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The End of Ethics and a Way Back: How To Fix a Fundamentally Broken Global Financial System - Hardcover

 
9781118550175: The End of Ethics and a Way Back: How To Fix a Fundamentally Broken Global Financial System
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Bestselling author and professor Ted Malloch calls for real financial reform to restore confidence and fairness to a broken system

From Ponzi schemes to the credit crisis to the real estate bubble, the financial industry seems to have lost its way on the road to riches. As private greed continues to undermine the public good, one might wonder what ever happened to business ethics. And how can we reform the global financial system to benefit everyone, rather than just the very lucky few? In The End of Ethics and the Way Back, the bestselling author of Doing Virtuous Business teams up with attorney and Yale University Postdoctoral Fellow, Jordan Mamorsky to examine the most recent failures of business virtue, prudence, and governance—from Bernie Madoff to Jon Corzine and MF Global—before offering a set of structural and holistic solutions for our current ethical crisis in global finance.

  • Features compelling case studies that reveal the saturation of economic vice in global finance
  • Suggests structural reforms to the global financial system that would increase confidence among consumers and encourage ethical behavior among finance professionals
  • Written by Ted Malloch, author of the bestseller Doing Virtuous Business with attorney Jordan Mamorsky
  • Ideal for financial regulators, business students and academics, and professionals in the finance industry

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Review:

Q & A with Ted Malloch

What does the end of ethics mean?
This book is about how we have lost virtue in our society, why it matters, what the arc of trust provides in markets, as well as a close look at the worst of the worst cases of economic vice.
But it is not about just a glass that is half empty. It is about refilling the glass -- that is the core of this book. Without all of our diligent efforts at the personal, corporate, cultural and societal levels we will fall further into the abyss. It is about restoring the radius of trust, overcoming the Bell thesis, and regaining what Ropke argued in his seminal work on The Humane Economy, namely, the fact that without honesty and trust the market degenerates and our economy (now global in nature) will spin out of control.

Why should readers care about economic vice?
This book grew out of a lifetime of thinking and work experiences. We both witnessed what appeared at first to be the misdeeds of a 'few rotten apples' but in the last decade spurned a devastating global credit crisis with devastating impacts. The problem is now systemic. That troubles us, deeply and it affects everyone.

How can we find the way back?
The book identifies solutions to problems deeply embedded in global markets, corporate cultures, and interpersonal business dealings. The recommendations are designed to provide a roadmap for an essential return to ethics, virtue, and sustainable global economic growth. They are market based but require major changes on all fronts. They revolve around personal responsibility and character, corporate culture and regulatory frameworks.
The targeted goal must be to rebuild the international bridges of economic vitality, increase competition, develop investor trust especially in the banking system, and focus upon our own ethical awareness as global citizens.
There exists an overwhelming and systemic need to overcome economic vice with virtue. Restoration of shareholder trust in the corporate modality is imperative so that free markets and people everywhere can prosper.

Why did you write this book?
It is fundamentally necessary to find the map that leads us out of the vice-ridden maze we have created.
Yet, in order to find the way back, we must become uncomfortable where we are now.
We must not blame others for our current ethical malaise because, on a systemic level, vice has consumed us. The straw men villains 24-hour media has created whether CEO's, Presidents, Politicians, Celebrities, or Sports leader only exhibit the values that we all have accepted on a global level.
Greed is everywhere.
Lambast Gordon Gekko all you want as an out of control glutton, yet, he has his progeny all over the world. This is accepted. This is the new normal.
We can no longer look to our governments for virtue and pragmatism. They have uniformly betrayed us. Indeed, nearly every post-industrial nation is battling gigantic black holes of public debt. This massive debt could have been easily avoided through prudential sustainability. Yet, world governments have discharged their immense responsibilities as public stewards.
They have unremorsefully maxed out their own credit cards which, unfortunately never had a limit and (still do not). Rationalizing out of control spending when you do not have the money to pay for such costs, now, or ever, is a heinous betrayal of public duties and a manifestation of the classical seven deadly sins on a grand scale.
Sadly, eventual consequences are never considered. Not enough companies, governments, and individuals consider long-term investment. Money changes hands like tissue paper. Credit, debt, and risk for the purpose short-term prosperity have become a tragic universal maxim.
The cases in the first section of the book demonstrate the manifestation of the seven deadly sins in the corporate environment. These sins, once used as a tool to instruct and understand our own weaknesses and temptations, and become better human beings, are now celebrated as beacons of supposed success.
Being "rich" greedy, prideful, gluttonous, wrathful, envious, lazy and obsessed with lust, is no longer frowned upon, it is widely celebrated. Deadly vices are no longer seen as evil outcomes, they are now retained societal norms.

From the Inside Flap:

Even now, in the wake of the worst financial crisis since the Great Depression, Wall Street bankers, fund managers, and corporate leaders, in an effort to appease unrealistic shareholder expectations while feeding their own corrosive greed, are doing all in their power to avoid reform. Untroubled by the economic calamities they helped engender in the past, and unfazed by toothless reform efforts such as Dodd-Frank, too-big-to-fail banks are bigger and more unaccountable than ever. Everything from Ponzi schemes to massive accounting fraud, interest rate rigging to money laundering on an epic scale continue to chip away at the foundations of the global economy.

As the excesses of private greed continue to undermine the public good on a level never before witnessed, one can only wonder if Adam Smith's "virtuous circle" has, at last, gone off the rails, and, if so, what can be done to set it right once again and restore the ethical compass of a once great economic system.

In The End of Ethics and a Way Back, Theodore Malloch, author of the international bestseller Doing Virtuous Business, and attorney and Yale University postdoctoral fellow, Jordan Mamorsky, make an impassioned call for an end to corrupt and irresponsible capitalism and the restoration of a more virtuous, ethics-based version. More importantly, they offer cogent, well-reasoned prescriptions for how to achieve that end.

In Part One, the authors explore some of the most outrageous recent examples of financial vice, including the LIBOR scandal, the demise of Lehman Brothers, ratings agency corruption, John Corzine's MF Global, Tyco, and Bernie Madoff's two-decade Ponzi scheme, among others. In a series of compelling case studies, Malloch and Mamorsky chronicle how those organizations and their leaders lost their way and the havoc their reckless, often criminal activities wreaked globally.

In Part Two, the authors concentrate on what can be done to pull us back from the brink of total economic chaos. They propound well-reasoned solutions to problems deeply embedded in global markets and corporate cultures, including:

  • Restructure the SEC and staff it with better qualified, better compensated investigators
  • Institute new rules of the financial game, beginning with reinstitution of Glass-Steagall
  • Take the exotic derivatives market in hand—including the aggressive regulation of CDSs
  • Devise aggressive new accounting rules to curtail accounting gimmickry and "shadow banking" leading to off–balance sheet risk
  • Reign in the commodities markets with better and more frequent regulatory audits and smarter corporate governance
  • Implement stronger fiduciary standards and enhanced transparency for retail investors

Offering a penetrating, at times controversial analysis of the demise of virtuous capitalism, and a road map for achieving a return to ethics, virtue, and sustainable economic growth—The End of Ethics and a Way Back is a must-read for lawmakers, financial regulators, financial advisors and auditors, journalists and media commentators, and all thoughtful observers of current affairs.

"About this title" may belong to another edition of this title.

  • PublisherWiley
  • Publication date2013
  • ISBN 10 111855017X
  • ISBN 13 9781118550175
  • BindingHardcover
  • Edition number1
  • Number of pages256
  • Rating

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