In the previous weeks we have gone over the 8 Steps to Making Ethical Decisions and the various forms of Social Responsibility. The next step in our journey will be to investigate ways to improve Corporate Governance.
John Corzine, former MF Global Fund CEO, gave a stunning testimony to a congressional committee on 10/3/11, when he said that he “simply does not know where the (missing $1.2 billion) customer funds are or why the funds have not been reconciled to date”. This revelation by Corzine brings into focus that idea that the public seems to have the perception that financial services sector may be more unethical than other areas of business.
Instructions:
Using the internet, thoroughly research the status of the MF Global case and to provide responses to the following questions:
• Who are the MF Global stakeholders?
• What are the ethical issues involved?
• Research, identify and discuss at least three reasons for the perception that the financial sector may be more unethical?
• Research and discuss the ongoing ethical challenges facing the financial services sector and what can be done to overcome these challenges.
• What is the responsibility of the MF Global Board of Directors and were these responsibilities fulfilled?
• Give a detailed argument on whether you believe an outside authority should provide oversight over companiesvs an internal mandate on ethical behavior (Sarbanes Oxley vs. COSO).
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