Ethics and business, this paper with discuss some of the ethical challenges that former Key Bank Senior Vice President David Francis Verhotz, faced and how they impacted the corporation as well as him personally.
To have a better understanding of ethics it may help to first define it. Business ethics as defined by Webster's is how one examines moral controversies relating to the social and personal responsibilities of business and its practices, in any commerce organization. It looks at various business practices and asks "Is this ethically right or wrong" (www.websters-online-dictionary.org). It is sometimes perceived that that higher one gets within an organization or corporation the further they get from reality or the rules of the business. It's seems more and more that corporate top officials are taking issues into there own hands and doing things that the majority would find dishonest or unethical. For example, Key Bank Senior Vice President had an extensive career that spanned over 30 years. His was a well respected senior banking official that has worked for several high profile organizations over his career including; Fidelity Bank in Philadelphia, and Chemical Bank in New York before joining the KeyCorp team in 1997. At Key Bank he was entrusted to oversee the international loans unit. At that level some people may think that they know the system so well that they would be able to manipulate it to skim some of the money or embezzle off the top for their own personal gain. Embezzle as defined by Wikipedia "Is the the fraudulent appropriation by a person to his own use of property or money entrusted to that person's care but owned by someone else. For instance, a clerk or cashier can embezzle money from h ...