Unethical Behavior in The Financial Industry
Research Paper 2
Danyell Knox
Financing 505
Professor Wendy Achilles
University Of Bridgeport
December 6, 2015
Unethical Behaviors In The Financial Industry
Research Paper 2 Unethical behaviors of financial professionals both old, and young still seem to affect the financial industry despite the new policies, and regulations surrounding the financial industry. Enron was an example of how unethical behaviors of employees will not only affect employees, but also stakeholders, and the economy in general. According to an article on Investopidia, and written by Chris Seabury, “CEO Jeffrey Skilling had a way of hiding the financial losses of the trading business and other operations …show more content…
In the wake of the financial crisis, which occurred in 2008, financial reforms focused more strictly on the financial industry such as the markets, and financial institutions. A survey titled “ The Street, The Bull, and the Crisis: conducted by Ann Tenbrunsel, and Jordan Thomas, found that 47 percent of respondents thought it was “likely their competitors have engaged in unethical or illegal behavior to gain the competitive edge” (Ann Tebrunsel, 2014). Further, the survey further finds that although there have been some improvements within the financial markets; perception of financial professionals has not improved due to worsening unethical behaviors. The survey also …show more content…
Further, within the accounting industry for example, accountants are regulated by the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB) just to name a few (Federal Reserve. Org , 2015). While there are policies and regulations in place, there is stillroom for improvements in order of full combat unethical behavior within the financial
Research Paper 2
Danyell Knox
Financing 505
Professor Wendy Achilles
University Of Bridgeport
December 6, 2015
Unethical Behaviors In The Financial Industry
Research Paper 2 Unethical behaviors of financial professionals both old, and young still seem to affect the financial industry despite the new policies, and regulations surrounding the financial industry. Enron was an example of how unethical behaviors of employees will not only affect employees, but also stakeholders, and the economy in general. According to an article on Investopidia, and written by Chris Seabury, “CEO Jeffrey Skilling had a way of hiding the financial losses of the trading business and other operations …show more content…
In the wake of the financial crisis, which occurred in 2008, financial reforms focused more strictly on the financial industry such as the markets, and financial institutions. A survey titled “ The Street, The Bull, and the Crisis: conducted by Ann Tenbrunsel, and Jordan Thomas, found that 47 percent of respondents thought it was “likely their competitors have engaged in unethical or illegal behavior to gain the competitive edge” (Ann Tebrunsel, 2014). Further, the survey further finds that although there have been some improvements within the financial markets; perception of financial professionals has not improved due to worsening unethical behaviors. The survey also …show more content…
Further, within the accounting industry for example, accountants are regulated by the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB) just to name a few (Federal Reserve. Org , 2015). While there are policies and regulations in place, there is stillroom for improvements in order of full combat unethical behavior within the financial