Wall Street Values: Business Ethics and the Global Financial Crisis
Cambridge University Press, 12/17/2012
EAN 9781107017351, ISBN10: 1107017351
Hardcover, 225 pages, 22.3 x 14.8 x 2 cm
Language: English
This timely book answers complex and perplexing questions raised by Wall Street's role in the financial crisis. What are the economic and moral connections between Wall Street and the overall economy? How did we arrive at this point in history where our most powerful financial institutions thwart rather than promote free markets, prosperity and even social cohesion? Can the fractured relationship between Wall Street and Main Street be repaired? Wall Street Values chronicles the transformation of Wall Street's business model from serving clients to proprietary trading and explains how this shift undermined the ethical foundations of the modern financial industry. Michael A. Santoro and Ronald J. Strauss argue that post-millennial Wall Street is not only 'too big to fail' but also a threat to the economy even when it succeeds.
Part I. Financial Crisis Background and Theoretical Framework
1. A financial, governmental, and moral crisis
2. Does Wall Street have any responsibility to society?
Wall Street and economic prosperity
Part II. Wall Street Business Model, Regulation, and Values in Transition
3. The gathering storm
government missteps and inattentiveness contribute to the financial crisis
4. From financial services to proprietary trading
the transformation of Wall Street's business model
5. Secrets and lies
Goldman Sachs and the death of the honest broker
Part III. Policy Recommendations and Sustainable Values for Wall Street in the Twenty-First Century
6. Wall Street regulation for the twenty-first century
7. Wall Street values for the twenty-first century.