Corporate Corruption
Business is often associated with scandal, untrustworthiness and greed. However, this happens only when persons involved are incompetent and lacking in acumen, to make it big on their own. Success in the corporate world is possible through fair dealing, without shortcuts and without breaking the law.
The recent Bernie Mad off case shows the extent to which corporate corruption can damage the investors’ economy. On a small scale, employees cover their personal costs and that of their family using company funds while showing it against company use. In fact, it is such a common practice that people do not even consider it as corruption. On a larger scale is Insider Trading or fudging of account books. The top brass is almost always involved here. Companies which have a crumbling economy show excessive profits and false accounts reflecting the same and lure investors. They stash away the money for personal use and then declare bankruptcy causing heavy losses to the investors. The Satyam Infosys episode is another shameful case of corporate corruption.
Businessmen have to be intelligent, shrewd, sharp and with sound knowledge of the market but they do not have to be dishonest. To quote the successful Donald Trump, the Chairman of the Trump University, “If you have to lie, cheat and steal; you are just not doing it right.”
Questions
- What do you understand by Insider trading?
- Can you name some successful businessmen in India?
- Give two synonyms for Business.
