Many Catholics practice the Ten Commandments. Which are “I am the LORD your God, you shall worship the Lord your God and Him only shall you serve, you shall not take the name of the Lord your God in vain, remember to keep holy the Sabbath day, honor your father and your mother, you shall not kill, you shall not commit adultery, you shall not steal, you shall not bear false witness against your neighbor, you shall not covet your neighbor’s wife, and you shall not covet your neighbor’s goods.” The 10th commandment “You shall not covet your neighbor’s goods” forbids the wanting to or taking of someone else’s property along with the 7th commandment. The 7th commandment condemns theft and the feelings of envy, greed, and jealousy in reaction to what other people have. Catholicism was one of the principal religions during this time period, therefore they should have executed these 10 commands. Nowadays, we have modernized banks many in trust their money in. The banks lends money to customers at a higher rate than they pay to depositors or than they borrow it. The difference, known as the margin is kept by the bank. For example, if a bank pays 1% interest on deposits they may charge 6% interest on loans grossing 5% for themselves. Moreover, bank employees from Wells Fargo secretly opened unauthorized accounts to hit sales targets and receive bonuses. Not only is this identity theft, however, it shines even more light on how the love of money is the root of all evil. Lastly, banks
The bank is a huge economic problem, it has causes people to turn against each other and controls most of the world. Most of the characters in the Grapes of Wrath have defined “the Bank or the Company [as] a monster” (31). The bank is a big business, it takes money and barely gives any back. The bank was it’s own type of cave, that had all of its workers
The Catholic Church during the early 16th Century was rooted throughout Europe. The Church influenced every country and its respective monarchs through the Church’s wealth and power. The Catholic Church placed a tight hold on the general populace with individuals who went against the Church being branded as heretics and excommunicated. The wealth and power of the Church eventually caused the quality of the clergy to deteriorate. Priests became corrupt and subjected to their physical desires. They frequented taverns, gambled and kept mistresses. The reputation of the clergy were horrid as the general populace was relieved that “their priest [kept] a mistress” because it “[secured] their wives from seduction” The knowledge of the clergy degenerated as well as they were no longer required to learn and teach the Holy Scriptures because the Church dictated their actions. The pinnacle of the Church’s corruption was the sale of indulgences. An indulgence was the “extra-sacramental remission of the temporal punishment” sold by priests as a temporary relief from sins. The indulgences were then sold to the general populace for money as the monetization of a priest’s services. Johannes Tetzel was a prominent preacher of indulgences who relied on the money from the sales to subsidize the rebuilding of St. Peter’s basilica in Rome. The corrupt sales did not go unnoticed as Martin Luther, in an effort to stop the corruption of the Church, posted the 95 Theses on the door of a Castle
As the tenth century rolled about, the power of the Roman Catholic Church grew steadily stronger, the church had an argument with the normal Kingdom over who should rule supreme out of the Pope or the King, the church believed that the Pope who is the voice of God on Earth should be the ruler of the world while the peasants thought that the King should, the power struggle eventually ended with the Church coming out as the dominant force in the West. The Church passed a law that stated that everyone (mostly peasants) is forced to pay 10% of their income to the Church. The church had the ability to stop any laws that they did not like or make some new laws that benefited them, they were a very powerful group that could manipulate the peasants and knights in any way they liked, in Church there were photos of people being tortured in hell, this intensified the peoples longing for heaven and therefore extended the power and influence of the church. All Christians were expected to attend the mass and, by the 13th century, were expected to take the Eucharist at least once a year.
I appreciate that the banking sector is vital to the strong health and growth of our nation’s economy and directly affects each of us, however, many of these financial institutions took the funds and immediately paid out senior executive bonuses instead of using the money to back loans to the public. These executive bonuses were public record and created a massive outcry from the taxpayers, but even this seemingly greedy use of power was overlooked by the federal and state governments.
The banks are faceless and cruel. What would be a modern representation of these banks?
The banking industry has over the years evolved from simple to large and complex organization. They have grown from one street building into having multiple branches some of which are international. Their clients range from individual and institutions to governments and other banks. Banks do not manufacture physical things. Their work is simply services for money (Koch & MacDonald 2010). Such services include storing, lending and managing money. All people and institutions, as well as governments, need money to operate accordingly.
Banks are institutions in which people put their money for safekeeping, to save, to use to pay their bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for the bank's’ owners. Different types of banks offer different types of services. For example, commercial banks originally just served businesses, and savings banks and credit unions were used by individuals, especially those who couldn’t qualify for loans at regular banks. This is no longer the case. Although commercial banks and thrift institutions used to serve different purposes, today they all offer many of the same types of services including bank accounts, loans, credit, certificates of deposits (CDs), and much more.
Another religion in which the Ten Commandments is abided by is Protestant Christian. The Protestant Christians in this category consist of Greek, Anglican, and Reformed Christians. The Christians decided to validate which of the 613 mitvots were necessary to abide by. They came to the conclusion that out of all of the mitvots, the Ten Commandments were the only ones of importance. The Jews accused the Christians of just picking whichever laws they wanted to abide by (Smith, 2). The Protestant Ten Commandments is very similar to the Jewish version. They have the same commandments however slightly differ in the way they are worded. The first four commandments relate to god whereas the last six relate to humans.
Bank of America is one of the largest banks in the nation. It is a multinational company and it is recognized by its high revenue value. Unfortunately, Bank of America has endured many complaints and harsh views regarding their lack of ethics. Ethical issues occur when there is a blatant disregard to implement integrity, trust, and responsibility. In some financial institutions, ethical matters are displayed in the way the consumers are treated. Within the past nine years, Bank of America has diminished all of their ethical promises by revealing customer information without their permission; discriminating against consumers based on their race; and manipulating overdraft fees in order to benefit the bank. In order to assess these problems, it is vital to recognize what Bank of America claims to stand for and determine where their most concerning issues are generated from.
All the working staffs should be trained to be trustworthy employees so that this type of behavior is curbed in the future. Every person need to be feeling secure when having their money in the bank (Higgins, 2015). Though it shall be a difficult task especially maintaining the old customers apart from creating new account with the bank. The bank is supposed to create a video series which is only view internally in which the senior executives are require to have a discussion on all the grey areas of ethics. Through this they shall be able to manage their business in terms of making operational and managerial decisions. These videos shall play a major role in the management of the operations in the bank. The bank should explain to its employees that after they are found guilty in the bank they shall be fined before being
In September of 2016, it was revealed that there was alleged misconduct at one of the largest and safest banking institutions in the United States. Wells Fargo Bank was ranked among the nation’s safest financial institutions according to an analysis done by Global Financial, (Inside Tucson Business, 2009). Alleging that between May 2011 and July 2015, there were more than 2 million bank accounts or credit cards opened for customers without their knowledge or permission (Blake, 2016). Clients started complaining the they were receiving debit/credit cards from the bank that they had not ordered. Wells Fargo employees also started complaining that about the unethical behaviors they witnessed or were asked to participate in to the Human Resource Departments, the bank’s internal ethics hotline, branch’s individual managers and supervisors. All which led to the discovery of the fraud scandal.
Scandals in the business world are not an uncommon topic to appear in new headlines. Recently Wells Fargo has fired over 5,000 employees for creating over 2 million fake accounts. New bank and credit card accounts were created without prior knowledge from their customers. The accounts that were created resulted in those customers inquiring fees such as overdraft fees. These fake accounts have been created over a five-year timeframe.
Extensive research has determined that the banking industry is in an unstable state. The industry’s profits have
Financial institutions work with a large amount of data, often sensitive information. The computer software banks use are quite complex, which makes them a target for fraud and
Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and