Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Teapot Dome Scandal was one of many scandals that rocked the White House during the 1920s. At the center of the scandal was Senator Albert B. Fall of New Mexico, who had been appointed to the position of Secretary of the Interior by President Warren G. Harding in March 1921 ("Cabinet member guilty in Teapot Dome scandal"). Fall used his position to illegally lease government-controlled oil fields to private oil companies.
The Teapot Dome Scandal occurred when naval petroleum reserves in Wyoming and California -- specifically at Elk Hills and Buena Vista, California and Teapot Dome, Wyoming -- were illegally leased to private oil companies at low, non-competitive rates (Zecks). These oil reserves in California and Wyoming were public lands that had been set aside by previous presidents and were intended to provide emergency oil to the U.S. Navy if and when regular oil reserves had been depleted (Zecks). Many politicians and private oil companies were opposed...
One of the politicians opposed to the regulation of these oil fields was Fall.
Almost immediately after being appointed to his position as Secretary of the Interior, Fall persuaded Secretary of the Navy Edwin Derby to turn over control of the oil fields to him (Zecks). After control of the oil fields was handed over to Fall, he accepted a $100,000 bribe, which he alleged was an interest-free loan, from Edward Doheny at Pan-American Petroleum and Transport Company for access and control of the oil at Elk Hills, CA. Fall then accepted a more substantial "loan" of $300,000 from Harry Sinclair at Mammoth Oil company for control of the oil at Teapot Dome in Wyoming (Zecks).
In April 1922, the Wall Street Journal reported that the oil…
Works Cited
"Cabinet member guilty in Teapot Dome scandal." 25 October 1929. History.com. Web. 26
February 2013.
Rawlings, Nate. "Albert Fall's Teapot Dome." Time Lists. 17 May 2011. Web. 24 February
2013.
Bribery What is the difference between lobbying and bribery? The major difference between lobbying and bribery is that the latter is considered a criminal activity which can lead to massive fines or even jail time depending on the nature and degree of the offense. Lobbying on the other hand is considered legal. Interest groups wish to gain the attention and support of politicians or influential groups, such as the International Olympics Committee
According to Goodman (2001) American companies recognize that a serious dilemma exist. On the one hand, the laws that govern international business for American companies have declared it illegal to provide bribes and kickbacks. Not only are the companies breaking the law but they are using deceitful tactics to break the law so that they will not get caught. On the other hand, "They are answerable to shareholders on Wall
A lack of cultural competence can explain the moral binaries that surround American allegations of bribery in cases like that of Ericsson. Bribery is a common and entrenched way of doing business in Asia and Africa: the continents on which the alleged briberies occurred (Turula 1). Bribery is not a black versus white ethical issue, which is why Carroll and Schultz describe it as a “subject of continuing debate, more
Illicit finance has come to be a significant issue not only locally, but also internationally. There are numerous delineations of illicit finance, but fundamentally it comes about from the practices, approaches and crimes targeting to transfer financial capital within and out of a nation in violation of national and global laws. Across the world, government administrations are working in tandem and joining forces to combat different illicit financial flows, which
Business Ethics Megacomp Ethics are play a major role in how an organization carries out its duties and responsibilities. Ethical behavior is a leader driven quality that resonates throughout the company files. By default, the leader of an organization sets the ethical and moral tone of the organization, and will reflect the inner most qualities of the leader. Ms. Werner, as the CEO of Megacomp, needs to be aware of her role
Jextra Neighborhood Stores in Malaysia: Jextra stores in Malaysia is a large Asia retailer based in Hong Kong and owned by SIM Lim Holdings, which is a large publicly traded industrial group. In addition to operating supermarkets, convenience stores, and hypermarkets, Jextra stores also operated stores in various countries like Philippines, Malaysia, Singapore, China, Thailand, Hong Kong, and Viet Nam. Following its entry to the Malaysia market in 2005, Jextra mainly