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The effect of the wall street crash
Morals and ethics on wall street
Ethics in wall street
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Recommended: The effect of the wall street crash
Wall Street is the financial district of New York city and home to the largest stock exchange in the world, The New York Stock Exchange among other major exchanges like NASDAQ, New York Board of Trade and the New York Mercantile Exchange. This and others make New York among the world’s principal financial centers. Karen Ho’s ethnography seeks to explore the Wall Street culture and especially the role of its financial institutions in corporate America.
Corporations and investors on Wall Street have over the years had their ups and downs as far as business is concerned. Many have been faced with tough decisions to make when business isn’t good and losses are inevitable. In 1987 when the stock market plunged and in the brief recession that followed, tens of thousands of people lost their jobs, banks and brokerage firms had to move away from Wall Street to locations that were more affordable. The recession left many vacant buildings on Wall Street. A few years later the city authorities in Manhattan offered incentives to turn these commercial buildings to residential use. To survive in Wall Street as a business/employer or an employee, its obvious that one has to be tough, very smart and a quick decision maker. When things become slow and profits start to dwindle, the way of doing business also has to change. The plunge in the stock market had many corporations look for means of survival, cutting costs was one of them; this was in terms of finding cheaper office space and reducing the number of employees. Wall Street is marred with insecurities for both businesses and individuals and also requires hard work to survive. Most people are paid through commissions which means the higher your performance, the higher the compensation. Accord...
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...s than everyone else and are affected the most whenever there is a downsizing or restructuring. Karen concludes that the Wall Street has little or no respect for back-office workers and that their work ethics, smartness, innovation and drive are constantly questioned. (Ho, 2009, pp. 16-17). Individualism is seen every day in the way people deal with others as far as the workplace is concerned, each person will only look out for their own benefits and will not be involved in helping a colleague to keep their job. Its every man for himself as they each scramble for a salary or a commission. Some investment bankers have even been said to engage in illegal activities to stay in business. It is survival for the fittest in Wall Street, the investment bankers must do everything to
Works Cited
Karen Ho: Liquidated: An Ethnography of Wall Street, 2009 Duke University Press
When they realize the company is going to fall they try to sell of shares of the company’s assets and fire employees to try keep the company a float but it does not work and the company gets liquidated. In the movie you will see people that are put up against the wall and have their Morales tested and see an aggressive type of leadership, meaning the person will do whatever it takes to get what
Dennis Kozlowski was living his dream as a multimillionaire and if anyone got in the way of his dream to create his empire then they would be stepped on like a bug. This is what happened to Jeanne Terrile at Merrill Lynch. Terrile smelled something funny coming from Tyco and when she acknowledged that something was wrong, she was shut down quickly. Nobody knows for sure if Kozlowski paid off the CEO of Merrill Lynch, David Komansky, or not and nobody knows what they talked about. The fact is that Jeanne Terrile was replaced and the stock recommendation for Tyco soon changed after their talk. Terrile decided to do what she thought was right and make sure to notify people of what she thought of the company. Because of Terrile’s ethical decision
Money is still the underlying factor of employee performance, and that’s not to say that noncash factors such as flexible work schedules or casual dress codes can help well. Competitive compensation still attracts and retains top talent.
In Karen Hos’ Liquidated, she aims to study the relationships between corporate America and the worlds greatest financial center. . . Wall Street. She puts all her three years of research in her ethnography and thus the very first page of chapter one, we can already understand Hos’ determination to understand what Wall Street is all about. The first main theme explained is the relations in Wall Street that are based on a culture of domination of staff members, their irresponsibility dealing with corporate America, and constant changes that occur during this process. Another major theme we see in her ethnography is that Wall Street, first used for the communities wellbeing, is now profit oriented.
This essay is an ethnographic study of Whole Foods Market which is located in Kensington, London. Whole Foods Market is a niche supermarket that sells high quality organic and natural products at high prices. In this essay, I will provide a brief orientation of ethics with regards to the concepts of Corporate Social Responsibility - macroethics and Business Ethics - microethics and the theoretical frameworks of consequentialism, deontology and virtue ethics. I will be using deontology framework in ethics devised by Immanuel Kant to assess if the marketing strategy and the products sold at Whole Foods Market support their principle of ‘organic and natural’.
The best solution in the trading places for all parties is unethical, but in terms of practical it is in the best interest of the subject the people that got hurt throughout the movie had to come out on top. The bad would have been if the employees got caught with insider trading because they had done something illegal. The bad apple says managers should be looking for the bad apples from their employees, but does not state if the managers are the bad apples themselves. One of the Dukes Brothers who thought nurture is a controlling factor in a person’s success is only part of the equation they need nature because if not the individual can easily turn to a bad apple from just nurture from the fact that their environment has changed.
When I was a kid my parents always took me to Nathdwara to take the blessings of Lord Krishna every now and then because my parents are so religious. So by going there several times I am also attached to that place. Actually Nathdwara is situated in Rajasthan state and I live in the state called Gujarat and in the city called as Ahmedabad. It takes six hours drive from my city to Nathdwara and this is the only nearest place where I could get mental peace. This is very important place for me and my family because it is a tradition of our family that whoever goes there gives free food to the hungry and poor people. We do so because we think that if we do good work in our life we will be allowed by god to go to the heaven. [The two states on the left are Gujarat and Rajasthan. One in light blue color is Gujarat with the arrows and on the top of it with cream color is Rajasthan. I live in the middle of the state and Nathdwara is at the border of the Rajasthan]
Growing up in a multi-cultural family can broaden not only your life experiences, but also influence how you view the world. Culture is something that can either be accepted, or something to be apprehensive of. Ethnography helps society learn about culture by fully immersing yourself in the culture. By observing, learning and participating in various cultures it can eliminate a lot of apprehension as well as broaden your ability to accept others. Throughout this essay, I will answer a few questions associated with ethnography and how studying a culture can help our own society progress as well. It is important to know what ethnography is, as well as methods that can be useful (or even detrimental) to your experience. These are questions that
The good old boys of Wall Street surely epitomize a prime example of an Ethic of Care gone wrong. The message the industry seems to want to get across, especially to...
The economy is always changing, and new ideas continue to be created, tested, and integrated into the financial world. Before World War II, wealthy families owned most companies and businesses. The families, or select wealthy individuals, dominated the economy and the rest of the population had little to no involvement in it. Takeovers, or buyouts of other companies were done in small scales, because the families lacked the funding to takeover larger companies. However, after the War the opportunities to participate in the economy slowly expanded. As the American communities began to recover, the economy slowly began to prosper once again. People began to invest more in companies, and buy shares in larger corporations, which allowed them to have some control over the management’s decisions. The old notion that companies were mostly family owned began to fade out; the owners were growing old and wanted to “avoid estate taxes and retain family control”. This left two options for them: either to make their family corporation in an initial public offering (IPO), or to have a larger company takeover. Neither of these options allowed the family to maintain complete control over their business. When Henry Kravis, Jerome Kohlberg, and George Roberts, began their careers in economics, they slowly began to utilize their own ideas and strategies, and eventually formed their own company. They reintroduced something called the leveraged buyout (LBO), a practice sparsely utilized by investors in the 1950’s, which later became the most popular form of takeover during the time. This buyout became the “third option” for the previously family owned companies to continue owning the business, but there were many other aspects included. These three...
Wall Street isn’t a game of money, all stockbrokers make their millions… it is rat...
In any business money is the driving force, whether it is the owner or employee. Money is the greatest incentive for performance amongst employees Lincoln Electric defined this fundamental reason for driving employees to excel at their jobs. Aside from compensation there is an understating between mangers and their subordinates that both have the same fear toward lack of income, this commonality serves to encourage all employees to deliver quality and affordable products at the best market
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...ce of money at whatever costs. At the end of the day, the managers watch as more people are laid off as the crisis continues.