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Current Ethical Issue In Business World Bank

2158 words - 9 pages

Current Ethical Issues in Business PAGE 1
Running head: Current Ethical Issue in BusinessCurrent Ethical Issue in BusinessLearning Team DDawn SpenceUniversity of PhoenixPHL323Ethics in ManagementVickie Sims, Ph.D.May 5, 2007AbstractMost people involved in business, whether functioning as a small business owner, employee, or chief executive officer of a multinational company, eventually face ethical or moral dilemmas in the workplace. Such dilemmas are usually complex, for they force the person making the decision to weigh the benefits that various business decisions impart on everyone, including themselves. It is hopefully that businesspeople are likely to reach and act on morally appropriate decisions if they do not lose sight of the fundamental issue of fairness; but those who get sidetracked by issues, such as World Bank president Paul Wolfowitz, who personally orchestrating a high-paying job and guaranteed promotions for a bank employee with whom he is romantically involved other hand, can often reach ethically distorted choices.The World Bank as its name implies, a multi-national organization. It is based in Washington, and consists of two unique development institutions owned by 185 member's countries-the International Bank for Reconstruction and Development (IBRD) and the International Development Association (Aversa, 2007).Paul Wolfowitz, President of the World Bank, has been accused of ethics violations over getting his girlfriend a promotion at the bank. Shaha Riza, who worked for the World Bank for eight years before Wolfowitz got there; received a hefty salary increase, a promotion, and a move over to the State Department to avoid a conflict of interest but remained on the World Bank payroll. She had earned close to $133,000 a year as a communications adviser in the bank's Middle East department, however her pay eventually rose to $193,590, which is more than Secretary of State Condoleezza Rice earns (Weisman, 2007). Wolfowitz claims the pay raise he arranged for his girlfriend, had the full understanding and assent of the institution's ethics committee, but recently disclosed the ethics memos show he was less than candid.A committee of bank staffers was outraged by this move. The employees' association wrote a letter demanding an explanation. Although no charges have been filed yet, the bank's board of directors declared that Wolfowitz had violated World Bank regulations in three areas: breach of contract, breach of ethics rules and undermining the reputation of the bank (Aversa, 2007). Wolfowitz's critics feel his conduct in this situation has: "Badly hurt the morale of the staff, damaged the reputation of the bank has compromised the integrity and effectiveness of the World Bank (Goodman, 2007)".Wolfowitz, himself, has issued a statement accepting responsibility for his actions and at the press conference, Wolfowitz said he regretted that he had not taken himself completely out of the negotiations over Riza's status; however the...

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