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Corporate Codes Of Conduct And Business Principles In Light Of The Goldman Sachs Lawsuit Settlement

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  • Marion S. Mogielnicki

Abstract

The Securities and Exchange Commission recently settled a monumental lawsuit against the investment firm of Goldman Sachs, Inc. The settlement mandated that the Wall Street titan agree to strengthen its ethical policies and procedures. This paper will discuss Goldman Sachs as a complicated corporate entity and examine its relationship to its own Code of Conduct and Ethics in light of the lawsuit. It will present an historical perspective and a summary of the research and efficacy of Codes. This review postulates that business should implement their Codes and ethical programs by way of thorough and effective analysis of new investment products such as mortgage-backed securities. It explains how Goldman should have better utilized ethical mechanisms to examine these products. The paper condenses the more relevant recommendations of the Report of the Business Standards Committee of Goldman Sachs. Finally, this review evaluates the definition of waivers contained in Codes and concludes that businesses should eliminate this exception.

Suggested Citation

  • Marion S. Mogielnicki, 2011. "Corporate Codes Of Conduct And Business Principles In Light Of The Goldman Sachs Lawsuit Settlement," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 2(1), pages 57-68.
    • Handle: RePEc:ibf:rbfstu:v:2:y:2011:i:1:p:57-68
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    Cited by:

    1. Franklin M. Lartey, 2020. "Ethical Challenges of Complex Products: Case of Goldman Sachs and the Synthetic Collateralized Debt Obligations," International Business Research, Canadian Center of Science and Education, vol. 13(6), pages 115-115, June.

    More about this item

    Keywords

    Ethics; Implementation; Code of Conduct or Ethics; Business Principles; Business Standards Committee; Waiver; Conflict of Interest; SEC; Abacus; Mortgage Backed Securities;
    All these keywords.

    JEL classification:

    • K19 - Law and Economics - - Basic Areas of Law - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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