A couple of months ago, I finally read "The Big Short: Inside the Doomsday Machine" by Michael Lewis. The book delves into the 2008 financial crisis, which was fueled by ethical failures on many fronts. While both the book and the subsequent movie may not be perfect, they provide an interesting look at the role of integrity in business.
As I contemplated the ethical lapses described in the book, more examples appeared in the news. Let's consider some of these events.
Recent news of yet another major bank scandal (and the corporate and personal income that goes along with it) has called attention to business ethics yet again. While unethical behavior seems to be perpetrated by those who think of themselves as "good people," the bank's leadership seems to be tone deaf when it comes to the results their actions have on the rest of us. Their excuse is that cross-selling is part of their culture, but they never intended to incentivize falsifying accounts. Meanwhile, the company officials responsible for creating the culture cite misinterpretation of their customer-centered goals by some misguided associates.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.