Corporate Governanace and Ethics Colleagues †MyAssignmenthelp.com

Question: Discuss about the Corporate Governanace and Ethics Colleagues. Answer: Introduction: A multimillionaire and star trader at Barclays can be said to be expecting to receive a prison sentence along with three of his former colleagues for being involved as a ring leader to manipulate interest rates of London Inter Bank Offered Rate(LIBOR). It can be said that the conviction of the sole traders has been proved to be a victory for the Serious Fraud Office. The Fraud Office had been investigating into the LIBOR scandals for a time period of four years (www.theguardian.com 2018). Eric Bommensath, a merchant and a former co head of the Barclays investment bank was one on the instrumental persons who had been involved in the fraud. However Bommensath did not accept his involvement in the scandal in court and stated that he was unaware of how Barclays banks submissions arrived. The Ethical theory of consequentialism belongs to a class of normative ethics which states that consequences of the actions of individuals are the only ways to assess whether such actions of individuals are right or wrong (Conly 2018). Therefore it can be stated that from the perspective of the theory of consequentialism, a morally and ethically right act is one which produces good outcomes and consequences. The theories of consequentialism contrast with the theories of deontology which focuses on the moral duty of the person in assessing whether any action undertaken by them is right or wrong. Thus by assessing the actions Barclays bank from the standpoint of consequentiaism, it can be said that the traders of the bank exhibited unethical behavior. The consequence of such behavior was financial crisis which affected the society at large. Reference List: Bowers, S. (2018).Libor-rigging scandal: three former Barclays traders found guilty. [online] the Guardian. Available at: https://www.theguardian.com/business/2016/jul/04/libor-rigging-scandal-three-former-barclays-traders-found-guilty [Accessed 27 Mar. 2018]. Conly, S., 2018. Consequentialism, paternalism, and the value of liberty. InThe Routledge Handbook of the Philosophy of Paternalism(pp. 95-105). Routledge.