Sunbeam Corporation Essay

1708 words - 7 pages

Audit AssignmentTITLE:S.E.C Accuses Former Sunbeam Official of FraudGROUP MEMBER:1. Ling Deng Kei 930701-13-62952. Christoper Lau 930806-13-60991. IntroductionThe Sunbeam Corporation began as a small branch of the American group which the name of the company at that time is Chicago Flexible Shaft Company but the name of the company was later changed to Cooper Engineering Company and in 1946 it changed again to Sunbeam Corporation. In 1989, the company was renamed again to the Sunbeam-Oster Company, Inc until now day. Before the company produced it first Sunbeam branded household appliance, the Princess Electric Iron in 1921, they are made horse trimming and sheep shearing machinery. In 1928, the company's head designer invented the Mixmaster mixer and it became the company's flagship and later the brand also became known for the designs of electric toasters, coffee makers, and electric shavers.Sunbeam continued to expand outside of Chicago since Sunbeam bought out the Rain King Sprinkler Company and produced one of the most popular lawn sprinkler lines in the 1950s and 1960s. The John Oster Manufacturing Company was acquired by Sunbeam Corporation in 1960 let the Sunbeam expand into home products and later the company would extent to other innovations. In the shorter time, Sunbeam became the leading American manufacturer of small appliances by the end of the 1970s and it has enjoyed $1.3 billion in annual sales and employed nearly 30,000 people worldwide. In 1981, Sunbeam was acquired by the Allegheny International Inc (AI). In 1980s, Sunbeam became the world's largest maker of small appliances through much after the Sunbeam has been ownership by the Allegheny International's but it also bring negative effect to the Sunbeam. The Allegheny International's poor management caused the Sunbeam walk into serious financial difficulties and the company was eventually forced into bankruptcy in 1988. In 1989, after the Sunbeam was collapsed, an investment group called Japonica Partners purchased the remains of Allegheny in hostile takeover.Albert. J. Dunlap was hired by the Sunbeam-Oster as the CEO and chairman of the board in July 1996, who was embraced the nickname Chainsaw AI, and later became the corporate star in 1990s. Dunlap lay off thousands of the employees in the name off efficiency by making tens of millions for himself. There are three opportunities that Dunlap used to manage earnings. First, Dunlap took large one time charges. Second, Dunlap managed income through managing transactions, which was also known as "channel loading". Third, Dunlap built a loyal team, which could effectively control the total company. His reputation and business philosophy were recognized throughout the world. However, Dunlap reputation was ruined after he engineered a serious accounting scandal at Sunbeam-Oster. In 1996 he took over as chairman and CEO of Sunbeam. In 1997, Dunlap purchased controlling interest in Coleman and Signature Brands when Sunbeam reported...

Find Another Essay On Sunbeam Corporation

The Consequences of Bad Business Decisions

1677 words - 7 pages Enron Corporation filed for bankruptcy. Their filing for bankruptcy is the second largest bankruptcy case ever filed in the United States. According to David Ivanovich of the Houston chronicle, "The energy trading giant threw money at risky, often unrelated investments, an Indian power plant, a water company, a broadband communications operation, and in the process loaded itself up with $9 billion worth of debt." According to Kris Axtam the chief

The Rise and Fall of Arthur Andersen

1673 words - 7 pages in damages. Another company Arthur Andersen was caught in the middle of was Sunbeam Corporation. An Andersen partner was sued over mismanagement of funds when Sunbeam’s net income dropped over $70 million dollars in one year. Once again settling out of court and paying stockholders $110 million, also never admitting guilt. Waste Management overstated its pretax income by $1 billion and hid $1.7 billion in expenses Arthur Andersen signed

Ethics in the Workplace Case Study Action Plan: Scott Paper Company

2311 words - 9 pages contributed to the massive restructuring.In a 1996 interview with economics correspondent Paul Solman, Al Dunlop showed no remorse or regret regarding the layoffs when he was asked what his definition of corporate responsibility, his response was cut and dry. He stated: "A corporation is in business to make money for its shareholders. That is the essence of the free enterprise system. Business is not a social experiment. Socialism has failed the

Satyam acandal

9481 words - 38 pages an accounting scandal manifests significant growth and accounting practices that are already pushing the envelope of earnings smoothing (Crutchley et al., 2007). The primary responsibility for the prevention and detection of frauds and errors belongs to the 'leadership', as well as, to the 'management' of the corporation. The accent falls on preventing frauds, and it can determine individuals to not commit fraud because of the possibility to be

Reality and Illusion in Shakespeare's Hamlet - Reality, Appearance and Deception

896 words - 4 pages Reality and Illusion in Hamlet   Shakespeare’s play, Hamlet, begins with the appearance of a ghost, an apparition, possibly a hallucination. Thus, from the beginning, Shakespeare presents the air of uncertainty, of the unnatural, which drives the action of the play and develops in the protagonist as a struggle to clarify what only seems to be absolute and what is actually reality. Hamlet's mind, therefore, becomes the central force of the

Sub-plots in Hamlet

1118 words - 4 pages Sub-plots in Hamlet   There are many things that critics say make Hamlet a "Great Work," one of which is the way that Shakespeare masterfully incorporates so many sub-plots into the story, and ties them all into the main plot of Hamlet’s revenge of his father’s murder. By the end of Act I, not only is the main plot identified, but many other sub-plots are introduced. Among the sub-plots are trust in the Ghost of King Hamlet, Fortinbras, and

Hamlet as Victim and Hero

1301 words - 5 pages Hamlet as Victim and Hero      Hamlet, Prince of Denmark, a Shakespearean tragedy, tells the story of Prince Hamlet, who gained the knowledge of a terrible incident that his kingdom had suffered. Claudius, the king of Denmark and Hamlet's uncle, had killed his own brother, the king, who was also the father of Hamlet, and married his brother's widow. Hamlet suffered these traumas to a severe degree, and his only relief was to defeat his

Essay on Light and Dark in Antigone

1188 words - 5 pages Use of Light and Dark in Antigone   The "Golden Age" of Greece is noted for its many contributions to the creative world, especially in its development of the play. These performances strived to emphasize Greek morals, and were produced principally for this purpose. Antigone, by Sophocles, is typical. The moral focused on in Antigone is the conflict between physis (nature) and nomos (law), with physis ultimately presiding over nomos

charant Creon as the Main Character of Antigone

1231 words - 5 pages Creon as the Main Character of Antigone   Throughout the Greek play Antigone by Sophocles, there exists a dispute as to who should receive the designation of main character. Antigone, the daughter of the cursed King Oedipus, as well as Creon, stately king of Thebes, both appear as the key figures in this historic play. I believe that Creon, king of Thebes, should be considered the main character in this work of Greek theater. Three

Free Macbeth Essays: Sleep and Sleeplessness

525 words - 2 pages The Sleep and Sleeplessness Motif in Macbeth We have consciences that function to tell us the difference between right and wrong. If we have clear consciences, we usually possess the ability to sleep. But when our consciences are full of guilt, we experience a state of sleeplessness. In Macbeth, Shakespeare uses the sleep and sleeplessness motif to represent Macbeth's and Lady Macbeth's consciences and the effect Macbeth's conscience has on

Life Outside of Life in Hawthorne’s Wakefield

898 words - 4 pages Life Outside of Life in Hawthorne’s Wakefield   Efficacy lies at the heart of human desires for immortality. Characters throughout literature and art are depicted as wanting to step aside and see what their world would be like without their individual contributions. The literary classic A Christmas Carol and the more recent, but ageless, film It’s Wonderful Life both use outside influences (three ghosts and Clarence the Angel

Similar Essays

Why It Is Important That People Study Business Ethic

1245 words - 5 pages Sunbeam. (Ferrell, Fraedrich, Ferrell, 2005). The corporate leaders represent individuals that thought they were above the rules of business and laws of the land; they stole from both the rich and poor. Thus, accounting scandals are just one ethical concern we must emphatically address in the business world. Corporation reeducation and instill in all its members on ethics and how to behave in an ethical manner, and the consequence for unethical

Daimler Chrysler: Merger Of Equals Or Global Fender Bender?

1111 words - 4 pages national cultures, into the new corporation. The national culture of a company is an integral part of a company's overall corporate culture.The corporate culture clash prevented Daimler-Chrysler from achieving the promised synergies. Cultural differences created great tension; 1. The Germans wanted to put unpopular issues on the table from the beginning; thereby expediting the integration of the two companies. The Americans wanted to ease into

Zqler Essay

9619 words - 38 pages , when he was 25 years old. Two years later, he added about 20 Canadian newspapers to his belt with the acquisition of the Sterling Company chain. Five years later, at age 33, he gained control of Argus Corporation (the parent company of Massey-Ferguson, a then prominent maker of farm machinery) and Domtar mining, and he acquired other interests including of course, more newspaper companies. The audacious, and some say ruthless, businessman

Business Essay

9619 words - 38 pages , when he was 25 years old. Two years later, he added about 20 Canadian newspapers to his belt with the acquisition of the Sterling Company chain. Five years later, at age 33, he gained control of Argus Corporation (the parent company of Massey-Ferguson, a then prominent maker of farm machinery) and Domtar mining, and he acquired other interests including of course, more newspaper companies. The audacious, and some say ruthless, businessman