Goldman Sachs Transgressions

This firm’s security shorting may be old news, but it touches on a highly controversial and eternally relevant aspect of commerce – business ethics.  The article I read essentially states that the firm made a fortune “by betting against its own clients’ investments” behind their backs.  Great numbers of people were outraged at this news because they felt betrayed and taken advantage of, as if they were mere pawns in Goldman Sachs’ scheme.

But was it immoral for Goldman Sachs to correctly predict and profit from a downturn in the economy?  Is not a business’ sole purpose to maximize its profit in order to develop and grow and in turn help boost the economy?  Why, then, was Goldman Sachs portrayed as greedy and callous?  Because they deceived their clients and tiptoed around the law.

Although regulations in business seem to be less concrete than in other areas, it is apparent that some ways of achieving financial goals are more ethical than others.  One rule that is theoretically acceptable is that companies must operate and hopefully thrive without deceiving the government and general population.

There is a way to become highly successful without cutting corners and remaining ethical is the key.

http://www.davidicke.com/headlines/63144-goldman-sachs-making-money-by-stealing-it