integrity and finance Essay

Submitted By theld36
Words: 451
Pages: 2

In our society we have seen the detrimental effects that can occur when there is lack of integrity and fiduciary responsibility in accounting practices. Goldman Sachs was a profound and high profile case of the Mortgage scandal of 2007. (Tabbi, 2010) Pressures of keeping a reputation to maintain clients, income, and profits for their company made a disastrous domino effect of problems. In this high profile event was detrimental to everyone involved individuals who lost money, but also to those lenders and home owners. The lack of integrity in the individuals that partook in the double-dealing to consumers, governments, banking institutions set the tone of havoc on the financial sector spiraling a financial disaster for not just the U.S. but the world’s economy.
The housing market was a delusion in 2007 that was John Paulson a Harvard educated hedge fund genius discovered. (Tabbi, 2010) He promptly conspired with Goldman to produce a multimillion dollar investment on subprime mortgages. (Tabbi, 2010) The group contentedly took the deal accepting 15 million dollars and letting Paulson pick the mortgages that would soon be poisonous to many investors. (Tabbi, 2010) Goldman Proceeded in the sham and began to sell the investments to his customers as good, healthy investments. (Tabbi, 2010)
”Integrity is the foundation of all we do. It is a constant. Those with whom we work, live and serve can rely on us. We align our actions with our words and deliver what we promise. We build and strengthen our reputation through trust. We do not improperly influence others or let them improperly influence us. We are respectful and behave in an open and honest manner. In short, the reputation of the enterprise reflects the ethical performance of the people who work here.” (…