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A couple of weeks ago Ive watched a movie called Spider-manwith my family Displaying a lot of special effects along with high-tech computer graphics this movie was very exciting and entertaining In addition to the thrilling action and amusement there was a quote from the movie that made it even more interesting With great strength comes great responsibility This quote is true for any society that has a hierarchy of power especially in the world of business The top executives who possess great power and wealth have great responsibility in each deed that they make They represent the business world of America and must set high and clear expectations of conduct However a few of the leaders in business have not performed their duty and full responsibility There were CEOs earning tens of millions of dollars in by stock options just before their companies went bankrupt leaving workers and investors to suffer Responsible CEOs do not compromise to greed by unethical means What would have happened if Spider-man wasnt committed and didnt take responsibility What would have happened if he used his great strength for personal gains Would anybody be safe What would happen to the economy and society when there is no corporate ethics WorldCom the 2nd largest telecommunications company filed for bankruptcythe biggest corporate insolvency in US history With 30 billion in debt and with 107 billion in assets the company had to request Chapter 11 protection in federal bankruptcy court This huge desperation and collapse of the corporation originated from the mismanagement of the former WorldCom CFO chief financial officer Scott Sullivan Anderson a notorious auditor has attacked Sullivan for withholding crucial information and a 38 billion accounting fraud The former CFO never consulted nor reported any cost transfers regarding the accountancy Now the US financial watchdog the SEC Securities and Exchange Commission has charged the telecommunications corporations with fraud Last year December Anderson admitted its audit errors of Enrons accountancy
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