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Wall Street’s Economic Crimes Against Humanity:
From this article, it talks about how during the financiers, brokers, and bankers are responsible for the sub prime in the United States, where loans where given to risky borrower. This had led to the collapse in the housing industry, and consequently contribute to the downturn of the US economy.
http://www.businessweek.com/managing/content/mar2009/ca20090319_591214.htm–> this is the link of the article.
From my perspective, I believe that these loans should not be given out to risky borrowers as there is a high chance of getting default loans. What the financiers did was they approve these loans to risky borrower such as unstable, low, and unemployed income earners. The ethical issue here is that, the financier is not looking for the benefit of the society, where they might look at the big picture of what can possibly occur to the economy if the borrowers are not being able to pay back. But all they care about is getting money from transactions. As shown in the article:
“The financiers at AIG were awarded millions in bonuses because their contracts were based on the transactions they completed, not the consequences of those transactions.” (line 1-4) Clearly, it would be appropriate if more regulation would have been made for the banking industry.