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Linda, a top salesperson at FirstAmerica Bank, is working on a $700 million deal with Poseidon Cruise Lines that the assistant questions the ethics of. Linda misled Poseidon into believing the bank would only profit $1.2 million, when the assistant calculated the actual profit would be around $12.5 million due to suspiciously high interest rates quoted by Linda. When Poseidon doubts the structure and pricing, Linda demands the assistant fax over misleading information. The assistant must decide whether to send the unethical fax or risk losing his job.
Linda, a top salesperson at FirstAmerica Bank, is working on a $700 million deal with Poseidon Cruise Lines that the assistant questions the ethics of. Linda misled Poseidon into believing the bank would only profit $1.2 million, when the assistant calculated the actual profit would be around $12.5 million due to suspiciously high interest rates quoted by Linda. When Poseidon doubts the structure and pricing, Linda demands the assistant fax over misleading information. The assistant must decide whether to send the unethical fax or risk losing his job.
Linda, a top salesperson at FirstAmerica Bank, is working on a $700 million deal with Poseidon Cruise Lines that the assistant questions the ethics of. Linda misled Poseidon into believing the bank would only profit $1.2 million, when the assistant calculated the actual profit would be around $12.5 million due to suspiciously high interest rates quoted by Linda. When Poseidon doubts the structure and pricing, Linda demands the assistant fax over misleading information. The assistant must decide whether to send the unethical fax or risk losing his job.
I. Case Summary The case opens with an introduction to two employees at FirstAmerica Banks main trading floor. The first employee is Linda a top salesperson and the second is an unnamed assistant who works with three vice presidents as well as Linda. Linda and the assistant then began working on a $700 million dollar deal with one of her clients, Poseidon Cruise Lines. The deal ended up becoming highly complex and involved complicated currency exchange and long- term yearly payments. Due to the previously established relationship between Linda and the treasurer and CFO of Poseidon, she encouraged them to trust her and not shop the deal because it would increase Poseidons costs of doing this deal. It is at this time that the assistant begins questioning Lindas method of conducting business and ethics as she over exaggerated the importance of secrecy in this deal to the client. Additionally, Linda quoted interests rates that were suspiciously high that would result in an extremely profitable transaction for the bank. Linda had mislead Poseidon into believing the bank would only profit $1.2 million while the assistant calculated a fee of roughly $12.5 million. Poseidon began to have some doubts on the structure and the fairness of pricings that Linda had quoted based on what they knew about current rates. To settle the clients concerns, Linda demanded the assistant fax over a misleading document. When the assistant requested some explanation of the deal and the fax Linda quickly refuses to speak with him. Clearly, the assistant is suspicious that she is trying to hide information from him as well as the client. The case ends with the assistant contemplating the repercussions of his sending or not sending the fax that he knows will unethically mislead the client. II. Opinions In my opinion, Linda has behaved very unethically from the beginning of the deal when she requested the client to not consider any competing offers. By requesting this she insulated herself from any price competition and from the client receiving any contradictory information to what she provided. Then by sending this fax, she would be blatantly misleading the client with false information, which I believe is the most unethical behavior Linda exhibited. The assistant is in a very difficult position and needs to make the choice between his career and his faith. If he sends the fax he will be violating his personal code of ethics but furthering his career and if he does not send the fax he will most likely lose his job with no recommendation letter but maintain his personal ethics. III. Recommendations Based on the current situation explained in the case, the board of directors is unaware of the unethical behavior of their employee Linda. The board could gain the necessary information if the assistant serves as a whistle blower to one of his superiors about Lindas unethical behavior. Once the board gets the information, their immediate action should be to fire Linda as an example that the firm will not tolerate unethical employees. Then they should work on preserving the relationship with Poseidon with the goal of completing a deal with them. In the case, it appears that the fellow workers at FirstAmerica are uninterested and unaware of how to behave ethically as they do not seem to view Lindas actions as a problem. Therefore, the board needs to implement an ethics-training course to educate their employees on how to ethically behave with clients. Additionally, they need to create a culture of openness and communication so that any employees, no matter their position, can have the ability to voice concerns about the ethics of a fellow employee or a current deal.