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Business Ethics and the Financial Crisis

In: Ethics in Investment Banking

Author

Listed:
  • John N. Reynolds
  • Edmund Newell

Abstract

The moral basis of how business should be conducted has been a matter of concern since antiquity. Yet the academic discipline of business ethics is relatively new, developing primarily over the last quarter of a century or so. A major impetus for business schools – and indeed businesses – to turn their attention to ethics was a spate of financial scandals in the late 1980s, which exposed the problem of “insider trading” inWall Street, when the activities of Ivan Boesky, Michael Milken and others captured international headlines. Here was an issue of moral judgement – whether to use privileged information for personal gain – that caused public outcry and raised questions about the trustworthiness of employees and the way firms conducted their business.

Suggested Citation

  • John N. Reynolds & Edmund Newell, 2011. "Business Ethics and the Financial Crisis," Palgrave Macmillan Books, in: Ethics in Investment Banking, chapter 2, pages 12-32, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-34885-1_2
    DOI: 10.1057/9780230348851_2
    as

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