snapcap
Phoenix
Joined: Oct 13, 2011
Age: 31
Posts: 2328
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snapcap
Phoenix
Joined: Oct 13, 2011
Age: 31
Posts: 2328
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black_prince
Tufted Titmouse
Joined: Mar 11, 2012
Posts: 25
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 Posted: Sun Mar 11, 2012 7:19 pm Post subject: |
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This isn't a question for which one can give an objective answer because it really depends on what one's definition of ethical is. For me, one of the most unethical things in the world is adultery/infidelity. Somebody like Dan Savage, on the other hand, would consider acceptance of adultery/infidelity as being ethical. I think it's reprehensible and he might say the same of my views. Different strokes.
That aside, what bothers me are the people that don't understand finance who criticise it. I work in the financial industry at a large, prestigious firm. It was very challenging and stressful trying to get in. It requires a lot of effort, time, and the contribution toward the economy is essential in ways most people don't get. People who don't understand how our capitalist financial system works tend to the first and loudest to say stupid things. |
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snapcap
Phoenix
Joined: Oct 13, 2011
Age: 31
Posts: 2328
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| Posted: Wed Mar 14, 2012 12:52 pm Post subject: |
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Exec: Goldman officials called clients 'muppets'
| Quote: | | To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. |
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TM
Phoenix
Joined: Feb 04, 2012
Posts: 2122
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| Posted: Wed Mar 14, 2012 4:57 pm Post subject: |
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As black_prince put it, its a matter of what is ethical. I see nothing unethical about me making money on other people's stupidity, which is essentially what I do when I invest in stocks. If I go long it means that I think people are stupidly undervaluing the company and if I go short it means I think people are stupidly overvaluing the company. I simply do not see wanting to make a maximal return on your investment as unethical, if I got information that indicated that X number of babies had died due to being poisoned by the new toy made by company X, my reaction would be "Oh that's sad, one sec have to call my broker".
When it comes to intentionally lying or concealing information from your investors or clients there is an ethics issue in my opinion, however I would have to do a cost-benefit analysis to see if the ethics beat out the lust for profit. |
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