We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Ethical failures that led to the economic collapse of 2008 - Essay Example

Comments (0) Cite this document
This paper talks about ethical failures which played their important part in triggering the global financial crisis. The business conundrum in which the economy was submerged is seen as an ethical conundrum. Analysis of the performance of people who made erroneous resolutions, proves that point…
Download full paperFile format: .doc, available for editing
Polish This Essay93.2% of users find it useful
Ethical failures that led to the economic collapse of 2008
Read TextPreview

Extract of sample
"Ethical failures that led to the economic collapse of 2008"

Download file to see previous pages This paper outlines the importance of the moral failures, which led to the global financial crisis. The role of ethic lapses is often neglected by economic analysts.
It has been said, the root cause of the crisis was greed, which is defined as an excessive and selfish desire for more of something e.g. money than is needed. The list of neglected virtues also includes temperance and, specifically, the ability to prevent the desire for wealth, social recognition, which thus become barriers to proper professional conduct, and complicity, cowardice and lack of strength. There were also behaviors of arrogance, pride and hubris among finances. Also, among regulators, government and economists: all convinced that their know-how and skills were superior to others, that they had no reason to submit the guidance of others, or that they only were above the law.
There have been reports of cases of lack of professional competence on the part of the directors, bad governance, senior analysts and managers in companies such as banks, hedge funds, monoclines, rating agencies, supervisory bodies and the government. Often, the role of asset valuation and analysis, and even buying and selling decisions, was given to young professionals with no or little experience in finance. The act resulted to them using sophisticated methods based on overly simple assumptions, but no one dared criticize their work because no one had better models. Their bosses/superiors did not reckon what their subordinates were doing, models they were using, and they did not exercise adequate oversight. These failures were clear mainly in risk management and analysis, leading to key personnel in virtually all major financial institutions were taking excessive risks. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Ethical failures that led to the economic collapse of 2008 Essay”, n.d.)
Ethical failures that led to the economic collapse of 2008 Essay. Retrieved from https://studentshare.org/social-science/1640626-ethical-failures-that-led-to-the-economic-collapse-of-2008
(Ethical Failures That Led to the Economic Collapse of 2008 Essay)
Ethical Failures That Led to the Economic Collapse of 2008 Essay. https://studentshare.org/social-science/1640626-ethical-failures-that-led-to-the-economic-collapse-of-2008.
“Ethical Failures That Led to the Economic Collapse of 2008 Essay”, n.d. https://studentshare.org/social-science/1640626-ethical-failures-that-led-to-the-economic-collapse-of-2008.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Enron's Collapse and Ethical Framework

The author of the paper states that the new system required to value all investments to be written as a present value of future cash flows. This created a big problem for accountant. They decided that they cannot match the future cash flows with profits as it was humanly impossible task in a gas company.

9 Pages(2250 words)Essay
Economic Crisis of 2008 and Natural Resources
The direct measures have been those performed by human activities to present the effect to lead to the degradation of the environment. An example of the direct environmental influence has been witnessed in deforestation and poor use of the available resources.
5 Pages(1250 words)Essay
Banking failures
The paper operates mainly based on research questions which can be stated as follows: What is the impact of regulatory framework on UK banking system? Does it protect the financial stability of banking and financial institution of banking system? What are the significant impact of corporate governance and ethics in preventing banking failure in UK financial system?
7 Pages(1750 words)Essay
Ethical leadership in the modern business market
Whereas one may wish to think that ethics themselves have changed little over the course of the past century, the fact of the matter is that the way in which the world has changed combined with the demands that the growth of technology and other factors have played with regards to differentiating the way that shareholders integrate with key aspects of information and the world around them has fundamentally shifted.
8 Pages(2000 words)Essay
Impact of the Communism Collapse on Countries` Economic Systems
This essay focuses on determination of the influence, that the existence of the communist systems exerted on the development of market democracies. Communism is a theory that promotes common ownership of property for the use of all citizens, all profits are to be equally distributed and prices on goods and services are usually set by the state
4 Pages(1000 words)Essay
Accounting Education and the Development of Ethical Maturity
Corporate scandals such as the collapse of Enron invariably turn the attention of the public to the ethical stance of accountants and the ethical values of financial analysts and evaluators as also their claim to professionalism. Professionalism is clearly associated with ethical integrity and this is especially true on the case of financial reporting and accounting.
12 Pages(3000 words)Essay
Economic Collapse and the Second Global War: 1930-1945
e case of IBM is unique in the sense that it just clearly automated the process and thus the largest mass execution in the history of mankind had occurred. The strategies included in the execution process were “identification of Jews and then they were targeted for asset
2 Pages(500 words)Essay
Economic Crime- Collapse of Franklin National Bank
The failure of the Franklin international bank prompted the US government to think about new regulations and methods that would help to stop such disasters in the
8 Pages(2000 words)Essay
The paper starts with a strong thesis statement as the author of the book and other materials bring forward. Secondly, the paper will critically discuss the reasons as to why the societies collapsed and then, the paper will provide
4 Pages(1000 words)Essay
Somalia Case Study: How Far the U.S-led Humanitarian Intervention from 1992 to 1997 was accountable to solve the country political conflits
These descriptions of Somalia are indications of the extent to which the Horn of African state has deteriorated with regards to safety, economy, health, and social well being of the
14 Pages(3500 words)Essay
Let us find you another Essay on topic Ethical failures that led to the economic collapse of 2008 for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us