Wall Street Values
Business Ethics and the Global Financial Crisis
- Michael A. Santoro, Rutgers Business School, New Jersey
- Ronald J. Strauss, Montclair State University, New Jersey
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.Read more
- Unique, original analysis of the global financial crisis which emphasises that a breakdown in Wall Street Values fuelled and ultimately triggered the global financial crisis
- A highly responsible and thought-provoking academic book which uses evidence well
- Accessible and persuasive book which will allow many more people to deepen their understanding of the complex relationship between Wall Street Values and our Main Street economy
Reviews & endorsements
'The financial crisis has been examined from every angle except this one: the ethical lapses that led up to it. Time spent reading this highly original book is time well spent. It will make you think.' Alan Blinder, Princeton UniversitySee more reviews
'There are many fine accounts of what happened during the financial crisis, but Santoro and Strauss stand[s] out because it brings to bear a refined ethical sense to the questions raised by the crisis. This is an excellent book to foster deep thinking about what happened.' Timothy Fort, George Washington University
'Wall Street Values probes a crucial yet neglected topic: the role of ethics in the run-up to the financial meltdown of 2008. A must-read for all who care about the health of our financial system and America's future prosperity.' Lynne Paine, Harvard University
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- Date Published: December 2012
- format: Adobe eBook Reader
- isbn: 9781139603522
- contains: 13 b/w illus. 7 tables
- availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
Table of Contents
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.
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