Permalink Submitted by Trevor Strawbridge on Fri, The underlying issue here appears to be lack of regulations and hence less regard for workers well being before profit. Many of the accidents are attributable to poisonous or volatile gases.
It is particularly so, because I count some colleagues and friends among its organisers.
In the realm of banking, Venice and Frankfurt are not as far apart as they may seem. We all know that the oldest bank still in existence was founded in Tuscany in the 15th century, but few are aware that the first bank in modern times was founded in Venice almost 1, years ago.
Unlike Monte dei Paschi, which originated from farming activities, the Bank of Venice derived, at the time of the crusades, from the need to finance the military expenses of the Serenissima.
It later developed into a fully-fledged bank that remained important for centuries. Today, the hub of European banking is no longer an Italian city but Frankfurt. Frankfurt is also the seat of the new European bank supervisory authority, the Single Supervisory Mechanism SSMwhich will take on its full responsibilities on November 4th this year.
I now turn to the focus of my remarks. As we know, this crisis has shaken the foundations of our financial system, with economic and social consequences we have not yet recovered from.
Diagnoses are plentiful and point in different directions: But more deeply there is, I think, an element that brings many explanations to a single one: Trust in business counterparties, in financial institutions, in well-functioning let alone efficient markets, perhaps also in the ability of regulators to successfully perform their function.
If this interpretation is at least to some extent correct, it follows that this crisis will not be overcome unless and until we somehow restore trust. How can we do it? Policy-makers globally have, all in all, responded well to the challenge.
Macroeconomic policies and monetary policy in particular provided the right amount of stimulus early on. In many ways, the legislation of the financial sector has changed, or is changing, in ways that should ensure more resilience in the future.
But the question arises: The main argument I will try to defend is that better rules are necessary but not sufficient to restore trust; something deeper needs to happen: Now, I am very much aware that embarking on ethical discussions exposes somebody like me, whose philosophical background is scant at best, to the risk of embarrassing mistakes.
But the issue is important enough that I have decided to run the risk. I will start by fixing ideas with some definitions. This includes also complying with the letter of those laws that are not enforceable or whose compliance is not verifiable.
My claim, plain and simple, is that durable social trust requires not only compliance but also ethics. And my second, subordinate claim is that strengthening ethics in banks is something that banking supervisors should care about.
Of course, he was writing in the 18th century, when banks were made up of few individuals. The basis of a successful financial transaction implies a relationship, often built in time through repeated contacts.
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A personal relationship cannot easily be substituted or guaranteed by a contractual one, because it implies trust that the counterparty will not only respect the formal agreement, but also act in good faith more generally in unforeseen circumstances.
Recently, the economic literature has refined the notion of trust and added useful empirical evidence.
Their empirical analyses suggest that the propensity of economic agents to use formal rather than informal credit sources, to invest in stocks and to use intermediated forms of financial investment as opposed to cash, is positively influenced by the level of trust prevailing in the area where they live.
A financial contract typically involves a commitment to settle an obligation on a future date. While in principle this promise could be enforced merely by law, this is not the case when enforcement is weak, or when — as often happens — the law is subject to different interpretations.
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How to Report Misconduct & Unethical Practices in the Banking Industry; If you feel that a national bank is guilty of misconduct or is operating under unethical practices, you can report it to the Office of the Comptroller of the Currency, which is a subdivision of the U.S.
Department of the Treasury. This office is responsible for nationwidesecretarial.com Jun 14, · 1. You are making it psychologically unsafe to speak up.
Despite saying things like, “I have an open door policy,” where employees can express even controversial issues, some leadership. · Should we treat abuses/unethical behavior in the U.S. drug industry and our entire health care industry differently than we do in the banking industry or auto industry?nationwidesecretarial.com