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Ethics Journal
In Goldman, Wall Street, and a culture crack up, Ken Makovsky describes an ethical issue in which a mid-level banker at Goldman Sachs, Greg Smith, alleged that the firm relegated client needs to its search for quick profits. What he describes is more behavior that reaffirms the idea of a culture of greed permeating Goldman Sachs prior to the financial meltdown. While Goldman had been the subject of a significant amount of outside criticism, criticism from inside the company had been rare. Goldman does not appear to have retaliated against the employee, but they have responded in an inconsistent manner to his claims, which have led to speculation that those claims have credence. The article gives good examples of how the firm should respond to the allegations.
So far, Goldman has not done a good job handling Smith's allegations; it released an internal memo that seemed to give conflicting information about Smith and his importance in the firm. In the article, the author actually gave some great tips for how Goldman could successfully handle the ethical issue. He suggested that they should invite the former employee in to speak with management, create internal structural barriers to the internal conflicts that face trading houses, and take an activist role in managing its reputation.
The ethical and moral issue...
This scenario highlights the potential conflict between firm reputation and investigating ethical allegations in a firm; taking ethical issues seriously is critical, but appearing to take them too seriously can weaken public confidence in the firm, which could lead to further damage to the firm's clients. It makes one wonder whether it is always more important to be ethical than it is to appear to be ethical, if a failure of customer confidence can lead to a negative impact on the customers.
In NASA intelligent design case raises business ethics question, David Mielach discusses an ethical issue at NASA. NASA is an organization based on science. The most commonly held scientific belief is in evolution, and scientists who do not believe in evolution are frequently not considered credible in their fields. David Coppedge, a 15-year NASA veteran, was a team leader who claimed that he faced discrimination in the workplace because he vocalized a belief in intelligent design. His handed out DVDs espousing intelligent design, and received a written warning after his coworkers complained about it. He was laid off in part of a larger lay off that was due to budget cuts. Coppedge filed suit, alleging that his outspoken behavior about his religious…
Ethics and IT Ethics and Information Technology Doing Ethics Analysis This case concerns trade secret misappropriation and theft of intellectual property, as well as issues of surveillance and cybercrime. Sergey Aleynikov attempted to steal computer code from Goldman Sachs in order to build competing technology for his new employer. Goldman Sachs prosecuted Aleynikov and won a conviction. The case discusses applicable case laws, including the difficulty of enforcing non-compete and non-disclosure agreements. Sergey Aleynikov
Speculating has become such a common practice in the stock market that it is an essential element of a proper stock market. It is doubtful that the stock market values would be anywhere near its current value if not for speculation. Goldman Sachs Investigation The Goldman Sachs investigation inquires into whether traders at a number of hedge funds and trading firms, improperly gained nonpublic information from Goldman Sachs (who gained the
"Yet earnings estimates have acquired a life of their own and often generate more attention from the media and analysts than a company's actual financial results." (Whalen, 2003). More conservative critics of analyst conflicts rules believe that they are a step in the right direction, but view them as a work in progress. For example, the Sarbanes-Oxley bill, which mandated many improvements in corporate managers' financial practices, did nothing to
The world's largest economy has seen much since the financial crisis of 2008 began the role toward the precipice in terms of the Wall Street corruption. Transparency president Nancy Boswell maintains that it is an "integrity gap "(Graham, 2010). However, this author will identify a different issue. Indeed, this author's view is very long and will take a historical approach in order to prevent another Great Depression, the Congress under
Employment Discrimination at Wal-Mart Foundation of the Study This study examines the legislative and judicial climate that enables corporations like Wal-Mart to engage in practices that violate workers' rights. The popular consensus is that Wal-Mart, the largest retail store in the United States, displays an inordinate disregard for the human dignity and morale of its employees and, despite continual litigation, continues to blatantly violate the legal rights of its employees. Wal-Mart faces
Woolworths Limited is a well-known name in the retail business. It was established in 1924 covering the largest share in the Australian food retail chain and New Zealand second largest retail chain. Its operation is spread on in Australia, New Zealand and India and Hong Kong (NZPA, 2007). Woolworths is listed as the public limited company on the Australian Securities Exchange (ASX) and headquarter physically located in Bella Vista, New