What Are Ethics And Their Importance? Global Banking And Business Today? Essay

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.

One of the most profound impacts the first chapter of Banks' (2008) book has on the reader is in breaking down the different ways of understanding ethics, some of which are at least in part mutually exclusive. Ethical absolutism doesn't take into account differences in cultural values or perspectives, and yet it is easy to see that there are significant differences in perspective and what is considered acceptable, wrong, or even criminal from society to society and even within sub-cultures in a given society (Banks,

With the globalization in world budget, business ethics became essential necessity for companies. Business to business ethics of applicable behaviors in the long-term achievement of businesses in a positive direction, otherwise it has been the supremacy to adversely affect the behavior. As a result, the breakdown of ethical scandals has emerged released in the United States of America and Europe. Business, which

This case involved a fraud orchestrated by three senior executives of Fair Finance Company (Fair) which had its headquarters at Akron Ohio. This fraud occurred from at least 2005 through November 2009 the defendants involved were the three senior executives –Timothy S. Durham, Chief Executive Officer, James F. Cochran, Chairman, and Rick D. Snow, Chief Financial Officer. These executives defrauded their investors by raising approximately $230 million from at least 5,200 investors through the sale of investment certificates by making materially false and misleading misrepresentations and omissions concerning, among other and returns, and the use of investor proceeds to purchase discounted consumer receivables. (SEC litigation release 2012)

In 1978, Charles Keating, Jr. founded the American Continental Corp. and used it to acquire the Lincoln Savings and Loan Association in 1984 with the promises to retain the Lincoln management team, not expand with brokered deposits, and maintain focus on residential home loans. Five years later, Keating’s obvious deviation from these promises and subsequent involvement in high-risk land development projects led to the Federal Home Loan Bank Board to close the savings and loan. The methods to circumvent banking laws, the advocacy of U.S. Senators, and failure of auditors and the accounting profession as a whole to prevent the savings and loan from reporting millions of dollars in nonexistent profits would ultimately cost taxpayers over $2.5 billion.

Business ethics refers to the consideration of moral decisions and responsibilities in the process of operating a business. Business ethics, practiced throughout the deepest layers of a company, become the heart and soul of the company 's culture and can mean the difference between success and failure. Values drive behavior and therefore need to be consciously stated, but they also need to be affirmed by actions. Ethical business environments are created with foundations of integrity, accountability and commitment.

There are good qualities of products in the world today because the employees work in complete honesty and integrity because they are able to adhere to policies and rules while striving to meet the goal of organization. Through ethics the planet earth that has finite resources but a growing population was able to prevent repletion of those resources for individual gain at huge cost both to current and future generation

Given the almost collapse of the very foundation of the financial industry in the United States which then rapidly metastasized to a financial and economic crisis with global proportions, ethics and ethical behaviours in doing business and the lack of it was one of the major factors why the mortgage meltdown happened. Thus, it is even more necessary now that organizations focus on the personal ethical developments of all of its individual members. This paper aims to explore the developmental aspect of one's ethics including the importance of ethics and ethical systems.

Tejal GandhiProfessor David LiddleMBA 503March 17, 2018Earnings Management by Freddie MacFederal Home Loan Mortgage Corporation (Freddie Mac) has been the back bone of mortgage industry in America since 1970. Entire nation relies on Freddie Mac to support the housing market and mortgage industry. Freddie Mac, since chartered by congress in 1970, has largely contributed in stability of housing market and promoting housing affordability among different economic classes of population throughout the nation. Freddie Mac purchases mortgages from mortgage lenders (secondary market mortgages) such as commercial banks and then sells them to the investors.On September 27, 2007, Security and Exchange Commission (SEC) filed a complaint against Freddie

When considering corporate American and its business crisis of integrity many people seem to cerebrate that ethics is mainly about staying out of trouble. Any explication they give concerning the role of ethics in business today will ineluctably feature a discussion of compliance, licit liability, and the Federal Sentencing Guidelines. The great cogitators of the past had a very divergent perspective. Ethics is not mainly about staying out of trouble. It’s about engendering vigor: vigor in individuals, in organizations, and in relationships with clients and suppliers.

2. Ethical Issues in Business. It seems that every day in the news we are hearing of new company that has acted at least unethically and possibly illegally in the operation and financial reporting of their company's business dealings. There are many ethical issues in business. One major issue that we see is over and under reporting net income. Companies like to show that every quarter the net income of the business has an increase or profit. In order to show this they adopt unethical or illegal means in the operation and financial reporting. One such method is the indiscriminate use of stock options for employees that enable companies to take employment costs off balance sheet and inflate earnings. With the recent ethical issues we have

Ethical issues have greatly transformed in our lives since the great Enron, Xerox and other huge corporations proposed big profits showing earnings of billions of dollars and yet in reality facing bankruptcy. These corporations faced great trouble with the federals and state for manipulating financial statements. But not only corporations can be blamed on this, accounting firms were involved in this as much as the corporations were. With the business stand point, ethics comprises of principles and standards that guide behavior. Investors, traders, customers, and legal system determine whether a specific action is ethical or unethical. Ethical issue is a vast subject, but we will look at the niche

International business ethics challenges the corporate world to deal with questions of what to do in situations where ethical standards come into conflict as a result of the different cultural practices in the nation. Since, there is this dilemma that has progressively troubled the large multinational corporations, international business ethics has arisen to help address these adhesive subject matters. There are several international business ethics discussions on the question of how to act in the home country as opposed to the host country is at the central point of most international corporations. The argument in question is how companies should practice their business according

In their personal and professional lives, people can and, unfortunately, sometimes do go against their moral and ethical standards. Ethical standards are what it means to be a good person, the social rules that govern our behavior. Ethics in business is essentially the study of what constitutes the right and wrong or the good or bad behavior in the workplace environment. A business is an organization whose objective is to provide goods or services for profit. The organization has a group of people that work together to achieve a common purpose. The moral challenges that these men and women face each day along with a whole range of problems that could occur, are why ethics plays such an important

Ethics is the branch of philosophy that deals with the principles correlated to human behavior concerning the rightness and wrongness of specific conduct, and to the good and bad that influences and ends those actions (Ditonary.com, 2011). In other words, ethics is the choice people effect in regards to a decision they need to achieve. Without ethics directing the choice an individual makes, moral preferences of what should or should not be done becomes irrelevant. While ethical decisions are made every day there are two different regions in which these choices are made.