The 2008 Global Financial Crisis: Ethic Fail!

Rebecca Calvert-Giddings

Abstract


What failed in order to cause the 'perfect storm' that lead to the 2008 Global Financial Crisis? Did the leaders, managers and employees of financial institutions have a complete disregard for regulation, a breakdown in human ethics, a contempt for customers, or in fact ignorance to anything apart from profit and bonuses? If so, is increased regulation going to prevent this from happening again? Or is increasing regulation causing a dissociation in staff from ethical decision making and placing an almost co-dependent and ultimately unrealistic reliance on complance and legal departments, which is in turn setting the industry up to fail again?

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