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Banking Ethics and the Goldman Rule

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  • John P. Watkins
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    Abstract

    Insulating people from the effects of the crisis has left intact the habits of thought and the basic institutional structure. The continued reign of pecuniary values leaves intact the Goldman Rule: >i>pursue profitable opportunities regardless the effects on others.>/i> Within a culture dominated by pecuniary values, profitable opportunities present a coercive force. Laissez-faire policies allow profitable pursuits without restraint. Subprime mortgages offered an opportunity to tap a new source of profits, namely, the increase in housing prices. Many financial institutions engaged in unscrupulous actions to convert household wealth into corporate profits. Efforts to reign in the industry remain wanting.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

    Volume (Year): XLV (2011)
    Issue (Month): 2 (June)
    Pages: 363-372

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    Handle: RePEc:mes:jeciss:v:xlv:y:2011:i:2:p:363-372

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    Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

    Related research

    Keywords: acquisitive society; banking ethics; banking profits; Goldman Sachs; subprime crisis;

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