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Unethical Business Practices
2
Transcript
What is the AIG bailout scandal?
The government’s $182 billion bailout of insurance giant AIG should be seen as the Rosetta Stone for understanding the financial crisis and its costly aftermath
The most troubling revelation in this story is the astonishing weakness of the Federal Reserve and its incompetence as a faithful defender of the public interest
Bailing out AIG effectively meant rescuing Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch (as well as a dozens of European banks) from huge losses
How do you determine if it's unethical?
Although the AIG bailout was carried out in the waning days of George W. Bush’s presidency, the popular sense of injustice has deeply scarred Barack Obama, since he too adopted a forgiving approach toward culpable financial interests
Who did it effect?
The best way is to imagine how you would feel if the whole world saw what you did on the front page of the newspaper
- tax payers
- world market
What is ethics?
Moral principles that govern a person's or group's behavior
The moral correctness of specified conduct
Ethical Decision Making
By Victoria and Calandra
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