Month: September 2011

With the digital age becoming a more cumbersome reality, social networking is becoming an imperative tool in modern society. One company in particular, Facebook, seems to define this: from a professional and personal point of view, Facebook is a practical way of connecting and expanding communication while maximizing utility for its user. Facebook attempts to ‘get to know you’ by prompting its users to share information about themselves. Recently at Facebook’s F8 Developer’s Conference, CEO Mark Zuckerberg introduced new changes and made it clear what the company’s future goals are: to ensure people will reveal more about themselves, thus allowing the company to use that information to target advertise its users.

It’s one thing to innovate, but it’s another to take away privacy and publicly archive our lives for the benefits of raising profits. Without taking into consideration the consequences of such drastic revisions, the company may lose the support of many that feel intimidated with having so much information out in the open. Facebook has certainly played a major role in crafting the social networking movement, but the developed notion that “Big Brother is watching you” is becoming a bit too much.

Link to Original Article

Image Source

The financial issues of the Eurozone nations and the United States have left yet again another gloomy perception on the conditions of global economies. With drastic austerity budget plans being developed in countries such as France and Italy, the United States formulated a policy in reducing their own deficit: taxing the rich and wealthy. Recently, President Obama proclaimed a new “Buffett Rule,” named after acclaimed billionaire investor and philanthropist Warren Buffett, in which the rule states “no household making more than $1m a year pays a lower average tax rate than “middle-class” families do.” In the past, Buffett had scorned the tax system that allowed him to enjoy his income at a tax-effective rate.

Whether or not the policy will be effective is unknown at this point, however, one has to consider that with increased taxes on income, there is less incentive to work. Being in a post-recession period, earning more by working harder causes an increase in economic output and thus growth. If the higher taxes do come into force, what motivation is there for the individuals to increase work output? None.

Link to Original Article

Image Source

A fraudulent scam that originated in 1920, the Ponzi scheme made headlines in recent times due to the notoriety of Bernard Madoff’s crimes; with over $50 billion lost, it is the largest fraud in history. Madoff, once a trusted and valued member of Wall Street’s exclusive society, left thousands ruined as the wealthy and famous to small time investors entrusted their life savings into Bernard L. Madoff Investment Securities LLC. ‘Money was moved between accounts, false trading confirmations were sent to his clients, and he lied to the Securities & Exchange Commission.’ Madoff stated, “Clients would have no way of knowing the statements were false.”

One has to question the actions of Bernard Madoff, once held in high regard  within the financial community. The ethical issues of deceit, negligence, and betrayal of trust can be applied as Madoff took into account his own self interest and cheated the individuals, banks, and institutions that depended on his practice. Using his reputation and credibility, he took advantage of his clients by stealing their fortunes and concealing the truth.

Link to Original Article

Image Source