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Morals and ethics on wall street
Improving ethics in finance
Improving ethics in finance
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During the Movie “Wall Street” Gordon Gekko is constantly stating that greed is good. Bud Fox, who idolizes this man, is fascinated at Gordon Gekko’s high-performance work practices. Bud notices that Gordon is regularly closing deals and wants to become just like him. While closing deals are the sole point of working on Wall Street there, there are laws that all stock brokers must abide by. In watching this film I looked for the long term goals and what I found interesting was that everything seemed to be random. The market fluctuates at such a fast pace that the only way to deal with setting up any long term goals was to make a plan for only a short period of time. Gordon Gekko was a shark in his field, and as he took on Bud as an apprentice he showed him all of the wrong ways to make a quick sale. Any type of long-term …show more content…
goal Gordon Gekko had was to find out his competitors business moves by any means necessary, and try to step in and take the rug out from under his competition. Gekko’s main long-term goal was to make as much money as possible by buying up older companies, stripping them down, and selling them for parts. Buds main confrontation arose when Gekko bought Blue Star airlines and was trying to keep secret that he was stripping it down and selling it off while putting hundreds of innocent workers out of their jobs. Bud’s father who worked at Blue Star Airlines and who was also a labor union representative there, fought hard to keep Gekko from buying the business but no one listened because they were in financial disparity. However, in order for Gekko to achieve his long-term objectives he stuck by his motto greed is good, and stepped on anyone he could to make his next sale. I believe the Short term goals of this company and of Gordon Gekko should be to abide by the law, come up with a very detailed plan for achieving their sales quota instead of having these informal communication meetings about best ways to obtain insider trading information.
Gordon and Bud should have had a Strategic plan in motion so that they both knew how to close any deal without having to break the law. I also feel that Gekko and Fox could have used directional plans to close their deals because the way the stock market fluctuates. I feel, it is really important for a stock broker or trader to be flexible, so they can adapt to the fast paced lifestyle of Wall Street. However, I also think that when Fox decides to be Gekko’s apprentice he should have stuck to his morals and beliefs. Bud had his individual goals that he wanted to achieve and although they seemed to be fairly difficult, he still knew that obtaining them was a reality. As Bud began to be more close to Gekko he also became more ruthless and unethical every sale he made. I think that individual goals should be difficult, but not to the point of breaking the law to achieve
them.
Not only were millions of Americans been put out of work due to these manager’s actions, the American financial markets themselves were pushed to the brink of collapse. Despite the fact that the global financial markets, in reality, are not perfectly efficient, there is a corrective mechanism built into the day-to-day trading in the market. When prices are driven down by large sells, either by large investors or a movement in a stock, there are usually new buyers for these stocks at the cheaper price. Managers of...
We would inform Gordon how illegal his actions are and that we would want no part in his illegal plans. We would also apply the duty and social contract ethics that were talked about in Chapter 5 of the textbook. As a stock broker, you are required to uphold the federal laws and statutes that the governing body creates in order to have a fair and transparent market. Bud Fox in this film broke the most important law and lost his license to practice because of this. Sometimes the winner of a negotiation is the person who sticks to his BATNA and moral principles and we believe that would have been the best decision for Bud Fox when he was negotiating with Gordon
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.
The Wolf of Wall Street is based on the life and also the author, Jordan Belfort. Jordan becomes discontent with his everyday life and realizes his talent for selling. As he continuously gains more money, he begins using more drugs. Way more drugs. Jordan starts his own brokerage firm named Stratton-Oakmont. Jordan hires a staff of, well, criminals to help him sell cheap stocks. They would sell all of these cheap stocks to their customers, then Belfort would buy large amounts of these stocks, running up the price, and then dump it. Finally, Jordan begins running into a lot of legal trouble as the FBI is on to the ways his brokerage firm works. Although Belfort has the FBI watching him very closely, he continues to spend huge sums of money on things such as boats, cars, houses, strippers/hookers, and last, but certainly not least, drugs. As Jordan’s already massive drug problem continues to escalate, he has to keep a very large portion of his money in a European account to hide it from the Feds. Belfort ends up going to prison for 22 months for fraud of his
This report will analyse the leadership style of two main characters, Bud Fox and Gordon Gekko. This movie shows corporate America and the ethical behaviour in the workplace at the Wall Street. Bud Fox a smart, yound and very motivated stock broker has the desier to become the highes salesperson in his company. His main target is centered on big share trading account like Gordon Gekko. He says, “Just once I would like to be on that side” he dreaming of the day when he will be big corporate shot controlling the flow of millions of dollars like his hero Gordon.
Furthermore, he engaged the customer with an optimistic attitude and stated how the stock could affect him or her in the best way possible. Jordan could immediately hook any client into believing what he had to offer by providing the customer with the success stories others have had under his instruction.... ... middle of paper ... ... Works Cited Belfort, Jordan. The Wolf of Wall Street.
Goldman Sach’s rise to investment banking prominence was through a formula that entailed exemplary foresight, a committed group of diverse leaders, and the fostering of a winning culture. As a result of the firm’s increasing holdings and global size, Goldman Sachs became concerned with the need to expand on more well-developed leader-managers which would better prepare to meet the complex needs that the company was facing. Coupled with this was the complexity of the time. Investment banks were hiring through a non-tradional workforce due to the increasing labor pooling competition, sometimes referred to as the “War for Talent” (Snook, 2007, p. 2). Not only were there
This movie starts off as Jordan Belfort, the main character in the movie, losing his job as a stockbroker in Wall Street. After losing his job, he goes and gets a job in a Long Island brokerage room. In the brokerage room, he sells penny stocks. Thanks to him being aggressive in his selling skills, he was able to make a profit. With the new income, he gives his wife a bracelet and she asked him why doesn’t he go after the people that can afford to lose money, not the middle-class people or lower income people. That is when he gets the idea to get a lot of young people and train them to become the best stock brokers.
Without Boeskey’s help, catching other insider-trading criminals would have been almost impossible. Ivan Boesky even wrote a book about his involvement in the world of insider trading; he called it Merger Mania. This case illustrates that there are real consequences to white collar crime. In addition to paying the fifty million dollar fine, he relinquished another fifty million dollars of his illegal trading profits. He still had millions remaining, however, from his illegal gains.
The Wolf of Wall Street produced and directed by Martin Scorsese tells a story of Jordan Belfort, a stockbroker living a luxurious life on Wall Street. Due to greed and corruption, Jordan falls into a life of crime and abusive activities. Belfort made millions of dollars by selling customers “penny stocks” and manipulating the market through his company, Stratton Oakmont, before being convicted of any criminal activity (Solomon, 2013). Jordan reveals behaviours and impulses all humans have, however, on an extreme level. This movie illustrates “why ethics is another tool whose importance cannot be overstated” (Delaney, 2014). Without ethics and morality, individuals can never truly live an honest and happy life.
Wall Street is a movie that exposes corruption and disguises all values, beliefs, and other ethical philosophy. Throughout the movie, Wall Street shows how ethics adapts to a person’s personality by power and wealth alongside honesty and truth. Bud Fox, a young stockbroker is looking for a way to make a name for himself. He is determined to get as many clients as he can to become successful. He later meets a ruthless man named Mr. Gekko where learns how to reach to the top by illegal actions such as insider trading. Bud Fox was an honest living man who had good ethics but was later showed what true power is became money hungry. The power of greed is fascinating the code that everyone lives by is inevitable once money comes into play. There are five types of interpersonal power; reward power, coercive power, legitimate power, referent power, and expert power. These types of power will be used to correspond relationships throughout the movie. In Wall Street we realize how Gordon Gekko uses Bud Fox for his benefit. In this paper I will show the types of powers that are used by Gordon Gekko and how they are used. One clear type of power that Gordon Gekko uses in his relationship with Bud Fox is the Referent power base. This power stands out because it is clear that Bud wants to become a top notch in the industry. Bud is striving to be successful when he exposes what he’s able to do at the meeting with Gordon Gekko he instantly become closer to his goals. There were scenes where Gordon had legitimate power. His knowledge and information was what made him rich. Bud Fox had to listen to what Gordon was telling him in order to become successful. This was an example of Gekko having legitimate power over Bud Fox. Expert power which is an ...
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.
People and Critical Tasks. Peter Norris, although skilled and intelligent, doesn’t have enough experience of the business that he has to manage. Senior managers don’t seem to understand well the future markets. Although Leeson is not qualified to trade, he soon is in control of a team. Leeson doesn’t even use a simple model for pricing the volatility of the market.
money so when there is a change in the market the strategy may not be
Have you ever invested in the stock market? If so, do you know where your money is really going? The stock market is a risky business and it can make or break people’s lives. The stock market is used to daily to keep America on its trembling feet; it’s also being used at this very moment to cheat people out of money for personal gain. This happens every day in the stock market and its evolving rapidly, super computers that can trade faster than a blink of an eye, social media trends that can predict share values, and intricate stock market schemes that are getting harder and harder to find and take down. While the stock market keeps the world turning and the economy steady, the stock market is also being used in manipulative ways that are not always legal.