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Institute for Enterprise Ethics | Corporate Integrity 2017

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Institute for Enterprise Ethics

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It's Time to Look in the Ethical Mirror

Institute for Enterprise Ethics | Wells Fargo and Ethics

With all the new coverage of Wells Fargo's fake-account debacle, I (Professor Robert Giacalone) have yet to see an answer to this pivotal question: How does one simply miss more than 5,300 wrongdoers at a bank?

How can so many employees across so many branches go "off the rails" and no one know about it? The easiest answer: This was an ingrained practice. By firing so many employees, Wells has all but acknowledged that unethical behavior was rampant. Rather than a needle in a haystack, the huge number of employees opening sham accounts was an overt sign of an organizational culture problem.

Perhaps most frightening is that the ethical deficit in business is not limited to banking or to the United States. So what has caused this ethical breakdown?

Click here to read more.

Real Ethics for Artificial Intelligence

Institute for Enterprise Ethics | Artificial Intelligence
How do we know artificial intelligence (A.I.) driven robots won’t end up doing nasty things to us humans? Well we don’t, but five of the world’s largest tech companies are trying to create a standard of ethics around the creation of artificial intelligence. 

As reported in the New York Times, Alphabet’s Google, Amazon, Facebook, IBM and Microsoft have launched a project to guide the development of A.I. in the tech industry.

The specifics of what the industry group will do or say — even its name — have yet to be hashed out. But the basic intention is clear: to ensure that A.I. research is focused on benefiting people, not hurting them, according to four people involved in the creation of the industry partnership who are not authorized to speak about it publicly.

Click here to read the full article in The New York Times




 

What's New

Jamie Dimon on Responsibility

Institute for Enterprise Ethics | Jamie Dimon

Businessmen coming to Washington D.C. to meet with legislators and regulators “…should put the interests of the country before the interests of your industry or your company.”

Jamie Dimon was interviewed by David Rubenstein, president of the Economic Club of Washington D.C. on September 12, 2016. Among other topics, they discussed the responsibilities of business people to concern themselves and their companies with the vitality of not just their businesses and their industries but also with the vitality of their country, its economy and its society. I will personally admit to being an unabashed Jamie Dimon fan, but I do believe this is one of the outstanding public statements made by a business leader in recent history.

Dan Sweeney, Director
Institute for Enterprise Ethics

Is There a Moral Foundation for Capitalism?

Enterprise Ethics | Is There a Moral Foundation for Capitalism?

In the New York Times Opinion Pages, Major Nathaniel B. Davis, Director of the Defense and Strategic Studies program at the United States Military Academy, West Point, argues that if there can be (and there is) a moral foundation for war, then surely there can be (and should be) a moral foundation for capitalism.

I have often said that leaving tough economic decisions to the amoral consequences of the “invisible hand” of the market is an abdication of the moral responsibilities of the executive decision maker. Major Davis says that we do not allow military decisions in warfare to be made without consideration of their ethical and moral implications. Why should we do so in the business world? It is likely because we have not yet agreed on the moral foundation of capitalism and free market enterprise. We need to get on with this task.

Dan Sweeney, Director

Institute for Enterprise Ethics

Five Reasons Why Ethical People Are Provoked into Unethical Decisions
Institute for Enterprise Ethics

In a very concise article in the Harvard Business Review, Ron Carucci, founder and managing partner at Navalent, discusses five ways in which organizations enable and even encourage good people to make unethical choices. “Despite good intentions, organizations set themselves up for ethical catastrophes by creating environments in which people feel forced to make choices they could never have imagined.”

Whistleblowers: Not just corporate tattle-tales, but actual change agents.

Institute for Enterprise Ethics

In a Fair Game column in the New York Times, Gretchen Morgensen reported on a research study by Assistant Professor Jaron H. White at the University of Iowa that found “a sharp and lasting drop in financial wrongdoing at companies that were subject to whistle-blower investigation.” While, this finding seems quite reasonable from an intuitive perspective, it is very gratifying to have some hard empirical evidence that whistleblowers do provide some measureable value to the companies being whistle blowed upon.


The Big Pharma Price gouging Epi(PEN)demic
EpiPen $600 | CEO pay increased

The latest occurrence of big pharma taking advantage of a broken healthcare system and the patients who depend on it, is the fourfold price increase on EpiPen (see: NYTimes), the life-saving severe allergy treatment drug used mostly by children and owned by Mylan corporation. Even though the product has been on the market for decades, the giant price increase was excused by Heather Bresch, the Mylan CEO and necessary to “recoup R&D expenses."

She also explained in excusing the extraordinary price increase “I am running a business. I am a for-profit business. I am not hiding from that.” Running a business does not excuse a very, very well paid executive from gouging the customer and overburdening the already weakened insurance industry with uncalled-for price increases on established products in a close-to-monopoly market situation.

Click here to read the complete story in the New York Times

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The Institute for Enterprise Ethics was established at the Daniel's College of Business as the vehicle to extend the College’s expertise and resources in business ethics to the practitioner community of executives, officers and directors of commercial and social enterprises in the region.

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