— a claim that sent former Volkswagen Group executive Oliver Schmidt to prison. As for the bank, it opened 3.5 million accounts without its customers’ understanding of the true purpose — to rack up additional fees for the company. It paid out $3.7 billion to settle those and other illegal practices.
Professor Cohen says that in such cases, everyone starts pointing fingers at everyone else, thus diffusing the matter. Or, the companies may fire a small subset of those involved, claiming to eradicate the source of the problem. “But eliminating specific individuals does not solve the problem if it is more endemic."
That, of course, was the case with Enron. Energy traders were encouraged to maximize profits within a regulatory scheme written by energy lobbyists. Enron exploited the system by keeping power plants offline when electricity demand was highest. Prices thus shot through the roof, making the company rich while breaking the backs of the working class.
The dead corporation had a mission statement. But it didn’t live by it. Once someone crosses the line, it becomes easier to do it again — until it all comes crashing down. As for Enron, it also manipulated financials and lied to investors. Now, the “Crooked E” is the symbol of“The idea that an ethical transgression is alright if it creates a larger good is the start of something very problematic,” says Todd Haugh, professor of business ethics at, in an earlier conversation with this reporter.
Holding an individual to account is more straightforward than prosecuting a company, especially if it is a community staple and provides an essential service. But minimizing the issue creates a bigger problem, implying that certain entities are above the law and potentially encouraging others to do the same.
Brazil: KING IS NAKED:Why is the federal Government afraid of the CPMI of the acts carried out on 8.1.22?Who was the mastermind behind the depredations inside the seats of power?Publicly assuming the BLAME?Pacheco the Senate has been boycotting the CPMI! Population demandsTRUTH!