Capitalism’s Challenges to Financial Ethics: The Subprime Lending Crisis
Journal Title: Saudi Journal of Economics and Finance - Year 2018, Vol 2, Issue 3
Abstract
Abstract:The goal of this paper is to provide sound rationale for increase ethical financial training and overview in the financial services industry by explaining the current ethical status of the financial services industry and cite examples of financial malpractices, unethical financial practices, financial corruption and other practices that reflect poor financial choices by corporations and financial services personnel ranging from banks, mortgage lenders, to financial agents. There are several objectives underpinning this research. These include: (1) describing the state of financial ethics in Corporate America and across the globe, (2) identifying several financial scandals and/or practices as examples that highlight the lack of ethics in the financial services industry, (3) identifying and describing current efforts to ensure financial ethics ranging from private and governmental administrative agency policies and rules to efforts by other institutions including business colleges to teach ethics, (4) communicating the effectiveness of existing measures designed to ensure financial ethics and evaluating these measures on the basis of success and failure, and (5) making recommendations in the forms of programs, practices, or initiatives to increase financial ethics across the board. Keywords: Annual Percentage Rate (APR), Capitalism, Corporate America, Financial Ethics, Financial Services Industry, Global Recession, Money Market Mutual Funds (MMMFs), Non-Performing Assets (NPAs), Social Responsibility, Subpar Lending Crisis.
Authors and Affiliations
Donovan A. McFarlane
Keywords
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