UM Fraud and Corporate Scandals Wells Fargo Failure Essay

User Generated

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Business Finance

University of Mary

Description

TEXT: Business Ethics Concepts and Cases,

Eighth Edition. By Manuel G. Velasquez

Paper

After researching a corporate scandal—that of Volkswagen, Wells Fargo, or whomever else—write a paper that addresses the following questions:

  • According to your research, what did the relevant corporation do—or fail to do? (Cite at least one reputable outside source here.)
  • In your opinion, why was this scandalous? (Apply at least one ethical theory here.)
  • According to your research, how did the corporation respond? (Cite at least one reputable outside source here.)
  • In your opinion, was the corporation right to respond as it did? (Apply at least one ethical theory here.)

Assuming that it is double spaced, your paper should be no fewer than three and no more than five pages long. Seriously, do not go beyond these limits. Part of the point of this assignment is to learn to write a convincing argument—and no argument will be convincing unless it is clear and to the point.

Since it will be graded blindly, do not put any identifying information in your paper. Really, it should not have a heading at all—though a title is okay.

As you write your paper, remember to put everything in your own words. At no point in your writing process should you be copying and pasting anything from the internet into your paper. The only exceptions would be quotations, which are fine so long as they are clearly indicated with quotation marks and accompanied by citations.

On that note, be sure to cite at least one reputable outside source in your paper. (Examples of reputable sources are The New York Times and The Wall Street Journal.) Certainly your textbook shouldn't be the only source that you cite!

Last—but not least—be sure to apply at least one ethical theory to the relevant scandal. (Examples of ethical theories are virtue ethics and care ethics.) Of course, it wouldn't hurt to apply several!

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Explanation & Answer

Please view explanation and answer below.

Running head: CORPORATE SCANDALS

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Corporate Scandals
Student’s Name
Institutional Affiliation
Date

CORPORATE SCANDALS

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Corporate Scandals
Fraud and corporate scandals impact all facets of corporate society and are not a new
phenomenon. In recent years, various corporations have made headlines due to such scandals
where employees engage in unethical practices, which raise concerns in the business community
and government agencies. These well-publicized corporate scandals impact the employees and
stakeholders due to negative publicity while drawing the entire nation's attention. One significant
corporate scandal is the 2016 Wells Fargo Fraud case.
Wells Fargo’s Failure
On the eighth of September, 2016, Wells Fargo received a 185 U.S. dollar fine correlated
to the claims that its employees had created millions of illegitimate credit card and bank accounts
without their clienteles' consent or knowledge. In this case study, Wells Fargo's leaders had set
impractical sales targets for its workers. Because these targets were high, the employees engaged
in unethical behavior. To achieve their set targets, the employees generated accounts, which their
clientele had in no way demanded, and frequently never knew existed (Ethics Unwrapped, 2021).
Essentially, the entity was obliged to treat its customers plausibly. However, the employees'
actions were immoral due to their concern about keeping their jobs and offering fitting service to
their patrons.
Why the Actions Were Scandalous
Evidently, in this fraud case, the actions of the entity’s employees were scandalous. It
was immoral for employers to open fraudulent accounts without involving the concerned clients
to achieve the set targets. Similarly, the establishment’s management was equally at fault for

CORPORATE SCANDALS

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giving their employees unrealistic targets. Arguably, these employees’ actions were moral
because they had to satisfy ...

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