BUSINESS ETHICS

Business Ethics On Wall Street

Abstract

Business Ethics nowadays, taken as a backbone for the operations of any business. Companies not violating ethics are performing much better as compared to those who are not implementing ethics. In order to remain competitive companies should follow business ethics. Leader of the company should be open minded and accept all new ideas from its teams to have diversify opinions. Company should differentiate between right and wrong in order to remain ethical. Etichal guidelines always show the right path to company and makes it sure that it will not deviate from its objectives. Ethics is a key to success for any company because it not only gives a positive perspective to public but also gives competitive edge over others.

Table of Contents

Thesis Statement1

Wall Street2

What about the Stock Exchange?2

Discussion2

7 Principles of Admirable Business Ethics4

Be trustful4

Keep an Open Mind4

Have Clear Documents4

Become Community Involved4

Maintain Accounting5

Be Respectful5

Meet Obligations5

Famous Scandals of Wall Street6

William Duer, 17926

Albert H. Wiggin, 19296

Dennis Levine, 19867

R. Foster Winans, 19877

Jeff Skilling, 20037

Christopher and Carolyn Balkenhol, 20048

Robert Moffat, 20108

Wall Street Ethics9

Conclusion9

References11

Business Ethics on Wall Street

Thesis Statement

“Business Ethics impacts every organization in a positive way as compare to those compnies which do not follw code of business ethics”

Introduction

In simple words business ethics is basically to understand the difference between right and wrong actions. Business ethics also known as corporate ethics and companies with high moral values follow business ethics (Fieser, 2008). It represents the philosophy of an organization and shows overall behavior that the organization wants to exhibit. Organization can take in to account two perspectives when it comes to business ethics i.e, perspective of shareholders as well as of stakeholders. Shareholders are the owners of a company who invest in the company, therefore, making the best decisions that optimize company's profits that consequently benefits them in the long run comes under shareholder's perspective of business ethics. The other perspective of business ethics about stakeholders focuses on the belief that the company should give something back to society i.e, should go for corporate social responsibility projects in order to benefit society.

In broader term, business ethics provide guidelines to the company that how different activities should be conducted. What is good and bad, for the company can also be figured out by applying business ethics. Ethics comes in to play when some decision has to be made about the company, so that decision should be fair without any bias and should benefit the company's shareholders and stakeholders.

Wall Street

In 1653, an establishment formally built by Dutch to defend themselves from the attack of British and Native Americans (Ricciardi, 2008). In 1685, the wall was broken and named Wall Street by the British. Wall Street is the place, from where the concept of the stock market emerged and whole phenomena of the stock market were developed on Wall Street.

What about the Stock Exchange?

Two powerful stock exchanges emerged from Wall Street, and that is why it is so popular today. Wall Street did not become famous overnight, long stream of events made this street ...