Credit Crisis and the Moral Responsibility

THE CREDIT CRISIS AND THE MORAL responsibleness OF PROFESSIONALS IN FINANCE By Johan J. Graafland, Bert W. van de Ven April 2011 European Banking circle around Discussion piece no(prenominal) 2011-012 This is also a seethe down Discussion Paper nary(prenominal) 2011-048 ISSN 0924-7815 Electronic copy procurable at: http://ssrn.com/ go up=1809752 The credit crisis and the moral duty of professionals in finance By Johan J. Graafland burden / Tilburg Sustainability ve shitable marrow / European Banking Center segment of Economics / section of ism Tilburg University P.O. Box 90153 5000 LE Tilburg The Netherlands Tel.00 31 13 4662707 netmail j.j.graafland@uvt.nl Bert W. van de Ven Department of Philosophy Tilburg University P.O. Box 90153 5000 LE Tilburg The Netherlands Tel. 00 31 13 4663091 E-mail b.w.vdven@uvt.nl lift Starting from MacIntyre?s judge ethics, we investigate several codes of share of banks to identify the type of virtues that atomic number 18 needed to realize their mission. base on this analysis, we define tercet core virtues: honesty, due flush and accuracy. We compare and contrast these codes of shell out with the actual behavior of banks that conduct to the credit crisis and find that in some cases banks did not dress according to the moral standards they listen themselves.

However, notwithstanding these moral deficiencies, banks and the professionals working in them cannot be to the entire blamed for what they did, because the institutional scene of the free market economy in which they operated left undersized room for them to live up to the core values fictionalisation at the basis of the codes of conduct. granted the neo-liberal free market system, mod and risky strategies to enhance sack are considered desirable for the pursuit of shareholder?s interests. A return to the core virtues in the financial sector lend behind therefore notwithstanding succeed if a re-create instinct of responsibility in the sector is supported by institutional changes that allow banks to stray their mission into practice. JEL...If you want to get a full essay, come out it on our website: Ordercustompaper.com

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