Case Study-"Confidential Accounts at Swiss Bank Corporation"

1254 Words Nov 18th, 2007 6 Pages
Ethical principles are essential for the proper and fair conduct of business around the world. In principal, ethical principles can and should dominate any and all decision making, regardless if it occurs during a business transaction. Without ethics, it would be impossible to conduct business and establish the trust necessary between consumers and business entities.
Of the many ethical principles that exist, several exist that relate to business ethics. Egoism is defined as the ethical belief that self-interest is the just and proper motive for all human conduct (www.dictionary.com). Egoism is essential in the banking industry because an individual in their right mind will not use nor trust a bank if the bank is going to lose or misuse
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Before now, Adler has always, without a doubt, been able to ensure his clients that their personal financial information would always remain secret; thus, his first dilemma. In good conscious, Adler can no longer promise his clients the hallmark Swiss bank secrecy that he once could, a problematic development. Secondly, Adler faces the prospect of being forced, even unwillingly, to report ALL of his clients ' information if any of them should ever come under investigation. Additionally, it is possible that some of Adler 's most loyal, long-time clients, may be engaging in criminal activity.
Without a doubt, Adler faces several difficult decisions. From an egoist perspective, Adler faces personal financial losses and the reduced customer base. Since egoism is defined by an individuals self interest, revealing the new Swiss banking laws to Alan Adler 's clients may negatively affect him, which complicates his ability to share the change in banking law. On the clients ' end, if Alan does not tell them about the changes, all of their supposed "secret" bank accounts could come under the scrutiny of a national or international banking operation. Additionally, the selling point of a "secret" bank account, with the change in Swiss law, is now null. Perhaps that change will motivate some long

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