Potter Stewart once said “Ethics is knowing the difference between what you have a right to do and what is right to do.” Plenty of professionals practice in good ethics and respect this concept extremely well. But there seems to be an ignorance between proper business ethics and the financial world. Since the awaken from the global recession, many financial institutions have put aside their integrity and morals to “rebound” from there devastating losses.
As we know the financial industry is a “shark eat, shark world”, but that does not give companies the right to abandon their beliefs to maximize their own profit margins. Most unethical behavior that takes place in the business world goes unpunished because of legal irrelevance. That still does not give the right to commit illegal activities such as bribery, insider trading, discrimination, etc. When being involved in immoral behavior the consequences out weigh the benefits for your company and not to mention your self. Immoral behavior may harm your company in sales of goods, (customers may choose to boycott goods produced based on your actions) or it could lead to a drop in stock prices (investors will be unwilling to buy shares from companies known to practice in a dishonest manner). But none of the less, the human conscience has a strong effect on your psychological and physical stability.
After a study that was done by The University of Notre Dame and the law firm Labaton Sucharow LLP, countries are starting to require the financial sharks to take on oath pledging integrity. This demonstrates a customer-first attitude. Customers are more likely to trust a company who publicizes the practice of good ethics. Not only will this help business but it will create an open and fair financial world. Rebuilding this reputation will not only take time but it will command a new mind set. Conclusively, it will come down to the decisions of members in the financial services developing the mindset of reaching their goals without crossing any legal or moral boundaries.
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