The Credit Crisis And The Moral Responsibility Of Professionals In Finance

Starting from MacIntyre's virtue ethics, the authors investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, they define three core virtues: honesty, due care and accuracy. They compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves.