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| Author: | Graafland, J.J. Ven, B.W. van de |
| Title: | The credit crisis and the moral responsibility of professionals in finance |
| Journal: | Journal of Business Ethics
2011 : NOV I, VOL. 103:4, p. 605-619 |
| Index terms: | banking credit crises finance ethics professional ethics |
| Freeterms: | virtue ethics code of conduct |
| Language: | eng |
| Abstract: | Based on an analysis, three core virtues are defined: honesty, due care, and accuracy. These codes of conduct are compared and contrasted with the actual behaviour of banks leading to the credit crisis. It is found that in some cases banks did not behave according to the moral standards set by them to themselves. Given the neo-liberal free market system, risky and innovative strategies to enhance profits are considered desirable due to shareholders' interests. Therefore, a return to the core virtues in the financial sector will only succeed if a renewed sense of responsibility in the sector is supported by institutional changes etc. |
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