Business Ethics and the Financial Crisis

John N. Reynolds and Edmund Newell

Chapter 2 in Ethics in Investment Banking, 2011, pp 12-32 from Palgrave Macmillan

Abstract: Abstract The moral basis of how business should be conducted has been a matter of concern since antiquity. Yet the academic discipline of business ethics is relatively new, developing primarily over the last quarter of a century or so. A major impetus for business schools – and indeed businesses – to turn their attention to ethics was a spate of financial scandals in the late 1980s, which exposed the problem of “insider trading” inWall Street, when the activities of Ivan Boesky, Michael Milken and others captured international headlines. Here was an issue of moral judgement – whether to use privileged information for personal gain – that caused public outcry and raised questions about the trustworthiness of employees and the way firms conducted their business.

Keywords: Business Ethic; Financial Crisis; Commercial Banking; Banking Sector; Hedge Fund (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34885-1_2

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DOI: 10.1057/9780230348851_2

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