Journal of Economics, Management and Trade

In the past two decades, corporate fraud and other questionable practices within powerful business organizations have led to significant economic and social justice issues that demand attention of policy makers. Many insiders responsible for disclosures of these practices have paid dearly with shattered careers and disruption of family lives [1]. In spite of laws and regulations aimed at reforming ethical managerial conduct, current statistics show that unethical business practices endure to the detriment of social and personal interests of many stakeholders [2]. This paper updates an earlier version presented by the author at the 17^th International Business Research Conference, Ryerson University, Toronto, Canada June 7-8, 2012 [3]. This update shows that no significant improvement has occurred in corporate governance or remediation efforts. The paper recommends aggressive enforcement and policing of existing laws and regulations and incorporation of open and non-punitive channels of communication to encourage internal, in lieu of external, disclosures of corporate misdeeds. Such channels, as part of regular corporate governance, would not only tend to minimize the chilling effect that absence of negative consequences has had on insider disclosures of corporate wrong doing but would also serve the best interest of all stakeholders. Although most of the businesses and cases referenced are U.S-based, the findings and suggestions proffered have international business import.