Thomas Farrow And The Managerial Hubris

Jefferson commented on these events long after his passions over them had cooled. Indeed, by 1818 the first Bank of the United States had come and gone. He felt that the actions of the speculators for the sole purpose of personal greed were reprehensible, and that the architect of the situation (Hamilton) was very much responsible for the fleecing of the public.

Hamilton’s creation of the first bank in the United States continues to exist in today’s economic environment. However, at that time Hamilton’s proposal was met with widespread resistance from individuals such as James Madison and Thomas Jefferson who considered the creation of a federal bank as unconstitutional. The analysis made by Gordon in his book is consistent with arguments made by to have a bank that would be effective in order to implement the powers authorized by the government as it was implied in the constitution

In one’s professional career one might be in a situation to consider not only the ramifications of one’s ethical choice, but also how ethical one’s decision is as a whole. In my career, I have never been put in an ethical dilemma, but at a juncture in my career in the finance industry, it is possible I will. In the industry of finance, one could be in a position that enables them to embezzle, whether this is in an accounting position, a financial advisor, or even a bank teller. In each of these positions, one could be in a dilemma of considering embezzling, otherwise known as stealing. To most people stealing is clearly unethical, but it could depend upon to which ethical approach one subscribes. This paper will discuss; what options one has in this dilemma, how certain ethical approaches would guide one’s decision, and my personal opinion on which approach I would utilize.

Alexander Hamilton, first Treasury Secretary of the United States, was a financial genius who had great visions for the economy of the new nation. In order to reach economic greatness, he developed a plan to launch the country off the ground. This included a strategic method involving assuming state debts, customs duties and excise taxes, and establishing the Bank of the United States. Hamilton believed that if all these portions were carried out correctly, America was destined for economic success and international admiration. This plan clearly showed off Hamilton’s favoring of the wealthy and his belief in “trickle down economics.” The bank was established in 1791

Despite the suspicious by many Americans back then that banks have an inherent nature to serve the wealthy elite over the common people, there was an underlying agreement stretching

Jackson also knew of the Bank’s tendency to give “loans” to employees friends and family that usually were not tied to the likeliness of repayment. “His central points were that the BUS amounted to crony capitalism - the federal government had gone into partnership with a favored few, granted them special privileges (e.g., interstate banking, legal tender status for its banknotes, and the handling of government accounts) that weren’t available to others - and that crony capitalism had corrupted the economic and political system. The bank’s owners earned high profits because of their privileged position, paid congressmen retainer fees and granted loans that weren’t always tied to

All the working staffs should be trained to be trustworthy employees so that this type of behavior is curbed in the future. Every person need to be feeling secure when having their money in the bank (Higgins, 2015). Though it shall be a difficult task especially maintaining the old customers apart from creating new account with the bank. The bank is supposed to create a video series which is only view internally in which the senior executives are require to have a discussion on all the grey areas of ethics. Through this they shall be able to manage their business in terms of making operational and managerial decisions. These videos shall play a major role in the management of the operations in the bank. The bank should explain to its employees that after they are found guilty in the bank they shall be fined before being

Yes, we believe as a group it is possible to give someone else power. This might happen by recognizing someone’s ability to demonstrate effective skills involving: organization, communication and drive. Especially in group work settings. As a group we think it is okay to give power to someone else when sharing duties, elections, and when having an individual with power will help better the groups’ results.

The case study that was analyzed is, “Unauthorized Disclosure: Hewlett-Packard’s secret Surveillance of Directors and Journalists,” by Anne T. Lawrence, Randal D. Harris, and Sally Baack. The ethical issues presented through the case deal with Hewlett-Packard Company (HP). HP is a major international company in the computer and technology market. The company describes itself as a “technology solutions provider to consumers, business and institutions globally.” Their credo is called “HP way”, which focuses on points such as trust and respect for individuals, high level of achievement and contribution, business conduct with uncompromising integrity, objectives through teamwork, and encouragement of flexibility and innovation (Newman). The problems faced by HP’s board of directors were a lack of accountability with HP’s credo. If the “HP way” was followed by them, these ethical issues would be avoided. It also promotes a bad example by the high-level of management of this globally powerful organization.

Thomas Farrow in the beginning had an idea of providing an ethical business culture. Farrow became so engrossed in being perfect that he created a false reality, to others and himself. As the company began to go south he pleaded all the way to the court that he did everything correct; and if he had more time he could change everything around. If Farrow did everything correct managerial hubris could possibly set in. It is possible that he could have felt that he was unstoppable and successful enough that he did not need those around him telling him what to do. It’s possible that he could be humble about his success, but in an industry revolved around money, people lose who they are, making greed and power the common

However, before splitting these roles up, each company has to decide which is best for them. Many companies consider if one person is skilled enough, can objectively run the company and represent shareholders interests, be responsible for company’s performance, and decide which is better for the long-term interest. In some companies it has been a routine meeting or even debate of keeping two different people in this position, mostly driven by shareholder activists.

The conflicts between modern and traditional approaches to business are demonstrated through the contrasting business ethics of Henchard and Farfrae. Henchard, being an older man, is not as skilled at penmanship or mathematics and as a result his bookkeeping skills represent an older and more traditional method of maintaining business accounts. Farfrae, being from a younger generation approaches business in a more modern way. He keeps the financial records as accurate and as up to date as possible, making sure to go through old records and correct any mistakes that Henchard had made previously. Henchard's methods of business represent skills that are no longer in continual use. Farfrae is an example of how the advance of technology causes the loss of traditional, and valuable skills.

This paper will discuss the acquisition and the cultural skirmish between Barclays and Lehman brothers. This merger is very historic because the Lehman brother is one of the oldest banks of the United Province . It will discuss the challenges faced by direction of the new organization with particular reference to Man Resource Management and then on next stage we will discuss the Barclays PLC’s determination in merging with Lehman Brother . This analysis will consider event related to Culture, Conflict and Change.

Certainly, the problem described in the Consolidated Life case study has elements of authority and power, but the problem is fundamentally one of culture. Corporate culture is established, articulated, and maintained by leaders that is an important component of their job. And some corporations actually do stress fitting in and getting along as more important than the results that people produce. In the vernacular, this is known as the good ol' boys' network, and it extends beyond the golf course and the bar to the corporate board room.

The normal relationship amongst a bank and a customer is not of trust and confidence however it is a business relationship where the bank is concerned for its own interest. As illustrated by National Westminster Bank plc v Morgan [1985]. Mrs Morgan claimed that the charge should be set aside on the grounds of undue influence. However lord Scarmen applied the ratio decendi from sir eric’s judgment in Lloyds v Bundy, in his judgment.