Ethical Mistakes Of The 2008 Financial Crisis Essay

Decent Essays

Ethical mistakes that led to the 2008 financial crisis In my opinion, most people failed to act appropriately during the financial crisis of 2008. One is the oversight of businesses. The oversight in place failed to do their job properly and succumbed to temptation. When issues arose individuals took one of three paths. They engaged in the unethical behavior, did nothing, or said something and never continued with follow through to ensure some action was taken. As mentioned in the lecture material, individuals engaged in “willful blindness” (Potchen, 2016). I think a lot of individuals feel that if they turn a blind eye or go along with it because everyone is, that they are covered if something occurs. The reasons these individuals act the way they do in my opinion is greed. In my opinion, money, wealth, and power roll up into greed, which, tops the list. When these people make the decisions to act unethically, it is because they are gaining something or getting some sort of fulfillment. I strongly believe that individuals do not want to start out being unethical and they have every intention to do the right thing. When they are in business school and hear all the horror stories, I feel that tell themselves that they will never engage in that type of behavior. However, when they see what the money can buy or what type of lavish lifestyle they can have, they quickly change their minds. I think another reason we as individuals engage in this type of behavior is because we

Get Access