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Value and ethics in business
Role of ethics and values in business
Role of ethics and values in business
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My sister spoke enthusiastically about her new job and her promotion that had taken place all in one week. This conversation was held over our weekly Saturday dinner in the city. As a recent graduate of college she had achieved more than expected. On that Monday she had an interview that led her to being hired Tuesday, she started immediately and that Thursday they had informed her that she would be moving up from position. Anyone in business talks about moving up the corporate ladder, my sister was no different. But her main focus was not just money or power but what her company stood for. Her new job was known for helping out the community from holding benefits for the less privileged to donating money. Working in business fashion can usually …show more content…
As an employee of Goldman Sachs and a businessman for many years, Greg has seen the best and worst in the businesses. The core of his dilemma is how times have changed within the business world. When he started in the business the firm looked for the good of its clients and had a special culture. As Greg states “ The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years”(397). But after several years in the business things started to change and he could no longer support the company. Morals and priorities had changed for the Goldman Sachs employees; now money was the motivation of the company. His co-workers looked for what brought the most profit to them and the company. Greg was not able to adjust to this and of this reason he had to quit. He states “ It wasn’t just about making money; this alone will not sustain a firm for so long”(Greg, 397). Greg also repeats the phrase “ it was time to go” several times to emphasize his disappointment with his job. Goldman Sachs became an untrustworthy, dishonest environment that Smith was not use to and he could no longer stay quiet about …show more content…
In “Case Against Bear and JPMorgan Provides Little Cheer”; McLean blames the economy crisis on the companies, banks that sold mortgages they weren’t suppose to. Smith is familiar to these companies since he himself worked for one. Both authors have experienced and witnessed the wrongdoings or certain corporations but these large corporations do not get penalized for it. Companies like Goldman Sachs, JPMorgan and Bear have lost their real purpose, which is to serve their clients, but instead look for their own wealth. Smith explains that the business world was not always like this; it was a place where clients trusted their companies. So perhaps without the change in the business world the mortgage fraud would not have happened. This change in people’s perspective of what business was and what employees should be doing is what led to such a big fraud. Smith and McLean publicize their opinions about the business world and what is going on inside these corporations. This can bring change and make companies realize they cannot continue this way. The companies mentioned in the essay will now have to respond to poor criticism and figure out how to repair them, which hopefully is changing their motto. This brings hope for future businessmen and women to change the direction of business back into an honest trust worthy
“Money and sex motivate people, Andy. And money is the one thing that gets their hands off their dicks and into work” (Prebble, Act 1 Scene 5). And so with dicks and dollar bills flying all over the place, “Enron” by Lucy Prebble opens the curtain for us, the audience and participants of consumers, to look into the backstage of the notorious Enron collapse in 2001, revealing the discourse and bizarreness of the corporate culture. From the coexisting affair and competition between Skilling and Roe, to the hissing raptors eating up debt from the dark basement of Andy Fastow’s office, the darkest characters of Man are brought under examination and questioned with the unethical rise and the inevitable fall of Enron. With its plot rooted from a
In conclusion, Jordon Belfort has had a major influence on today’s world. Belfort changed the way that people today see Wall Street and the world of stockbrokers. He lived at the top of the food chain but fell back to being “pond scum” (“The Wolf”). He even proved to all that a successful life isn't always the most perfect. Belfort served his time and is even a motivational speaker now. Now, Belfort is an example of how drastically one’s life can change within minutes, days, months, or
The novel Liars Poker by Michael Lewis is a very interesting firsthand account of an inside look into the investment banking world, in particular bond trading at the firm Solomon Brothers in the 1980s. Lewis took an interesting and roundabout way to end up on Wall Street, studying art history at Yale and bombing his interview with Lehman Brothers. But he eventually found himself at Solomon Brothers through a lucky encounter with two managing directors wives. Through his book, Michael Lewis conveys the inner workings of investment banks in the 1980s to the average person using his own experience at Solomon Brothers. The book goes into Lewis’s own rise in the firm, as well as the rise and fall of the entire Solomon Brothers Mortgage department.
In Karen Hos’ Liquidated, she aims to study the relationships between corporate America and the worlds greatest financial center. . . Wall Street. She puts all her three years of research in her ethnography and thus the very first page of chapter one, we can already understand Hos’ determination to understand what Wall Street is all about. The first main theme explained is the relations in Wall Street that are based on a culture of domination of staff members, their irresponsibility dealing with corporate America, and constant changes that occur during this process. Another major theme we see in her ethnography is that Wall Street, first used for the communities wellbeing, is now profit oriented.
In the midst of the current economic downturn, dubbed the “Great Recession”, it is natural to look for one, singular entity or person to blame. Managers of large banks, professional investors and federal regulators have all been named as potential creators of the recession, with varying degrees of guilt. No matter who is to blame, the fallout from the mistakes that were made that led to the current crisis is clear. According to the Bureau of Labor Statistics, the current unemployment rate is 9.7%, with 9.3 million Americans out of work (Bureau of Labor Statistics). Compared to a normal economic rate of two or three percent, it is clear that the decisions of one group of people have had a profound affect on the lives of millions of Americans. The real blame for this crisis rests on the heads of the managers that attempted to play the financial system through securitization, and forced the American government to “bail out” their companies with taxpayer money. These managers, specifically the managers of AIG and Citigroup, should be subject to extreme pay caps for the length of time that the American taxpayer holds majority holdings in their companies, as a punitive punishment for causing the Great Recession.
Pitzer, Matt. "The Case Against Goldman Sachs." Last modified 04/21/2010. Accessed October 5, 2011. http://www.business.missouri.edu/ifmprogram/reports/2010WS/GS.doc
Many organizations have been destroyed or heavily damaged financially and took a hit in terms of reputation, for example, Enron. The word Ethics is derived from a Greek word called Ethos, meaning “The character or values particular to a specific person, people, culture or movement” (The American Heritage Dictionary, 2007, p. 295). Ethics has always played and will continue to play a huge role within the corporate world. Ethics is one of the important topics that are debated at lengths without reaching a conclusion, since there isn’t a right or wrong answer. It’s basically depends on how each individual perceives a particular situation. Over the past few years we have seen very poor unethical business practices by companies like Enron, which has affected many stakeholders. Poor unethical practices affect the society in many ways; employees lose their job, investors lose their money, and the country’s economy gets affected. This leads to people start losing confidence in the economy and the organizations that are being run by the so-called “educated” top executives that had one goal in their minds, personal gain. When Enron entered the scene in the mid-1980s, it was little more than a stodgy energy distribution system. Ten years later, it was a multi-billion dollar corporation, considered the poster child of the “new economy” for its willingness to use technology and the Internet in managing energy. Fifteen years later, the company is filing for bankruptcy on the heels of a massive financial collapse, likely the largest in corporate America’s history. As this paper is being written, the scope of Enron collapse is still being researched, poked and prodded. It will take years to determine what, exactly; the impact of the demise of this energy giant will be both on the industry and the
Investment banks, Rating agencies and Insurance companies are key components of the financial market. In this presentation, I’m going to explain how these three key roles worked together to create the 2008 financial crisis.
Jordan Belfort is the notorious 1990’s stockbroker who saw himself earning fifty million dollars a year operating a penny stock boiler room from his Stratton Oakmont, Inc. brokerage firm. Corrupted by drugs, money, and sexuality he went from being an innocent twenty – two year old on the fringe of a new life to manipulating the system in his infamous “pump and dump” scheme. As a stock swindler, he would motivate his young brokers through insane presentations to rile them up as they defrauded investors with duplicitous stock sales. Toward the end of this debauchery tale he was convicted for securities fraud and money laundering for which he was sentenced to twenty – two months in prison as well as recompensing two – hundred million in restitution to any swindled stock buyers of his brokerage firm (A&E Networks Television). Though his lavish spending and berserk party lifestyle was consumed by excessive greed, he displayed both positive and negative aspects of business communications.
Mooney, Richard. "Banker of America." The Boston Globe 4 Apr. 1999: L1 "Powerful house of Morgan Changes with the Times." The San Diego Union-Tribune 24 Feb. 1986: 18 Sinclair, Andrew. Corsair: The Life of J. Pierpont Morgan. Toronto: Little, Brown and Company, 1981.
The stock market is an enigma to the average individual, as they cannot fathom or predict what the stock market will do. Due to this lack of knowledge, investors typically rely on a knowledgeable individual who inspires the confidence that they can turn their investments into a profit. This trust allowed Jordan Belfort to convince individuals to buy inferior stocks with the belief that they were going to make a fortune, all while he became wealthy instead. Jordan Belfort, the self-titled “Wolf of Wall Street”, at the helm of Stratton Oakmont was investigated and subsequently indicted with twenty-two counts of securities fraud, stock manipulation, money laundering and obstruction of justice. He went to prison at the age of 36 for defrauding an estimated 100 million dollars from investors through his company (Belfort, 2009). Analyzing his history of offences, how individual and environmental factors influenced his decision-making, and why he desisted from crime following his prison sentence can be explained through rational choice theory.
Mortgage loans are a substantial form of revenue for the financial industry. Mortgage loans generate billions of dollars in the financial industry. It is no secret that companies have the ability to make a lot of money by offering a variety of mortgage loan products. The problem was not mortgage loans but that mortgage companies were using unethical behavior to get consumer mortgage loans approved. Unfortunately, the Countrywide Financial case was not an isolated case. Many top name mortgage companies have been guilty of unethical behavior. Just as the American housing market was starting to recover from its worst battering since the Great Depression, a new scandal, an epidemic of flawed or fraudulent mortgage documents, threatens to send not just the housing market but the entire economy back into a tailspin (Nation, 2010).
Under CEO Philip Purcell’s management, Morgan Stanley’s infrastructure and systems did not grow with the needs of employees and customers, nor did it apply future technologies to their current systems, it’s focus was reducing overheads to maximize profits in the short term. Many brokers resigned, taking with them valuable portfolios and profits. In June 2005 Purcell resigned, and John Mack provided new leadership. The firm then began to change its information systems and provide better services for clients, which saw stronger ethos and integrity within the employees.
Eight years ago, the world economy crashed. Jobs were lost, families misplaced, hundreds of thousands of people left shocked and confused as they watched the security of their world fall to pieces around them. In, “The Big Short,” a film directed by Adam McKay and based on the book written by Michael Lewis, viewers get an inside perspective on how the financial crisis of 2008 really happened. Viewers learn the truth about the unethical actions and irrational justifications made by those who unwittingly set the world up for failure. Two main ethically tied decisions are brought into question when watching the film: how could anyone conscionably make the decision to mislead investors by misrepresenting mortgage backed securities (MBS), and why
Jordan Belfort is the notorious 1990’s stockbroker who saw himself earning fifty million dollars a year operating a penny stock boiler room from his Stratton Oakmont, Inc. brokerage firm. Corrupted by drugs, money, and sex, he went from being an innocent twenty – two year old on the fringe of a new life to manipulating the system in his infamous “pump and dump” scheme. As a stock swindler, he would motivate his young brokers through insane presentations to rile them up as they defrauded investors with duplicitous stock sales. Toward the end of this debauchery tale he was convicted for securities fraud and money laundering for which he was sentenced to twenty – two months in prison as well as recompensing two – hundred million in restitution to any swindled stock buyers of his brokerage firm. Though his lavish spending and berserk party lifestyle was consumed by excessive greed, he displayed both positive and negative aspects of business communications.