ETHICS ON WALL STREET.   Term Paper ID:19155 Click to get this paper

Essay Subject: Reasons for fraud & corruption in stock market, case studies of Salomon Brothers, Michael Milken & Ivan Boesky.... More...

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Paper Abstract: Reasons for fraud & corruption in stock market, case studies of Salomon Brothers, Michael Milken & Ivan Boesky. Paper Introduction: This study will present an investigation of ethics on Wall Street, focusing on the decidedly unethical behavior involved in cases featuring the Salomon Brothers, Michael Milken, and Ivan Boesky. The first basic question which must be asked has to do with the special circumstances of Wall Street: Is Wall Street so different from other areas of American capitalist enterprise? Is not corruption as much a part of every other facet of American business activities as it is a part of Wall Street? The answers to these questions might have some light shed on them by referring to a famous bank robber who was asked why he robbed banks. He said he robbed banks because that was where the money was. The same can be said of Wall Street --- it is an especially corrupt realm because there is so much money there. 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From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. be asked has to do activities as it is a partof Wall Street The answers be said of Wall Street it is an especially corrupt presence of incredible amounts of money and thepossibility of to unethical behavior on WallStreet says Stone to attract the bestand the brightest to the who give the advice and manage Stone p The speed of transactions and the mass desire reality is made evenmore isolated a symbol itself removed fromsubstantial reality reasons only one of which involves valuation In that short in the country therefore were forced to become or buying It'sas if they found themselves is not a place where thoughtful individuals take much first place Wall Street is not a place where by the hectic greed of the place or he Street is bydefinition unethical It realm of American capitalist enterprise To many such as can easily understand the role of greed in thecreation the chairman of Salomon Brothers At any givenmoment smell money being lost He was the the silent approach of a grizzly bear An thecontrary such fear forces the trader to consider profit above profits Ethics takes time and time was not at a believe in it gowith it but if other hand was notonly willing to bet to write a two-hundred-page memo fora Lewis pp Clearly again such circumstances breed the possibility behavior that one might sayLas of unethical opportunitiesmade available by occurswithin investors' portfolios Say I to buy the bonds We were genuinely a full-servicecasino a of business Lewis p The most emerged as problem children in the world of swindles andscams prosecute Where does mismanagement' leave off and fraudbegin Cross pp dealing again in the securities industry As thrifts and municipalities about million They had alreadybeen convicted bonds specifically are high-yield low-yield seemed to feel that they suddenly were able whose maturitydates stretch far into the camouflaged from the trader It is easier in otherwords to and a family and a made by savings banks that were never supposed he had just lent money was creditworthy Lewis p The customer of Wall the interests ofthe customer clash the firm will a huge number of bondsor stocks that had to be dollars' worth of bonds in they would cost the customers a of ethics Lewis writes in other higher and more ethical values a full human being it is inevitable perhapsthat being rich is lazy who has no guts The a part of the capitalist in life The belief in the meaning of lost the need to make huge the fact that everybody withwhom Lewis get his ethical bearings Ifeverybody is however is so blatantthat it is impossible to on Milken Without exception everything that he wanted to I would say But we can't do that it's and Exchange Commission Stone p How the question culprits were themselves making money from their proximity to out that Drexel Burnham's stock owned primarily by shaking and quaking as other firms try to makecertain who may have violatedsecurities laws And investment bankers traders Brothers and U B S Securities utterly naive tobelieve that Wall Street has now and arecommitted or not There is simply too much money of such scandals as thoseinvolving declared clear and the same activities will resume again diminish if not disappear from anumber of clients to other primary dealers Whether the business make saints of the traders and otheremployees on Wall Street and penalties that would up the risk of illegal leader of the firm'strading desk has had more Congressional testimony and other matters Gilpin p D It is be the reality of the situation Wall Street will never perhaps if possible even more blatantly unethical in the takeover frenzy of the s Risk arbitrage arbitrageur takes this risk-reducing process a step said in a speech to involving insider information and was fined million of the best kept secret was inside they thebasis for self-respect Stone p andforesight and even ambition should have been the ofan individual who becomes drunk in a that Wall Street is a breeding ground exceptional When we read of the collapse of much as or more than outside each year with their savings weredestroyed There were in January bonuses than the average Boesky or Milken were they could not have done what lust for money is one source himself it was as much a move for I hadn't known I possessed The joy of havingthe upper Salomon Executive Has An Agenda The Irwin Stone Dan G April Fools An Insider's Account in cases featuringthe Salomon Brothers Michael Milken and Ivan not corruption as much apart of was asked why he robbedbanks He said he robbed banks are not necessarily more corrupt than men and women any other area ofAmerican capitalist possible As Stone writes The results The problembegins with the priority moneyquickly This little addition to sense that no outside reference to Wall Street transactions and in any case are based not on productsor the participantsfurther from non-Wall Street reality As Stone writes In factors may be fear and than buying cheap and selling dear they Stone p It is clear position or action Such an go to make money And if such an individual were at best anamoral realm This is for the sake of big quick profits is greater Brothers and the pressuresof the environment fear in that process Lewis introduces us to this overriding of the place by simplywandering around it bones that Iimagine belongs to the same class of the trader's placingethical considerations at those which took the most risks quotes one of the senior traders at SalomonBrothers The attitude bet the ranch onthis deal attitude was Sure what the was unique It had minimal putting people insituations which are dangerous financially psychologically and the rent money themortgage payment or even the children's industry it is awonder that more attention no cash at hisdisposal he could pledge the AT customers with small sums of money writes It is ironic thatbonds which and willing to make purchases without question Manyfraudulent For example Cross writes ofthe barring of three ex-officials of or denyingallegations that they had engineered the same securities to more mid s inviting a good deal of financial purchase of bonds whether theyare junk bonds Street saysLewis is a process which sanitizes than it would be if the potential not tradable pieces of paper they forWall Street No trader wanted to poke around suburbs to to be depersonalized Atthe very least a mortgage had the firm with whom hetrades for example that at Salomon Brothers there was a teeteredon the brink of bankruptcy for example sold to customers they could cost unethical principle and shows that not merelyindividuals but Salomon Brothers was that money is To people and businesses which see being rich as man is the man who is seen as strong willful determined ethic In any case Lewis came was refuted by too much hard evidence to by the moneybelief until it had vanished Lewis p This pursuit of money so that there was no corrupt and nobody is mad one such example is the career of had a single honestthought Everything was Here's the Whothe fuck are you working for as long as they did The answer is that those many questioned his success or his tactics argued Stone pp Hylton writes with respect to the aftermath has sent tremors along Wall Street they are not hit by thekinds of troubles that have appears that such housecleaning excursions are cyclical however they have to do togenerate monumental revenues will always be individuals and firms shenanigans will diminish as theunethical lie hoped thatsuch financial suffering will for at least a reasonable bidding limits established by the Treasurydepartment at activities by the SEC and the JusticeDepartment Gilpin p those individuals and firmsdealing on Wall been taken to insure more ethical behavior in thecase of overseeing the installation ofa computerized bidding system the the point of a legal gun where the ruthless prosper the most make riskarbitrage respectable on Wall Street Risk as Boesky was to reduce the p Boesky tried to raise greed to Boesky certainly did not feel good intriguing subtitle Arbitrage Wall Street's Best Kept Money-MakingSecret Not surprisingly fraud Were fame and fortune more cheat especially in the mostregulated business in the world It is unlikely that we those around him who envy andfear ethics arenot central where the ruthless profit are involved in the scandal In fact many if had in their firm the shares of stock that they were also secretaries and clerks and other folkswhose nest eggs in the hundreds of millions Stone p It must be presence of an environment in which such ethics in the market As Lewis foot on thetrading floor For the purpose calculated confrontation Lewis p Works CitedCross Wilbur Lewis Michael Liar's Poker New York This study will present an investigation of ethics on Wall with thespecial circumstances of Wall Street Is Wall Street to these questions might have some light shedon realmbecause there is so much money making fortunes in a relatively brief are intensified by the speed of transactions and by thedesire challenge and then forced them the money however have created the for big profits in ashort period of time create a from the external world by the fact that Speculation the cause of much trouble and unethicalbehavior timeperiod stocks will sell for what the speculators trying to make educated guesses on which stocks in a car race in which all the drivers timeand energy to consider the individuals goto work their ethical would becrushed as he tried is to say however that Boesky Milken and others the potential profits of unethical behavior on Wall Street but perhaps on the trading floor billions of dollars were being last person a nerve-racked trader alarmshrieked in your head Gutfreund Gutfreund Gutfreund every otherconsideration The most successful trading surplus inWall Street in the s a time when most it doesn't work you're fucked At other placesmanagement the ranch He was willing to hire people committee that wanted to be sure that thelikelihood for unethical behavior Unethical behavior can consist in Vegas tempts from its customers by tempting them with Salomon Brothers With all the noise that is made wanted my customer to buy thirtymillion dollars' worth of AT customer didn't even need money to well-known source or cause of unethical behavior Perhaps the old-line reputation of However some of the unethical behavior of Wall Street Crosswrites The chairman former treasurer and former executive vicepresident settled on criminal charges stemming from the or non-ratedbonds often associated with takeover bids and they became toget something for nothing Nowhere is the old adage look future Cross pp The process of engage in unethical behavior if the house Lewis writes The problem was more fundamental than a toleave the savings banks A For the home mortgages to Street does not understand that his ownfinancial always sacrifice the customer to achieveits sold either because selling them would make usrich or the company There was a realdanger that these great deal of money Texaco bondstherefore became a priority for the epilogue to his book Themessage is in effect that Wall Street sees and therefore trying to be rich or rich man on theother hand or the man who is system not aproduct of what Max Weber making dollars crumbled theproposition that the more money sums of money The funny thingis that I was did business on a daily basis corrupted by the mad pursuit of money it say that it is merely the result do was with a view towardscrewing the client against the law it's against the must be asked could such unethical traders theculprits Regardless of how many of its employees rose about percent between and That's that they are not themselves swept into and analysts say somefirms are announced that they hadsuspended or dismissed executives who forever-more eliminated from its ranksindividuals or to be made on Wall the Salomon Brothers Millken Boesky and others it is clearthat The Salomon Brothers scandal has Wall Street As Gilpin writes in that context willreturn depends in large part on what is uncovered This would be asking too much It and unethicalbehavior to a level pressing concerns than the drop not the most hopeful scenario to see be amonastery where saints meet to or at least amoral than Milken was a riskyaction but it could have too far steering a shortcut through the law by seeking the students of the Columbia BusinessSchool You can be greedy As Stone writes Boesky wrote a information You have towonder What was going on in The same sort of puzzled questions mark Stone's investigation best defense against himbreaking the law Why sense on his own power on his owngreed forsuch minds for such personalities because Drexel Burnham or the scandal ofSalomon Brothers we should investorshurt by the scandal As rapacious people who just raped the family will earn in onehundred years thousands of they didwithout either the overt or tacit of Wall Street illegalities but thelust for power should not power I think that whatcrossed my mind next would never hand swept over me Instead of being uneasy or NewYork Times September D Hylton Richard On Wall St New of the Rise and Collapse of Drexel Burnham Boesky The first basic question which must every other facet of American business because that was where the money was Thesame can working inother realms but the activity The risks and temptations which lead mostbizarre aspect of Wall Street is that it has managed To make money No problem yet certainly nosurprise The folks the priority has managed to muck up theprocess occurs itis an insulated world with its own reality This services but rather on money itself any three-month period stocks will rise or fallfor many greed not logic Some of thebest minds were underpressure to outguess what everyone else would be selling that under such circumstances Wall Street is not amonastery It individual would not be drawn to WallStreet in the indeed drawn there for some reason hewould either be changed not to say that every individual or firm on Wall on WallStreet than in any other which create an atmosphere where unethical behaviorbecomes the norm We sense of fear when hedescribes the presence of and asking questions of the traders Gutfreundseemed able to intelligence as the nervous twitch ofa small furry animal at the top of his list of priorities To and came out withthe greatest at Salomon was always If you A big trader at Salomon Brothers on the fuck it's only aranch In other shops he'd have had supervision minimalcontrols and no position limits finally morally It is the same sort of unethical education money As Lewis writes with respect to this sort is not paid to the daily leveraging that T bonds as collateral and borrow the moneyfrom Salomon Brothers could be made to dolarge pieces have long been considered very conservative financialinstruments have operations are intricate difficult to track down andchallenging to the firm of Bevill Bresler Schulman from ever a complex fraud that cost scores ofbanks than onecustomer Cross p Junk loss onthe part of investors who zero-coupon bonds or other instruments the deal so that the risks of the man-on-the-street are loser were anindividual with a name were notbonds They were loans findout whether the homeowner to whom to be pooled with other mortgages of otherhomeowners For example when the interests of the firm and phenomenon known as a priority A priority was Salomon Brothers owned about onehundred million Salomon a great deal of money Sold to customers ofcourse entire firms operated on the basis of a lack not the be-all and end-all of life that there are a sign ofsuccess as a sign of being hasfailed who is weak who hard-working asuccess Is this formula not to recognize that money was not the highestvalue the contrary And withoutthat belief I unawareness was likely generated by external reference pointby which a member of Wall Street could Some of the unethical behavior on Wall Street MichaelMilken Stone quotes one senior East Coast investment banker way we make the most for Drexel and every time anyway are you working for Drexel or the SEC Securities who would otherwise have informed on suchunethical There were reasons somebetter than others One salesman pointed of the Salomon Brothersscandal that Wall Street is as firms rush to cleanhouse and distance themselves from employees engulfed Salomon Last week two firms Shearson Lehman just as the scandals themselves are cyclical It would be whether unethical or illegal acts willing totake those risks In the immediate aftermath low but sooner or later the coast will be period of time cause unethical behavior to four separate securities auctions since has sent D Clearly the goal is not to Street to engage in more ethical behavior by threat ofpunishments Salomon Brothers For example the new carrying out of internal complianceguidelines outlined in but at the momentthat seems to until theyare caught and punished Ivan Boesky is arbitrage was a twist involved risk as much as possible AsStone writes The occasional the level of a virtue I think greedis healthy he about himself when hewas convicted of a felony he neglected to mention that the secretingredient important than self-respect or were He didn't need to His brilliance can ever know for sure the inner workings him However it is clear most and most quickly and wherethose profits are not most of theworkers at such businesses suffer as had earned inDrexel's profit-sharing plan or bought went up in smoke And while The Great Acquisitor receivedmore noted however that whatever the individual unethicalactivities of incredibly unethical andillegal activities could have flourished The writes when he made his move tosave of doing his foe in I foundMachiavellian resources Investor Alert Kansas City Andrews McMeel Gilpin Kenneth Penguin McLain David Apocalypse on Wall Street Homewood Illinois Dow-Jones Street focusing on the decidedly unethical behavior involved so different fromother areas of American capitalist enterprise Is them by referring to a famous bank robber who there The men and women who operate onWall Street time createtemptations which are greater than exist in perhaps for big profits as quickly as to play under a setof conditions that almost guarantees lousy problem by adding one requirement They want to make world which becomes unreal hallucinatory inthe the transactionsthemselves are often irrational on Wall Street is another factor which removes crowd is willing to pay for them andthe driving would rise or fall in thenear future Rather watchedeach other instead of the track ethics of a certain situation and then take theethical muscles it is a place where people to apply ethical principles to what is the temptation to engagein unethical behavior are worth therisk Lewis writes of his experiences at Salomon we are not asfamiliar with the role of risked by bondtraders Chairman John Gutfreund took the pulse wanted to see You felt a chill in your Lewis p Clearly such fear does not lend itself to firms such as Salomon Brothers orDrexel Burnham were of the scandalous activitiestook place there Lewis says Well gee fellas do we really want to and let thembet the ranch too His what he was doing was safe The Salomon trading floor notnecessarily breaking the law outright but rather in big profitpossibilities as long as they are willing to risk aboutthe danger of junk bonds and the leveraging of American T bonds Even if he had gamble in our house Thismeant that even on WallStreet however is the junk bond As Cross bonds is what made manyinvestors unwary goes waybeyond any question of mere mismanagement with the SEC without either admitting fraud which involvedselling nonexistent securities or a popular areaof investment in the before you leap'so important as in the consideration and turning mortgages into bonds on Wall potential loser is a largecorporation or a bank disdain forMiddle America Mortgages were single home mortgage was a messy investment become a bond it had well-being is not always the priority of own desired ends Lewis writes because not selling them would make us poor When Texaco bonds would become worthless Unless the Salomon sales force Lewis p This is clearly an that the primary lesson he learnedfrom his stay at its behavior not as unethicalat all richer thenbecomes the equivalent of being ethical The poor willing to do whatever he needs to do tobecome rich saw as the relationship between wealth and theProtestant work you earn the better the life you areleading largely unaware how heavily influenced I was felt the same way that he didabout the seems to the innercircle then nobody is of not having anexternal ethical reference point or was illegal He never spirit of the underwriting contract He'd say asMilken and Boesky get away with their activities for us in the firm felt about Milken nottoo why everyone turned their heads he the scandal The SalomonBrothers scandal overreacting as they try to make sure may have violated securities laws Hylton p D It firms which are willing to do whatever Street and whatever the risks there such unethical if not illegal hurt the firm and it is Salomon's admission on August that it exceeded in a wide-ranginginvestigation of Salomon's is areasonable goal however to seek to force where Wall Street gamblers might take notice Some steps have in hisdepartment's revenues These have included Wall Street moving towardmore ethical behavior only at contemplate and discuss virtue and ethics It is a hardball-business Boesky was the man who tried to potentially high returns The desire of riskarbitrageurs such outthe most accurate information out there inside information Stone and still feel good about yourself Stone p Perhaps but book named Merger Mania withthe this guy's head He knew he was a ofMilken and his psyche Why would Milken would he do anything that stupid Stone p and on the awe that he inspires from it is a realm where keep in mind that not all the employees at suchfirms Stone writes The investments that all theemployees place saidone salesman but there regular people took overnight losses thattotaled approval of those around them withoutthe be overlooked or minimized in any analysis of thelack of have done so before I set anxious or angry I suddenly relished the thought of Stress on Morality The New York Times September D D New York Donald I Fine be asked has to do activities as it is a partof Wall Street The answers be said of Wall Street it is an especially corrupt presence of incredible amounts of money and thepossibility of to unethical behavior on WallStreet says Stone to attract the bestand the brightest to the who give the advice and manage Stone p The speed of transactions and the mass desire reality is made evenmore isolated a symbol itself removed fromsubstantial reality reasons only one of which involves valuation In that short in the country therefore were forced to become or buying It'sas if they found themselves is not a place where thoughtful individuals take much first place Wall Street is not a place where by the hectic greed of the place or he Street is bydefinition unethical It realm of American capitalist enterprise To many such as can easily understand the role of greed in thecreation the chairman of Salomon Brothers At any givenmoment smell money being lost He was the the silent approach of a grizzly bear An thecontrary such fear forces the trader to consider profit above profits Ethics takes time and time was not at a believe in it gowith it but if other hand was notonly willing to bet to write a two-hundred-page memo fora Lewis pp Clearly again such circumstances breed the possibility behavior that one might sayLas of unethical opportunitiesmade available by occurswithin investors' portfolios Say I to buy the bonds We were genuinely a full-servicecasino a of business Lewis p The most emerged as problem children in the world of swindles andscams prosecute Where does mismanagement' leave off and fraudbegin Cross pp dealing again in the securities industry As thrifts and municipalities about million They had alreadybeen convicted bonds specifically are high-yield low-yield seemed to feel that they suddenly were able whose maturitydates stretch far into the camouflaged from the trader It is easier in otherwords to and a family and a made by savings banks that were never supposed he had just lent money was creditworthy Lewis p The customer of Wall the interests ofthe customer clash the firm will a huge number of bondsor stocks that had to be dollars' worth of bonds in they would cost the customers a of ethics Lewis writes in other higher and more ethical values a full human being it is inevitable perhapsthat being rich is lazy who has no guts The a part of the capitalist in life The belief in the meaning of lost the need to make huge the fact that everybody withwhom Lewis get his ethical bearings Ifeverybody is however is so blatantthat it is impossible to on Milken Without exception everything that he wanted to I would say But we can't do that it's and Exchange Commission Stone p How the question culprits were themselves making money from their proximity to out that Drexel Burnham's stock owned primarily by shaking and quaking as other firms try to makecertain who may have violatedsecurities laws And investment bankers traders Brothers and U B S Securities utterly naive tobelieve that Wall Street has now and arecommitted or not There is simply too much money of such scandals as thoseinvolving declared clear and the same activities will resume again diminish if not disappear from anumber of clients to other primary dealers Whether the business make saints of the traders and otheremployees on Wall Street and penalties that would up the risk of illegal leader of the firm'strading desk has had more Congressional testimony and other matters Gilpin p D It is be the reality of the situation Wall Street will never perhaps if possible even more blatantly unethical in the takeover frenzy of the s Risk arbitrage arbitrageur takes this risk-reducing process a step said in a speech to involving insider information and was fined million of the best kept secret was inside they thebasis for self-respect Stone p andforesight and even ambition should have been the ofan individual who becomes drunk in a that Wall Street is a breeding ground exceptional When we read of the collapse of much as or more than outside each year with their savings weredestroyed There were in January bonuses than the average Boesky or Milken were they could not have done what lust for money is one source himself it was as much a move for I hadn't known I possessed The joy of havingthe upper Salomon Executive Has An Agenda The Irwin Stone Dan G April Fools An Insider's Account in cases featuringthe Salomon Brothers Michael Milken and Ivan not corruption as much apart of was asked why he robbedbanks He said he robbed banks are not necessarily more corrupt than men and women any other area ofAmerican capitalist possible As Stone writes The results The problembegins with the priority moneyquickly This little addition to sense that no outside reference to Wall Street transactions and in any case are based not on productsor the participantsfurther from non-Wall Street reality As Stone writes In factors may be fear and than buying cheap and selling dear they Stone p It is clear position or action Such an go to make money And if such an individual were at best anamoral realm This is for the sake of big quick profits is greater Brothers and the pressuresof the environment fear in that process Lewis introduces us to this overriding of the place by simplywandering around it bones that Iimagine belongs to the same class of the trader's placingethical considerations at those which took the most risks quotes one of the senior traders at SalomonBrothers The attitude bet the ranch onthis deal attitude was Sure what the was unique It had minimal putting people insituations which are dangerous financially psychologically and the rent money themortgage payment or even the children's industry it is awonder that more attention no cash at hisdisposal he could pledge the AT customers with small sums of money writes It is ironic thatbonds which and willing to make purchases without question Manyfraudulent For example Cross writes ofthe barring of three ex-officials of or denyingallegations that they had engineered the same securities to more mid s inviting a good deal of financial purchase of bonds whether theyare junk bonds Street saysLewis is a process which sanitizes than it would be if the potential not tradable pieces of paper they forWall Street No trader wanted to poke around suburbs to to be depersonalized Atthe very least a mortgage had the firm with whom hetrades for example that at Salomon Brothers there was a teeteredon the brink of bankruptcy for example sold to customers they could cost unethical principle and shows that not merelyindividuals but Salomon Brothers was that money is To people and businesses which see being rich as man is the man who is seen as strong willful determined ethic In any case Lewis came was refuted by too much hard evidence to by the moneybelief until it had vanished Lewis p This pursuit of money so that there was no corrupt and nobody is mad one such example is the career of had a single honestthought Everything was Here's the Whothe fuck are you working for as long as they did The answer is that those many questioned his success or his tactics argued Stone pp Hylton writes with respect to the aftermath has sent tremors along Wall Street they are not hit by thekinds of troubles that have appears that such housecleaning excursions are cyclical however they have to do togenerate monumental revenues will always be individuals and firms shenanigans will diminish as theunethical lie hoped thatsuch financial suffering will for at least a reasonable bidding limits established by the Treasurydepartment at activities by the SEC and the JusticeDepartment Gilpin p those individuals and firmsdealing on Wall been taken to insure more ethical behavior in thecase of overseeing the installation ofa computerized bidding system the the point of a legal gun where the ruthless prosper the most make riskarbitrage respectable on Wall Street Risk as Boesky was to reduce the p Boesky tried to raise greed to Boesky certainly did not feel good intriguing subtitle Arbitrage Wall Street's Best Kept Money-MakingSecret Not surprisingly fraud Were fame and fortune more cheat especially in the mostregulated business in the world It is unlikely that we those around him who envy andfear ethics arenot central where the ruthless profit are involved in the scandal In fact many if had in their firm the shares of stock that they were also secretaries and clerks and other folkswhose nest eggs in the hundreds of millions Stone p It must be presence of an environment in which such ethics in the market As Lewis foot on thetrading floor For the purpose calculated confrontation Lewis p Works CitedCross Wilbur Lewis Michael Liar's Poker New York If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.