Post 1
Ethical issues in the financial sector affect everyone even if one doesn’t work in the field; they are consumers of their services. Regardless of the fact that France is the second largest economy in the Eurozone, it faced many debts in 2012 which resulted in major financial constraints when it came to providing a social model of services to its citizens. LVMH was also affected where it was not able to export its products. All these issues could be prevented through the incorporation of transparency policies in the way public money was being used. This way, ethical issues can be reduced.
A similarity of these financial issues exists when the UK Company GSK bribed doctors to prescribe medication to patients so that they would gain profits. This implied that the system was not as a transparent as expected since the heath of patients was threatened. It is therefore proven that self-interest at times changes to greed and egocentricity ( Hendry, 2013 ). When the company agreed to bribe the doctors so as to gain, then this implies both parties involved knew the amount of money that was being generated. If GSK ensured that transparency existed in their financial sector, the firing of employees involved in the scandal would not have existed. Moreover, their reputation would have remained intact and their deals straightforward.
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Most ethical financial issues always result from companies neglecting the interests of the public and not focusing on the repercussions their actions would bring to the society. When the bribe was being issued, the financial sector of the company did this with an aim of making more profits from the market. Most of these problems are brought from the personal interests of most companies. The health of patients in the respective hospitals was put in jeopardy. They are thus considered to be major problems since they in most cases bring negative impact the society at large. To address this problem, the government too should be involved in developing policies for certain products to be supplied. Doctors too should respect the oath they took to take care of patients regardless of any ethical issues that come their way. This way, the problem would have been resolved prior to its occurrence.
References
Hendry, J. (2013). Ethics and finance . New York: Cambridge University Press.
Post 2
Finances should never the only aim of any financial sector of a company. The case of McIntyre Partnerships wanting to purchase Uranium from foreign mines is a case that would result in a major catastrophe. Thus the application of ethical policies before any transaction by any company is a major step towards reducing the ethical issues facing major companies in any industry. The case of Japan provided supports that some people in the community are affected by stunted moral development where they never look beyond their own perspective when making decisions. Clearly, the ethical effects of the case of Japan in 2011 which resulted in many cancer patients was as a result of not thinking from other people’s perspective when they reached a point disposing the waste. Thus, there is a similarity in the way ethical issues are resolved in any industry.
It is also clear that professionalism can at times conflict with the demands of a company resulting in the company being involved in a major crisis that would be restricted by setting ethical standard rules to be followed by a given company. This is considered to be a major problem in resolving financial issues that take place without focusing on any morals. The pattern is more so evident in cases where companies are sure they can make a lot of money from a given deal. This problem can be resolved if the company sets rules that protect the company’s ethics and moral thus suffocating the self-interests of people in the financial sector ( Crockett, Harris, Mishkin, & White, 2003 ).
References
Crockett, A., Harris, T., Mishkin, F. S., & White, E. N. (2003). Conflicts of Interest in the Financial Services Industry: What should we do about them? (No. 5). Centre for Economic Policy Research.
