Could anything have been done differently at Lehman...

Qs.4. Could anything have been done differently at Lehman Brothers to prevent what happened? Explain. Answer: As Lehman Brothers their manger were responsible for what happened, there are many things that could have done to prevent it. Things that could have done: 1.By ensuring social responsiveness responsibilities: Managers social responsibilities go beyond making profits to include protecting and improving society’s welfare. On the other hand social responsiveness is when a company engages in social actions in response to some popular social needs. The practice of socially responsible marketing has many distinct advantages for businesses who choose to embrace it. In terms of financial advantages, the government has†¦show more content†¦Controlling Controlling involves ensuring that performance does not deviate from standards. Controlling consists of three steps, which include establishing performance standards, comparing actual performance against standards, and taking corrective action when necessary. Performance standards are often stated in monetary terms such as revenue, costs, or profits but may also be stated in other terms, such as units produced, number of defective products, or levels of quality or customer service. By ensuring the functions of management they could save their company. 4.By encouraging ethical behaviour: Here are some ways for organizations to encourage ethical behavior. 1. Communicating the code of ethics: The preliminary step to promote ethical behaviour among employees is by establishing a code of ethics. The code of ethics provides the direction and guidelines for employees’ ethical behaviour. This enables the employees to have a clear idea of the management’s expectation with respect to employee code and conduct. 2. Making the managers as role model: Having managers as role models is another way of promoting ethical behaviour. For this purpose, managers need to be chosen with care and due consideration. This will be beneficial in the following ways. a) Employees will have a guiding force to promote ethical behaviour b) Employees tend to emulate theirShow MoreRelatedLehman Brothers Case Study625 Words   |  3 Pages1) Describe the situation at Lehman Brothers from an ethic perspective. What’s your opinion of what happened here? Lehman Brothers had a culture problem, as they incentivized there employees to take excessive risks. Their culture fostered significant risk taking. They use to reward employees with lots of money for taking risks. Individuals who made questionable deals were treated as heroes; on the other hand anyone who questioned decisions was often ignored or overruled. They use to ignore riskRead MoreLessons from Lehman Brothers: Will We Ever Learn? Essay734 Words   |  3 Pagesexecutive Richard Fuld by artist Geoffrey Raymond, who placed his painting outside of Lehman’s New York City offices and handed out markers to employees and pedestrians so they could write a message regarding the firm’s announcement that it was filing for bankruptcy. On September 15, 2008, financial services firm Lehman Brothers filed for bankruptcy with the U.S. Bankruptcy Court in the Southern District of New York. 95 That action—the largest Chapter 11 filing in financial history—unleashed a â€Å"crisisRead MoreLessons from Lehman Brothers: Will We Ever Learn1047 Words   |  5 Pages1. Describe the situation at Lehman Brothers from an ethics perspective. What’s your opinion of what happened here? The collapse of Lehman Brothers was the results of ethical failures which were rooted in its corporate culture. 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