Liar, Liar
In the race to make money, some American businesses have been lying their pants off--but is success at any cost really worth the price?
A major U.S. company's chief resigns after authorizing large
payments to top executives while negotiating a deal to slash
average workers' pay. A multinational with significant business
in the United States restates its revenue by nearly $1 billion. A
leading American firm based in a southern city is charged with
massive financial fraud; its CEO, who had lived an extravagant
lifestyle, is indicted. Scenes from scandal-ridden 2002? Nope. All
these events-the resignation of American Airlines' chief, the
restatement of revenues at food-service giant Ahold, and the
charges against HealthSouth and Richard Scrushy-happened this year,
just one year after the biggest wave of corporate
scandals in decades and after the passage of new legislation to
combat corporate malfeasance. Indeed, businesspeople and ethics specialists say, it's
apparent that despite the 2002 scandals and legislation, little has
changed in American business culture. Change appears slow in coming
because lying and dishonesty simply have become a much more
accepted part of business—and of American life. To fight this
trend and to inculcate the idea that dishonesty is unacceptable,
companies, business schools and corporate leaders will need to
undertake massive, systemic reforms.
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