Assignment 2, Part 4 - Sum 16

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Information about Assignment 2, Part 4 - Sum 16
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Published on July 13, 2016

Author: jaisabell

Source: authorstream.com

Slide1: The Pyramid of Success Integrity Leadership Knowledge Slide2: WEST VIRGINIA UNIVERSITY College of Business and Economics BUSINESS ETHICS (BCOR 380, Section 7D1 CRN 51512 and 7D2 (CRN 51544) Online Format for Three Credit Hours David Cale, M.B.A., Ph.D. E-mail: David.Cale@mail.wvu.edu PH: 304-293-0539 Office: 106 BUE Office Hours: Mondays, Tuesdays & Fridays 11:00 am – 3:00 pm & by appointment Slide3: Business Ethics Summer 2016 Assignment 2 . The Legal Context of Business & Professional Ethics 200 Points Part 4. Why formal laws are not enough to ensure a fair marketplace Due : Wednesday, July 13, 2016 Slide4: Business Ethics The study of how to properly use one’s economic and professional power with integrity. Slide5: WHY LAW ALONE IS NOT ENOUGH There exists in humanity the idea that one can do anything at which they can’t be caught and if caught, can’t be proven guilty in a court of law. This mentality inspires crime. A society’s first defense against it is a cultural endorsement of lawfulness. Slide6: List seven reasons why obedience to law, alone, is not enough to serve as an ethical philosophy 1. Laws are reactive, not proactive and ways of doing business constantly change 2. The legal process is too cumbersome and expensive to address many financial issues Slide7: Laws are highly influenced by special interests and political contributions Laws are often written with vague language and broadly defined terms 5. In a global economy, professionals often operate under conflicting legal systems Slide8: In some countries there is an absence of regulatory law for advanced financial activities 7. The identity of “professional” in its essence requires one to work with others on a basis above the minimal standard required by law. Slide9: The penumbra of the law a term used by Justice Oliver Wendell Holmes to identify those areas were an activity is lawful but in some way harmful or unfair. the penumbra of an eclipse Most scams operate in this gray area, being within the letter of the law but outside everyday fairness. Slide10: Victims of pyramid and Ponzi schemes often seek compensation through torts because the scheme itself might be technically legal but rigged in a way that causes early investors to make money and later investors to lose money. Slide11: Pyramid scheme This arrangement has investors buy into a non-territorial franchise of some kind and then make their money by selling franchises to other investors . In this investors know the game. Slide12: Ponzi scheme This arrangement has investors buy into an investment pool, whose profits appear to come from the fund’s success but in fact come from come from the cash inputs of other investors . In this investors don’t know the game . Slide13: The four factors common to most Ponzi schemes 1. Its prime agent is charismatic with excellent “people skills.” Bernie Madoff is a former chairman of NASDAQ 2. Promises of a financial return are unusually high. Slide14: List the four factors common to most Ponzi schemes. 3. Early investors realize the promised return, encouraging others to invest . 4. The “profits” of early investors mostly come from the cash inputs of later investors. Slide15: Phone and computer scams work within the penumbra of the law. A constant threat to all phone users are scams where simple questions are asked and then the consumer or small business later finds their phone bill or internet bill charged for advertising, or some meaningless website service they never intended to buy. Slide16: The phone or internet provider gets to charge telemarketers with a billing service fee for allowing itself to be used as a back-door device by scammers to collect money on something the consumer never knowingly agreed to purchase. Third party billing laws have created a paradise for phone scammers; and phone companies are making money on those laws . (AT&T settlement, Oct 9, 2014 – 105 million) Slide17: But, when complaints come in on the scammer charges, the phone company is able to say: “We are required by law (a law they lobbied for) to provide any business, related to a communication service, with access to your phone/internet bill.” Slide18: Alternatively, Most phone/internet providers offer services allowing consumers to block third party charges. So the law protects knowledgeable consumers but not those who may not know about such provisions. Slide19: Corporate cronyism most often takes the form of lobbying for laws that serve to deprive consumers of the right of consent. This can take an otherwise legitimate business to a gray area called: The penumbra of the law Slide20: Suppose you could get a law passed where everyone had to buy your goods and services whether they wanted to or not. The following is taken from a true story You live in Crony City, WV. The mayor and five members the city council’s nine members have taken large campaign contributions from a garbage bag company which sells garbage bags with print copy. Slide21: The mayor and five members of the city council next contract to buy the bags of that company, and then, pass an ordinance that requires that all trash in the city must be bagged in those specialized bags printed with the city name. The bags cost 75 cents each and must be purchased at the city hall or at the designated hardware store (owned by a brother of one of the council members). Anyone caught using any other bag will be fined $50 for each violation. Slide22: #1 Identify the winners in this perfectly legal use of statute law. #2 Identify the losers. #3 This is legal and financially profitable for the winners. Is it ethical or unethical? Explain why you chose the answer you did using an ethical principle. #4 If all businesses, having something to sell, do this sort of thing, will Crony City be a better place in which to live? Slide23: For Assignment 2, Part 4, research an article or story on how the conduct of a perfectly legal activity by a business (e.g. The Cones and Barrels contractor case in Module 1 is a good example but find another.) harms individuals for the sake of profit. Use this as the basis for your discussion on why formal laws are not enough to ensure a fair marketplace. Slide24: End of Professor’s notes for Assignment 2 , Part 4 Assignment 2 The Legal Context of Business & Professional Ethics Title Part 4. Why formal laws are not enough to ensure a fair marketplace And minimally write a 700 word paper on this topic using the instructions found at the top of page three of your syllabus. Submit to Turnitin with the other three parts of Assignment 2 as one document, not four. Due: Wednesday, July 13, 2016

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