
• Business schools and MBA students, especially those with finance concentration
• Law schools and those doing Continuing Legal Education (CLE)
• Corporate heads of audit, controllers and legal compliance officers
• Business leaders, especially those heading financial and large corporations
• Seminaries and other institutions offering buisiness ethics courses.
The book has many audiences including:
• Business schools and MBA students, especially those with finance concentration
• Law schools and those doing Continuing Legal Education (CLE)
• Corporate heads of audit, controllers and legal compliance officers
• Business leaders, especially those heading financial and large corporations
• Seminaries and other institutions offering buisiness ethics courses.
Description
Resisting Corporate Corruption teaches business ethics in a manner very different from the conceptual and legal frameworks which dominate graduate schools. The book offers 27 case studies and 11 essays that cover a full range of business practice, controls and ethics issues. The cases are framed to instruct students in early identification of ethics issues, and how to work such problems effectively within corporate organizations. By pursuing these case studies, students should emerge with a practical toolkit that better enables them to follow their moral compass. The cases provide examples of how executives can embed more ethical approaches inside alternative business strategies, redirect pressure and intimidation to parties better positioned to resist, and use the firm’s controls structure to counteract corrupt practices. Specific cases take up the circumstances of whistleblowers and the changing protections afforded by recent laws. Fourteen case studies examine Enron’s crossing of various ethical lines from 1987-2001. Thirteen new cases examine key financial crisis moments at Countrywide,Fannie Mae, Citibank, Goldman Sachs, Moody’s, Lehman Brothers, and PriceWaterhouseCoopers.
Interpretive essays discuss the nature of sound financial controls systems and the extent to which the financial crisis shows Enron’s issues to be unresolved.
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Resisting Corporate Corruption teaches business ethics in a manner very different from the conceptual and legal frameworks which dominate graduate schools. The book offers 27 case studies and 11 essays that cover a full range of business practice, controls and ethics issues. The cases are framed to instruct students in early identification of ethics issues, and how to work such problems effectively within corporate organizations. By pursuing these case studies, students should emerge with a practical toolkit that better enables them to follow their moral compass. The cases provide examples of how executives can embed more ethical approaches inside alternative business strategies, redirect pressure and intimidation to parties better positioned to resist, and use the firm’s controls structure to counteract corrupt practices. Specific cases take up the circumstances of whistleblowers and the changing protections afforded by recent laws. Fourteen case studies examine Enron’s crossing of various ethical lines from 1987-2001. Thirteen new cases examine key financial crisis moments at Countrywide,Fannie Mae, Citibank, Goldman Sachs, Moody’s, Lehman Brothers, and PriceWaterhouseCoopers.
Interpretive essays discuss the nature of sound financial controls systems and the extent to which the financial crisis shows Enron’s issues to be unresolved.
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Author / Editor Details
Stephen Arbogast served from 1999-2004 as the Treasurer of Exxon Mobil Chemical Company and has over thirty years of experience in finance working with Exxon Corporation and Exxon Mobil Chemical. While Treasurer of Chemicals, he held positions that included Director of Qenos Australia’s sole manufacturer of polyethylene, a joint venture with Orica PLC), Director of Dexco (a joint venture with Dow Chemical), and Director of Al Jubai Petrochemical Company in Saudi Arabia. Currently serving as an Executive Professor of Finance at the C.T. Bauer College of Business, Professor Arbogast’s teaching career has focused on international finance, project financing and business ethics. In addition to authoring over fifty case studies based on his experiences at Exxon Mobil, he has previously taught at both Fordham University’s Graduate School of Business in New York and Rice University’s Jesse Jones Graduate School of Management in Houston
Stephen Arbogast served from 1999-2004 as the Treasurer of Exxon Mobil Chemical Company and has over thirty years of experience in finance working with Exxon Corporation and Exxon Mobil Chemical. While Treasurer of Chemicals, he held positions that included Director of Qenos Australia’s sole manufacturer of polyethylene, a joint venture with Orica PLC), Director of Dexco (a joint venture with Dow Chemical), and Director of Al Jubai Petrochemical Company in Saudi Arabia. Currently serving as an Executive Professor of Finance at the C.T. Bauer College of Business, Professor Arbogast’s teaching career has focused on international finance, project financing and business ethics. In addition to authoring over fifty case studies based on his experiences at Exxon Mobil, he has previously taught at both Fordham University’s Graduate School of Business in New York and Rice University’s Jesse Jones Graduate School of Management in Houston
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Table of Contents
Acknowledgements
Foreword by Sherron S. Watkins
Preface to the Second Edition
Note to Faculty: How to Use this Book
Section I The Enron Cases
Part I Demolishing Financial Control, Neutering the Gatekeepers
Case Study 1 Enron Oil Trading (A):
Untimely Problems from Valhalla
Essay 1 How to do an Ethics Case Study
Case Study 2 Enron Oil Trading (B):
The Future of Enron Internal Audit
Case Study 3 Enron Oil Trading (C):
An Opening for Enron Audit?
Case Study 4 Enter Mark-to-Market (A):
Exit Accounting Integrity?
Case Study 5 Enter Mark-to-Market (B):
Accounting & the Aggressive Client
Essay 2 Necessary Ammunition----The Economic
Rationale for Financial Control
Part II Business Model Failures, Accounting Manipulations
Case Study 6 Enter Mark-to-Market (C): The Disease
Spreads to Enron Clean Fuels
Case Study 7 Adjusting the Forward Curve
in the Back Room
Case Study 8 Enron-- SPE--: A Vehicle too Far?
Case Study 9 Court Date Coming in California
Part III Resisting Corruption at Enron
Case Study 10 Jeff Skilling and LJM:
The Shoot the Moon -- Meeting
Case Study 11 New Counsel for Andy Fastow
Case Study 12 Nowhere to Go with The Probability of Ruin --
Case Study 13 Lay Back --‚¬-- and Say What?
Case Study 14 Whistleblowing -- before imploding
in Accounting Scandals
Essay 3 Legacy and Lessons of Enron:
Forerunner of the Financial Crisis?
Essay 4 Resisting Corporate Corruption:
Tactical Lessons from the Enron Cases
Essay 5 Underappreciated Origins of the
Financial Crisis: A Personal Memoir
Section II The Financial Crisis Cases
Part I New Business Models Undermine
Standards and Controls
Case Study 1 Should Countrywide Join the Subprime
Mortgage Race to the Bottom? --
Case Study 2 Seeking a Sustainable Business Model
at Goldman Sachs
Case Study 3 Juggling Public Policy, Politics
and Profi ts at Fannie Mae (A)
Case Study 4 Subprime Heading South
at Bear Stearns Asset Management
Case Study 5 Ratings Integrity vs. Revenues
at Moody-- Investors Service
Part II Consequences for Gatekeepers and Firms
Case Study 6 Juggling Public Policy, Politics
and Profi ts at Fannie Mae (B)
Case Study 7 Admission of Material Omission?
Citibank-- SIVs and Subprime Exposure
Case Study 8 Facing Reputational Risk on
Goldman-- ABACUS 2007-AC1
Case Study 9 Time to Drop the Hammer -- on AIG-- Controls?
Part III Financial Firms and Resisters
Case Study 10 Write to Rubin? --Pressure
on Underwriting Standards at Citigroup
Case Study 11 Wean Lehman Brothers off Repo 105 --?
Case Study 12 Time to Report Moody-- to the SEC?
Case Study 13 Take CitiMortgage to the Feds?
Essay 6 Chronic Crises, Systematic Breakdowns,
Emerging Resistance and the Implications
for Teaching Business Ethics
A Note on Blogs and Law Firms
A Note on Sources
Indexes
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Acknowledgements
Foreword by Sherron S. Watkins
Preface to the Second Edition
Note to Faculty: How to Use this Book
Section I The Enron Cases
Part I Demolishing Financial Control, Neutering the Gatekeepers
Case Study 1 Enron Oil Trading (A):
Untimely Problems from Valhalla
Essay 1 How to do an Ethics Case Study
Case Study 2 Enron Oil Trading (B):
The Future of Enron Internal Audit
Case Study 3 Enron Oil Trading (C):
An Opening for Enron Audit?
Case Study 4 Enter Mark-to-Market (A):
Exit Accounting Integrity?
Case Study 5 Enter Mark-to-Market (B):
Accounting & the Aggressive Client
Essay 2 Necessary Ammunition----The Economic
Rationale for Financial Control
Part II Business Model Failures, Accounting Manipulations
Case Study 6 Enter Mark-to-Market (C): The Disease
Spreads to Enron Clean Fuels
Case Study 7 Adjusting the Forward Curve
in the Back Room
Case Study 8 Enron-- SPE--: A Vehicle too Far?
Case Study 9 Court Date Coming in California
Part III Resisting Corruption at Enron
Case Study 10 Jeff Skilling and LJM:
The Shoot the Moon -- Meeting
Case Study 11 New Counsel for Andy Fastow
Case Study 12 Nowhere to Go with The Probability of Ruin --
Case Study 13 Lay Back --‚¬-- and Say What?
Case Study 14 Whistleblowing -- before imploding
in Accounting Scandals
Essay 3 Legacy and Lessons of Enron:
Forerunner of the Financial Crisis?
Essay 4 Resisting Corporate Corruption:
Tactical Lessons from the Enron Cases
Essay 5 Underappreciated Origins of the
Financial Crisis: A Personal Memoir
Section II The Financial Crisis Cases
Part I New Business Models Undermine
Standards and Controls
Case Study 1 Should Countrywide Join the Subprime
Mortgage Race to the Bottom? --
Case Study 2 Seeking a Sustainable Business Model
at Goldman Sachs
Case Study 3 Juggling Public Policy, Politics
and Profi ts at Fannie Mae (A)
Case Study 4 Subprime Heading South
at Bear Stearns Asset Management
Case Study 5 Ratings Integrity vs. Revenues
at Moody-- Investors Service
Part II Consequences for Gatekeepers and Firms
Case Study 6 Juggling Public Policy, Politics
and Profi ts at Fannie Mae (B)
Case Study 7 Admission of Material Omission?
Citibank-- SIVs and Subprime Exposure
Case Study 8 Facing Reputational Risk on
Goldman-- ABACUS 2007-AC1
Case Study 9 Time to Drop the Hammer -- on AIG-- Controls?
Part III Financial Firms and Resisters
Case Study 10 Write to Rubin? --Pressure
on Underwriting Standards at Citigroup
Case Study 11 Wean Lehman Brothers off Repo 105 --?
Case Study 12 Time to Report Moody-- to the SEC?
Case Study 13 Take CitiMortgage to the Feds?
Essay 6 Chronic Crises, Systematic Breakdowns,
Emerging Resistance and the Implications
for Teaching Business Ethics
A Note on Blogs and Law Firms
A Note on Sources
Indexes
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BISAC SUBJECT HEADINGS
BUS008000: BUSINESS & ECONOMICS / Business Ethics
BUS001010: BUSINESS & ECONOMICS / Accounting / Financial
LAW022000: LAW / Corporate
BIC CODES
KJG: Business Ethics
LNPF: Financial Services Law & Regulation
KFFH: Corporate Finance
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