1. By Fahmeena Odetta Moore 5/1/2016
A LOOK AT THE MOTIVATIONS FOR & CONSEQUENCES OF THE UNETHICAL DECISIONS OF WALTER PAVLO
Presentation:
A LOOK AT THE MOTIVATIONS FOR AND CONSEQUENCES OF THE UNETHICAL DECISIONS OF WALTER PAVLO
By Fahmeena Odetta Moore.
________________
Presentation prepared for the MGT Ethics in Business course at Northcentral University (Week 8 assignment).
By Fahmeena Odetta Moore
5/1/2016

2. Unethical Case Study The case of Walter Pavlo.
Was involved in fraud at MCI/Worldcom.
Will examine Pavlo’s unethical decisions.
Case has lessons on how the environment as well as opportunity can lead well-intentioned professionals to make unethical decisions.
This presentation looks at the case of Walter Pavlo who was involved in fraud at MCI/Worldcom. First, there is a brief background or historical summary on Walter Pavlo and MCI/Worldcom. Then, the presentation includes the following:
- Details of his unethical decisions/events.
- The infuence of leadership on his unethical decisions.
- The ethical standards that applied and should have been followed.
- Decisions that would have been socially responsible vs. actual decisions.
- Legal implications of Pavlo’s unethical decisions.
- Impact on stakeholders.
- Outcomes and consequences.
- Fairness of punishment.
Finally, I include my recommendations on how to behave as well as appropriate choices/decisions, including recommendations for the students while completing their studies.
The case has lessons on how the environment as well as opportunity can lead well-intentioned professionals to make unethical decisions.
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3. Background Pavlo was raised a Christian and taught Christian values.
Pavlo started his career at Goodyear Tire & Rubber Co. He moved on to GEC Avionics after a couple of years.
Pavlo began working as a manager in the collections division at MCI in MCI/Worldcom was MCI at the time, a large publicly-traded telecommmunications company.
Pavlo was a good employee. He took on additional responsibilities to make the company better. In 1994, he started the internal audit department.
Pavlo was promoted to Sr. Manager in 1995.
Pavlo was raised a Christian. He was taught Christian values – he was taught not to steal, not to cheat and to be truthful (Bashir, 2006). He went to Catholic school his entire life.
Pavlo began his career at Goodyear Tire & Rubber Co. after completing an engineering degree at West Virginia University. Then he moved on to GEC Avionics after a couple of years. While employed at GEC Avionics, he completed a MBA in finance at Mercer University in Atlanta, Georgia. In 1992, Pavlo began working as a manager in the collections division at MCI. Worldcom had not yet acquired MCI (MCI/Worldcom was MCI). MCI was a large publicly-traded telecommunications company.
Pavlo was a good employee. He took on additional responsibilities to make the company better. In 1994, he took on a project which resulted in the creation of an internal audit department at MCI. He and his boss questioned accounting practices in the billing department and decided to investigate. The internal audit department got started to investigate such practices. Pavlo spent a lot of time developing audit procedures. In 1995, he was promoted to Sr. Manager of Billing Collections. Pavlo was part of middle management at the company, not upper management or executive level (CEO, CFO etc.).
It appears that Pavlo had responsibilities over and above the responsibilities of a Sr. Manager of Billing Collections. He was also the lead for the small internal audit department, which focused more on investigating than controls. There were about five people in the internal audit department, three were temporary contract employees with no auditing background.
Pavlo was obviously trusted at MCI. He did not plan to defraud MCI. He told Jacka, author of the article on his story ‘An Environment for Fraud,’ that “if someone [had] asked me on my first day of MCI, how I was going to steal US $6 million …, I would have said that I would never do such a thing and I wouldn’t even know how to do it” (Jacka, 2004).

4. Background (Cont’d)
In 1995, as Senior Manager of Billing Collections, Pavlo faced an issue when the MCI budget for bad debt was $15 million although actual bad debt for would be $180 million.
The company wanted bad debts (uncollectible accounts receivable or amounts due from sales to customers not likely to be paid) to be at a low level so that adjustments/decreases to its revenue would not be too high.
Pavlo’s superiors were concerned about revenues, profits, and the stock price.
At the time, MCI was attracting the attention of other companies. In 1994, British Telecom acquired a 20% stake in MCI. In November 1996, the company offered $24 billion to purchase the remaining 80%.
In 1995, as Senior Manager of Billing Collections, Pavlo faced an issue when MCI budgeted bad debts of $15 million although actual bad debt for 1996 was going to $180 million. The company wanted bad debts (uncollectible accounts receivable or amounts due from sales to customers not likely to be repaid) to be at a low level so that adjustments/decreases to its revenue would not be too high.
A particular segment or group of MCI’s customers (tier three customers) was responsible for most of the bad debt. This group of customers included smaller businesses that generated quick revenue but did not pay their bills promptly. MCI took on risks to obtain the very high return the tier three customers offered. Before taking on these businesses as customers, MCI conducted only a background check to check for criminal history. MCI did not require a down payment or a security deposit for these businesses. MCI also did not look at the financials of the businesses (because they weren’t any). Markups in the tier three segment were 100 to 200 percent, much higher than markups/margins in the other tiers. When businesses in the tier three segment did not pay their bills, MCI did not cut off their service (Jacka, 2004).
Pavlo’s superiors were concerned about revenues, profits, and the stock price.
At the time, MCI was attracting the attention of other companies. In 1994, British Telecom acquired a 20% stake in MCI. In November 1996, the company offered $24 billion to purchase the remaining 80%.

5. The Unethical Decisions/Events
In 1995, when Pavlo asked his superiors about the $15 million bad debt budget when actual bad debt would be more than 10 times larger, they told him the budget must remain and to work through any issues.
Pavlo’s group found ways to make $180 million of bad debt appear to be $15 million. They were creative. They used questionable accounting practices.
The bad debt issue did not improve. It got worse year after year. Pavlo tried to collect payments due but was unsuccessful.
He feared that someday the $180 million would come out into the open and it would mean trouble. He felt pressured because there was millions of dollars at stake as well as his career.
Pavlo asked his superiors how to deal with the issue of the $15 bad debt budget with actual bad debt for 1996 estimated to be more than 10 times larger. They told him the $15 bad debt budget would remain the same and to work through any issues.
Pavlo’s group found creative ways to make $180 million of bad debt appear to be $15 million. For example, a customer who owed $100 million signed a promissory note, which the company recorded as a short-term asset (the receivable turned into a short-term asset). Other methods/practices included: changing the dates on invoices, developing interpretations for why some items remained unpaid for so long, using questionable payment codes such as an end-of-the-month code to indicate that the customer promised to pay by the end of the next week, and the use of unapplied cash (part of a lump-sum payment that employees could not match to a specific charge or sub-account) to hide bad debt. The team delayed write-offs and made bad debt look like they were collectible so that revenues appeared more attractive – practices that are unethical and illegal.
The reward for meeting targets (thousands of dollars in stock options) played a role in Pavlo’s decision to do what was requested although it was not right.
The bad debt issue did not improve. It got worse year after year. Pavlo was running out of ways to cover up the bad debt. He traveled all over the country to try to collect payments due from customers but was unsuccessful.
He feared that someday the $180 million figure would come out into the open and it would cost him his job. He felt pressured. There was millions of dollars at stake as well as his career.

6. The Unethical Decisions/Events (Cont’d)
Pavlo got involved in an unethical scheme proposed by a friend to profit from his situation.
The scheme was a sort of side business (similar to a collection business) where Pavlo and his friend/partner would enter into an agreement with companies to pay their debt to MCI in exchange for future payments. Pavlo used his position as a manager who collects unpaid debts for MCI for this scheme.
As part of the scheme, Pavlo “cooked the books” to show that his friend made payments on behalf of a customer although he had not. These payments actually reduced the bad debts of the company and so helped Pavlo’s situation.
The companies were required to “repay” his friend for his investment.
While Pavlo was feeling pressured to hide the bad debts of MCI, a friend approached him about a scheme to profit from his situation. Pavlo got involved.
The scheme was a sort of side business (similar to a collection business). Under the scheme, Pavlo first created a high pressure situation for carriers/companies that owed MCI millions of dollars by threatening to disconnect their service if they did not pay amounts due. At the same time, his friend would approach the company to express an interest in investing in telecom companies. He would learn about the MCI “problem” the company faced and decide to make an investment to assist. The friend prepared paperwork for the company to repay the amount he would pay MCI to take care of their debt. At MCI, Pavlo “cooked the books” to make it seem like the debt was indeed paid although it was not. The company that signed the promissory note would later make payments to (repay) the friend. Pavlo and his friend sent the money to an account in the Caribbean.
Pavlo and his friend set up this scheme at seven customers. They received a total of $6 million in payments from the companies.
The scheme was fraudulent because Pavlo and his friend/partner did not make payments to MCI. The scheme also presented a conflict of interest for Pavlo.

7. The Unethical Decisions/Events (Cont’d)
Pavlo did not have much trouble hiding his adjustments from external auditors. External auditors did not notice Pavlo’s account adjustments when they should have.
Pavlo was “in control of” the internal audit department. He had set up and trained the department. He also oversaw the department.
As the lead of internal audit, Pavlo was supposed to be the enforcer of rules. Instead he engaged in fraud.
Based on his responsibilities, Pavlo could conceal fraud. He had the opportunity to commit fraud.
Pavlo did not have much trouble hiding his adjustments from external auditors (it was not much of a challenge to hide the adjustments from them). Pavlo remembers that the audit firms sent a lot of young auditors, most fresh out of college. These young auditors seemed to look up to him. “You could see it in their eyes” Pavlo told Jacka. “There was more money to be made in [what I was doing] than there was in what they were doing.” External auditors did not notice Pavlo’s account adjustments when they should have.
Pavlo was “in control of” the internal audit department. He had set up and trained the department. He also oversaw the department. The internal auditors reported only to Pavlo.
As the lead of internal audit, Pavlo was supposed to be the enforcer of rules. Instead he engaged in fraud.
Based on his responsibilities, Pavlo could conceal fraud. He had the opportunity to commit fraud. In fact, all components from the classic fraud triangle existed – perceived opportunity, perceived pressure, and rationalization (Association of Local Government Auditors, n.d.). Pavlo felt pressured to meet targets and cover up poor performance. He may have rationalized his behavior by saying to himself that the company deserved it for putting him into that situation or even that he could assist in finding ways to make customers pay their bills.

8. Influence of Leadership
Pavlo’s superiors wanted him to manipulate accounting records. He and his superiors discussed ways to manipulate accounting records so that it looked like the company was meeting expectations.
Therefore, the leaders influenced him to engage in illegal and unethical activities.
Tone at the top indicated that ethical actions were not a priority.
There was a culture of doing whatever was necessary to meet or exceed projections and expectations.
Pavlo’s superiors directly influenced his decisions. They wanted him to use questionable accounting practices and to manipulate accounting records. He and his superiors discussed ways to manipulate accounting records so that it looked like the company was meeting expectations.
Leadership is defined as the process of influencing others to achieve organizational objectives through change (Caldwell, Hayes & Long, 2010). Pavlo’s leaders influenced him to engage in illegal and unethical activities. The tone at the top indicated that ethical actions were not a priority.
There was a culture of doing whatever was necessary to meet or exceed projections and expectations. It was not the environment Pavlo wanted to be in.
Stakeholder theory deals with balancing the interests of shareholders as well as other stakeholders such as employees. The leaders of MCI at the time were more concerned with the interests of shareholders, i.e. they seemed to put the interests of shareholders above the interests of other stakeholders. And, they were not trying to achieve those goals in an ethical way. They were certainly not ethical stewards.

9. Ethical Standards
Leaders and managers should set a good example for employees
Pavlo’s superiors did not.
Pavlo did not.
Employees, especially financial professionals/ accountants, should have integrity. They should make ethical decisions regardless of what others are doing. Employees should not use the company for personal gain.
Formal policies and code of conduct of the company at the time are unknown.
Leaders and managers should set a good example for employees. In this case, Pavlo’s superiors did not. Pavlo also did not set a good example for his employees. Pavlo’s employees learned to conduct fraudulent activity from him (Association of Certified Fraud Examiners, n.d.).
Employees, especially financial professionals/accountants, should have integrity. They should make ethical decisions regardless of what others are doing. Employees should not use the company for personal gain. Such ethical standards are expected from accountants. Such standards are included in the “formal” code of ethics for accountants by organizations such as The International Federation of Accountants (IIFA). In the code of ethics by IIFA (dated 2005 and revised in 2006) that outlines ethical requirements for professional accountants, the fundamental principles include: integrity, objectivity, professional competence and due care, confidentiality, and profesional behavior. Integrity includes not being associated with reports, returns, communications or other information that “omits or obscures information required to be included where such omission or obscurity would be misleading” or “contains a materially false or misleading statement” (International Federation of Accountants, 2006).
Formal policies and code of conduct of the company at the time are unknown.

10. Social Responsibility Response
For the company, the socially responsible thing to do was report actual bad debts without trying to conceal a problem. This is not what people tend to think is social responsibility.
When Pavlo was asked to manipulate accounting records, leaving the the job or company was an option but not a socially responsible option.
If an employee is asked to do tasks that are unethical or illegal, he or she should file a complaint.
Internal complaint, if appropriate.
External complaint with organizations such as the SEC.
Pavlo got involved in a criminal investment scheme so he was not likely to complain to authorities.
For the company, the socially responsible thing to do was report actual bad debts without trying to conceal a problem. This is not what people tend to think is social responsibility. Social responsibility is usually associated with increased costs to make a high quality product, reduce or eliminate pollution from the manufacturing process, provide certain benefits to employees, or fund projects in the community. These activities that are for the benefit of the public/society cost money so they reduce the profit of companies. In this case, the company manipulated accounts to make revenue and profit appear higher than they actually were. There was no extra cost similar to the cost of reducing pollution. There was a negative effect on employees – Pavlo was clearly stressed and distraught. There was an effect on investors and the public because their decisions were based on inaccurate financial statements.
When Pavlo was asked to manipulate accounting records, leaving the the job or company was an option but not a socially responsible option. The company would continue its unethical and illegal practices. Society benefits when an individual(s) does not get away with illegal activity. People are likely to be harmed if this occurs. In Pavlo’s case, the socially responsible option was to report the fraud even if the company and investors (some individuals) benefit in the short-term.
If an employee is asked to do tasks that are unethical or illegal, he or she should file a complaint. The complaint may be internal (if appropriate) and/or external. Organizations such as the SEC take complaints from whistlebowers at companies. Tips could be anonymous.
Pavlo got involved in a criminal investment scheme so he was not likely to complain to authorities. Someone who is doing wrong is not likely to complain (in fear that he may incriminate himself).

11. Actual Response
Pavlo was obedient to authority. He made the $15 million bad debt budget work even though it was not the right thing to do.
Instead of telling authorities, Pavlo complained to his friends about his terrible, unethical situation. A friend led him down the path of using his position to make money.
Pavlo kept the scheme going and did not stop until it was noticed/reported. Accountants at MCI noticed an anomaly and questioned Pavlo about it. A carrier/customer also reported suspicions to the FBI.
When the FBI got involved, Pavlo cooperated. He confessed. He probably provided lots of information on the culture and internal workings at MCI.
Pavlo was obedient to authority. He made the $15 million bad debt budget work even though it was not the right thing to do. He came up with creative solutions to make his employer happy. He therefore made the decision to fit into the culture at the company. He was okay with breaking rules to achieve the goals of the company as well as personal goals.
Pavlo did not like his situation though. He felt pressured. He feared that he would take the fall for the bad debt misstatements and lose his job. Instead of telling authorities, Pavlo complained to his friends about his terrible, unethical situation. A friend led him down the path of using his position to make money. He made the unethical decision to get involved in a fraudulent scheme with a friend to use his situation at the company for personal gain.
Pavlo kept the scheme going and did not stop until it was noticed/reported. The scheme continued for six months. Accountants at MCI noticed an anomaly and questioned Pavlo about it. A carrier/customer also reported suspicions to the FBI.
When the FBI got involved, Pavlo cooperated. He confessed. Pavlo probably provided authorities with lots of information on the culture and internal workings at MCI.

12. Implications
As a result of Pavlo’s actions, financial statements were NOT true and accurate. This means that financial statements the company reported to the SEC and investors were incorrect. SEC could take action.
Based on the corporate culture, there was the possibility that there were account manipulations in other areas.
Worldcom purchased MCI in MCI’s financial statements did not accurately reflect the company’s financial position and so may have misled Worldcom. Pavlo’s account manipulations were not discovered until later.
As a result of Pavlo’s actions, financial statements were NOT true and accurate. This means that financial statements the company reported to the SEC and investors were incorrect. The SEC could take action.
Based on the corporate culture, there was the possibility that there were account manipulations in other areas.
Worldcom purchased MCI in MCI’s financial statements did not accurately reflect the company’s financial position and so they may have misled Worldcom. Pavlo’s account manipulations were not discovered until later.
Worldcom rivaled GTE for the purchase of MCI. Worldcom won with a $36.5 billion takeover offer.
The Worldcom offer was subsequent to MCI’s negotiations with British Telecom. After British Telecom offered to purchase the remaining 80% of the company for $24 billion in November 1996, MCI announced in July 1997 that it expected losses to the tune of $800 million due to unexpected problems expanding into the local telephone market. In late August 1997, British Telecom revised its offer to $19 billion and also reduced the share of the combined company to be owned by investors from 34% to 25%. The deal fell through in October Worldcom paid nearly double the British Telecom offer.

13. Immediate Impact on Company Performance And Shareholders
Managers requested the $15 million bad debt budget to meet financial targets. So Pavlo’s actions to make the $15 million budget work made the company appear to meet financial targets.
His “side business” fraud also made the company’s performance appear stronger than it actually was. This is because it appeared that bad debts were being controlled (under control).
Immediate impact was therefore favorable for shareholders – company’s performance appeared better than it really was.
Customers may have wondered why the company was suddenly pressuring them for payment.
Managers requested the $15 million bad debt budget to meet financial targets. So Pavlo’s actions to make the $15 million budget work made the company appear to meet financial targets.
His “side business” fraud also made the company’s performance appear stronger than it really was. This is because it appeared that bad debts were being controlled (under control).
The immediate impact was therefore favorable for shareholders – the company’s performance appeared better than it really was.
Customers may have wondered why the company was suddenly pressuring them for payment.

14. Outcomes & Consequences
Funds ($6 million) in an offshore account.
FBI investigation into Pavlo’s activities.
In 2002, the SEC started an investigation into the operations of MCI/Worldcom and filed a lawsuit against the company.
MCI/Worldcom may have corrected the account manipulations made by Pavlo. There was no mention of them in later investigations such as the investigation chartered by the Board in July 2002.
Consequences
In January 2001, Pavlo received a 41-month federal prison sentence for his crimes (money laundering, wire fraud, and obstruction of justice). Pavlo is considered a white collar criminal.
The investment scheme Pavlo participated in resulted in about $6 million in an offshore account. Pavlo and his friend were able to pressure companies to pay amounts owed.
There was an investigation into Pavlo’s activities. The federal government accused him of money laundering, wire fraud, and obstruction of justice. He received a 41-month federal prison sentence for his crimes (a consequence for his actions). Pavlo is considered a white collar criminal.
Pavlo’s fraud case more than likely led to an investigation by the SEC. In March 2002, the SEC requested documents and information from MCI/Worldcom for an investigation into the company’s operations. The SEC found accounting irregularities.
The SEC filed a lawsuit against the company in Worldcom filed for bankruptcy in 2002, one month after the fraud was uncovered. The CEO Bernie Ebbers faced trial and was convicted of securities fraud, conspiracy, and filing false statements with regulators.
MCI/Worldcom may have corrected the account manipulations made by Pavlo. There was no mention of them in later investigations such as the investigation chartered by the Board in July 2002.

15. Fairness of Punishment
What Pavlo did deserved punishment. The sentence seems fair.
He served two years in federal prison.
After prison, he did speeches about his experience. In 2004, he charged $5,000 per speech and expected to earn $150,000 - $200,000 (Stewart, 2004).
This high income will reduce if the demand for speeches on unethical behaviors declines.
Not likely to obtain a new accounting position.
It does seem like he is okay and maybe even better of, but is he really?
What Pavlo did deserved punishment. The sentence seems fair.
He served two years in federal prison.
After prison, he found work talking (giving speeches) about his experience. In 2004, he charged $5,000 per speech and expected to earn $150,000 - $200,000 (Stewart, 2004). This income is high considering that he had recently served time in prison. It turns out that the demand for speeches on unethical behaviors was high because corporate crime was a hot topic.
The high income will reduce if the demand for speeches on ethical behaviors declines. Pavlo will likely find some other line of work. He is not likely to obtain a new accounting position.
All in all, Pavlo’s life after prison turned out okay. Maybe he is lucky. It could be difficult to find work and get back on track after an experience such as his. Some may look at his case and say that he is better of because of his experience.
In the U.S., some celebrities do gain popularity when they are wrapped in controversy or when there is a lot of negative publicity about them. There is the saying that there is no such thing as bad publicity. Studies have found that some companies are helped by negative press/publicity. The public learns about their products and sales increase.
It would be dangerous and risky to commit crimes to be more popular.

16. Recommendations Better to be ethical. Do the right thing.
At work, even if others are doing wrong.
At school – Do not cheat. Uphold academic integrity.
Do not be led down the wrong path.
By leaders
By friends
Be patient. Life does not always seem fair. Things will get better.
When you do the right thing, you will be at peace (not fearful, anxious). You will likely be living in fear if you do wrong.
Sometimes doing the right thing takes courage.
Recommendations:
It is better to be ethical. Do the right thing:
At work, even if others are doing wrong.
At school. Do not cheat. Uphold academic integrity.
Do not be led down the wrong path by leaders or friends. Even Christians can be led or duped into doing wrong. As stated in the Holy Bible, a Christian should not conform to the world (Romans 12:2). The Bible also tells us that the love of money is the root of all evil (1 Timothy 6:10). Do not always follow the leader or blindly follow the advice of friends. They may be chasing money. As Pavlo’s case indicates, leaders and friends can lead a person down the wrong path.
Pavlo thinks it could happen to anyone (Bashir, 2006). Choose friends carefully. Be careful of the environment you choose.
If you do find yourself in a sticky situation, do your best to get out unharmed. Be patient. Life does not always seem fair. Things will be better.
When you do the right thing, you will be at peace (not fearful, anxious). You will likely be living in fear if you do wrong.
Sometimes doing the right thing takes courage.

17. References
Ackman, D. (2005, March 15). Walt Pavlo: Ebbers found guilty. Forbes.com, Retrieved from
Association of Certified Fraud Examiners. (n.d.). Tone at the top: How management can prevent fraud in the workplace. Retrieved from top-research.pdf
Association of Local Government Auditors. (n.d.). The fraud triangle and what auditors can do about it. Retrieved from
Bashir, M. (2006, January 30). Walt Pavlo: The visiting fellow of fraud. ABC News, Retrieved from
Beresford, D. R. & Katzenbach, N. (2003, March 31). Report of investigation by the Special Investigative Committee of the Board of Directors of Worldcom, Inc. Retrieved from
References:
Ackman, D. (2005, March 15). Walt Pavlo: Ebbers found guilty. Forbes.com, Retrieved from
Association of Certified Fraud Examiners. (n.d.). Tone at the top: How management can prevent fraud in the workplace. Retrieved from
Association of Local Government Auditors. (n.d.). The fraud triangle and what auditors can do about it. Retrieved from
Bashir, M. (2006, January 30). Walt Pavlo: The visiting fellow of fraud. ABC News, Retrieved from
Beresford, D. R. & Katzenbach, N. (2003, March 31). Report of investigation by the Special Investigative Committee of the Board of Directors of Worldcom, Inc. Retrieved from

18. References (Cont’d)
Biography on Walt Pavlo. Retrieved from
Caldwell, C., Hayes, L., & Long, D. (2010). Leadership, Trustworthiness, and Ethical Stewardship. Journal Of Business Ethics, 96(4), doi: /s y
Crawford, K. (2005, March 15). Ex-WorldCom CEO Ebbers guilty. CNN Money, Retrieved from
Giroux, G. (2008). What Went Wrong? Accounting Fraud and Lessons from the Recent Scandals. Social Research, 75(4),
International Federation of Accountant (2006). Code of Ethics for Acccountants. Retrieved from
Jacka, J. M. (2004). An environment for fraud. Internal Auditor, 61(2),
Biography on Walt Pavlo. Retrieved from
Caldwell, C., Hayes, L., & Long, D. (2010). Leadership, Trustworthiness, and Ethical Stewardship. Journal Of Business Ethics, 96(4), doi: /s y
Crawford, K. (2005, March 15). Ex-WorldCom CEO Ebbers guilty. CNN Money, Retrieved from
Giroux, G. (2008). What Went Wrong? Accounting Fraud and Lessons from the Recent Scandals. Social Research, 75(4),
Jacka, J. M. (2004). An environment for fraud. Internal Auditor, 61(2),
Palazzo, G., Krings, F., & Hoffrage, U. (2012). Ethical Blindness. Journal Of Business Ethics, 109(3), doi: /s

19. References (Cont’d)
Palazzo, G., Krings, F., & Hoffrage, U. (2012). Ethical Blindness. Journal Of Business Ethics, 109(3), doi: /s
Pandey, S. C., & Verma, P. (2005). Organizational decline and turnaround: Insights from the Worldcom case. Vision ( ), 9(2),
Prentice, R. A. (2007). Ethical Decision Making: More Needed Than Good Intentions. Financial Analysts Journal, 63(6), 17-30
Scharff, M. M. (2005). Understanding WorldCom's Accounting Fraud: Did Groupthink Play a Role? Journal Of Leadership & Organizational Studies, 11(3),
Schiller, D. (1998). Bad deal of the century. Retrieved from
Stewart, C. S. (2004, June 1). Out of prison, executives find a spot at the lectern. NY Times. Retrieved from prison-executives-find-a-spot-at-the-lectern.html?_r=0
Pandey, S. C., & Verma, P. (2005). Organizational decline and turnaround: Insights from the Worldcom case. Vision ( ), 9(2),
Prentice, R. A. (2007). Ethical Decision Making: More Needed Than Good Intentions. Financial Analysts Journal, 63(6), 17-30
Scharff, M. M. (2005). Understanding WorldCom's Accounting Fraud: Did Groupthink Play a Role? Journal Of Leadership & Organizational Studies, 11(3),
Schiller, D. (1998). Bad deal of the century. Retrieved from
Stewart, C. S. (2004, June 1). Out of prison, executives find a spot at the lectern. NY Times. Retrieved from