Ethics is a meaning that can change from one person to another. What could be ethic for one individual could not be for others. Ethics is a moral principle that rules over an individual’s behavior or judgment. Basically, ethics is about a person’s judgement about right or wrong, how they evaluate the decisions, and how they can react in a determine moment. Ethics is a very complicated subject because people think in different ways in different scenarios.
Usually, ethics in business is rule by a code which individuals most follow. Ethics in business is how you act in a determine deal, and how you represent your organization or your company. Ethics in business can have a positive or negative impact in the businesses core value. Ethics is very important in the global banking industry because the ethic of the bank can be affected in the trust of customers and more importantly the reputation of the bank itself, since no one would like to be in business with a bank that has a record of not being ethical and not keeping their promises.
This case is about the Security and Exchange Commission (SEC) finding guilty Petrobras Brazileiro S.A. an oil company control by the Brazilian Government, of filing erroneous financial statements that lead U.S investors to invest in the company. This case also involved how the company was involved in one the biggest bribery scandals in Latin America. “Their executives were accepting payments from contractors to inflate the cost of Petrobras’ infrastructure projects by billions of dollars. The companies executing those projects paid billions in kickbacks to the Petrobras executives, who shared the illegal payments with Brazilian politicians who helped them obtain their high-level positions at Petrobras.”('Petrobras Reaches Settlement with SEC for Misleading Investors' 2018). When Petrobras got those payments, they recorded them as money used to buy more assets resulting in around $2.5 billion overstatement of assets. The SEC fined Petrobras with around $1.8 billion in penalties.
There were some people involved in this case. To begin, Petrobras, the executives’ team and the politicians that were bribed. In the other hand, we have the Security and Exchange Commission (SEC) who was the agency who charged the Brazilian company. Also, the prosecutor in this case were Spencer Bendell, Lance Jasper, Rhoda Chang, and Maria Rodriguez. The Federal Bureau of Investigation (FBI), the Brazilian Federal Prosecution Service, the Brazilian Federal Police , and the Brazil’s Comissao de Valores Mobiliarios were also part of the investigation. All of them, being key players to arrive to the final sentence. I would like to mention that this case of bribery is part of a bigger case that end up with the former president of Brazil Luis Inacio Lula Da Silva in jail, more specifically, with a 12 years sentence.
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What are Ethics and their Importance in Global Banking and Business Today?
(2022, Jun 16). Edubirdie. Retrieved April 27, 2024, from https://edubirdie.com/examples/what-are-ethics-and-their-importance-in-global-banking-and-business-today/
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2022 Jun 16 [cited 2024 Apr 27].
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