The Great Debate UK
from The Great Debate:
A blueprint to make banks behave
Banking integrity has become an oxymoron. Top bankers need to change this and take responsibility for tackling ethical issues. For this to happen, every part of the organization – from senior management to human resources managers to those on the trading floor and beyond – should be assessed according to the contribution it makes to promoting ethical values, not just the bottom line.
The investigations into the LIBOR rate-rigging scandal showed how commonplace bribery among dealers had become. For example, between September 2008 and August 2009 a single trader at the Royal Bank of Scotland had made corrupt payments to interbank brokers on 30 occasions, by means of risk-free transactions known as "wash trades."
While the likes of Barclays and RBS have acknowledged wrongdoings and vowed to change course, it’s no longer enough to mollify critics with soothing words, apologies and empty gestures.
That is why we at Transparency International are challenging banks to immediately initiate sustained industry-wide reforms. These reforms should have the clear commitment and buy-in of the most senior bank executives. A new generation of banking management is needed, one that is prepared to devote as much time and money to developing ethical standards as they once spent on circumventing them.
from The Great Debate:
Should we ditch the idea of privacy?
The ubiquity of digital gadgets and sensors, the pervasiveness of networks and the benefits of sharing very personal information through social media have led some to argue that privacy as a social norm is changing and becoming an outmoded concept. In this three-part series Don Tapscott questions this view, arguing that we each need a personal privacy strategy.
Since I co-authored a book on privacy and the Internet 15 years ago I’ve been writing about how to manage the various threats to the security and control of our personal information. But today I find myself in a completely unexpected discussion. A growing number of people argue that the notion of having a private life in which we carefully restrict what information we share with others may not be a good idea. Instead, sharing our intimate, personal information with others would benefit us individually and as a society.
from For the Record:
A is for abattoir; Z is for ZULU: All in the Handbook of Journalism
Dean Wright is Global Editor, Ethics, Innovation and News Standards. Any opinions are his own.
The first entry is abattoir (not abbatoir); the last is ZULU (a term used by Western military forces to mean GMT).
from For the Record:
After the warm glow, telling the cold, hard truths
Dean Wright is Global Editor, Ethics, Innovation and News Standards. Any opinions are his own.
The president was inaugurated in front of adoring crowds and positive reviews in the media. As the unpopular incumbent sat on the platform with him, the new Democratic chief executive took office as the nation faced a crippling economic crisis. The incoming president was a charismatic figure who had run a brilliant campaign and had handled the press with aplomb. The media were ready to give him a break.
