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The Two Opposing Views of Investment Banking Ethics

In: Ethics in Investment Banking

Author

Listed:
  • John N. Reynolds
  • Edmund Newell

Abstract

In Chapter 3, we proposed that deontological ethics should be of primary importance in investment banking. We also identified five key questions that should inform ethical decision-making. Two of these, grounded in deontological ethics, are as follows: who are the stakeholders, and what duties are they owed? and what rights are relevant in the situation, and what bearing will they have in making a decision? The high-profile investigation of Goldman Sachs over the marketing of ABACUS, a mortgagebacked security, highlights these two questions. In particular, as the following comments suggest, a key ethical issue in investment banking is what weight should be given to duties to stakeholders relative to a firm’s rights?

Suggested Citation

  • John N. Reynolds & Edmund Newell, 2011. "The Two Opposing Views of Investment Banking Ethics," Palgrave Macmillan Books, in: Ethics in Investment Banking, chapter 5, pages 63-74, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-34885-1_5
    DOI: 10.1057/9780230348851_5
    as

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