
Ladies and gentlemen, these days I cannot express how outraged I am at the financial world, or rather, the organizations that let things plummet to such lows. Today, for the first time ever, the Dow Jones Industrial Average lost 777 points, resulting in a $1.1 trillion loss.
I don’t need to reiterate what you can read on the Marketwatch, Yahoo! Finance (being my favorite) and the likes.
The news that really affected me and me question the point of saving these ethically challenged companies is the fact that Lehman Brothers had a $2.5 billion to spread between 10,000 employees days before the bankruptcy. What.the.hell? I know, working for the company like that is probably a blast, since you get rewarded for driving the firm to the ground, but for Christ’s sake!
I am taking a really good class this semester – Ethics in Finance with professor Allen Goss. It’s amazing. Although Finance is my minor (Marketing being teh major), I am really quite enjoying this class and am never bored. I also appreciate a healthy dose of current events as opposed to the theoretical boredom. I am also a fan of “overthrowing” (i.e. pushing aside as ‘irrelevant’) traditional views everyone gets taught in finance. We just got exposed to the Agency Theory Capital Structure and Pecking Ordering Theory as opposed to the Static Theory…
The point is, I am becoming increasingly sensitive to the ethics at play in pretty much any industry. I am becoming more concerned with socially responsible brands, with sustainable practices, with the things that won’t blow up in your face pretty much. I don’t know what it is, but my Gordon Gecko days are over; same as the days of adoration of Gordon Geckos are over.
Filed under: the world eh , 2008, autumn, changes, class, crisis, dow jones, ethics, finance, gordon gecko, improvements, outrage, ryerson, self, subprime, university, wall st, wall street
Recent Comments