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Bestselling author and professor Ted Malloch calls for real financial reform to restore confidence and fairness to a broken system
From Ponzi schemes to the credit crisis to the real estate bubble, the financial industry seems to have lost its way on the road to riches. As private greed continues to undermine the public good, one might wonder what ever happened to business ethics. And how can we reform the global financial system to benefit everyone, rather than just the very lucky few? In The End of Ethics and the Way Back, the bestselling author of Doing Virtuous Business teams up with attorney and Yale University Postdoctoral Fellow, Jordan Mamorsky to examine the most recent failures of business virtue, prudence, and governance—from Bernie Madoff to Jon Corzine and MF Global—before offering a set of structural and holistic solutions for our current ethical crisis in global finance.
- Features compelling case studies that reveal the saturation of economic vice in global finance
- Suggests structural reforms to the global financial system that would increase confidence among consumers and encourage ethical behavior among finance professionals
- Written by Ted Malloch, author of the bestseller Doing Virtuous Business with attorney Jordan Mamorsky
- Ideal for financial regulators, business students and academics, and professionals in the finance industry
- Sales Rank: #1112324 in eBooks
- Published on: 2013-02-22
- Released on: 2013-02-22
- Format: Kindle eBook
Amazon.com Review
Q & A with Ted Malloch
What does the end of ethics mean?
This book is about how we have lost virtue in our society, why it matters, what the arc of trust provides in markets, as well as a close look at the worst of the worst cases of economic vice.
But it is not about just a glass that is half empty. It is about refilling the glass -- that is the core of this book. Without all of our diligent efforts at the personal, corporate, cultural and societal levels we will fall further into the abyss. It is about restoring the radius of trust, overcoming the Bell thesis, and regaining what Ropke argued in his seminal work on The Humane Economy, namely, the fact that without honesty and trust the market degenerates and our economy (now global in nature) will spin out of control.
Why should readers care about economic vice?
This book grew out of a lifetime of thinking and work experiences. We both witnessed what appeared at first to be the misdeeds of a 'few rotten apples' but in the last decade spurned a devastating global credit crisis with devastating impacts. The problem is now systemic. That troubles us, deeply and it affects everyone.
How can we find the way back?
The book identifies solutions to problems deeply embedded in global markets, corporate cultures, and interpersonal business dealings. The recommendations are designed to provide a roadmap for an essential return to ethics, virtue, and sustainable global economic growth. They are market based but require major changes on all fronts. They revolve around personal responsibility and character, corporate culture and regulatory frameworks.
The targeted goal must be to rebuild the international bridges of economic vitality, increase competition, develop investor trust especially in the banking system, and focus upon our own ethical awareness as global citizens.
There exists an overwhelming and systemic need to overcome economic vice with virtue. Restoration of shareholder trust in the corporate modality is imperative so that free markets and people everywhere can prosper.
Why did you write this book?
It is fundamentally necessary to find the map that leads us out of the vice-ridden maze we have created.
Yet, in order to find the way back, we must become uncomfortable where we are now.
We must not blame others for our current ethical malaise because, on a systemic level, vice has consumed us. The straw men villains 24-hour media has created whether CEO's, Presidents, Politicians, Celebrities, or Sports leader only exhibit the values that we all have accepted on a global level.
Greed is everywhere.
Lambast Gordon Gekko all you want as an out of control glutton, yet, he has his progeny all over the world. This is accepted. This is the new normal.
We can no longer look to our governments for virtue and pragmatism. They have uniformly betrayed us. Indeed, nearly every post-industrial nation is battling gigantic black holes of public debt. This massive debt could have been easily avoided through prudential sustainability. Yet, world governments have discharged their immense responsibilities as public stewards.
They have unremorsefully maxed out their own credit cards which, unfortunately never had a limit and (still do not). Rationalizing out of control spending when you do not have the money to pay for such costs, now, or ever, is a heinous betrayal of public duties and a manifestation of the classical seven deadly sins on a grand scale.
Sadly, eventual consequences are never considered. Not enough companies, governments, and individuals consider long-term investment. Money changes hands like tissue paper. Credit, debt, and risk for the purpose short-term prosperity have become a tragic universal maxim.
The cases in the first section of the book demonstrate the manifestation of the seven deadly sins in the corporate environment. These sins, once used as a tool to instruct and understand our own weaknesses and temptations, and become better human beings, are now celebrated as beacons of supposed success.
Being "rich" greedy, prideful, gluttonous, wrathful, envious, lazy and obsessed with lust, is no longer frowned upon, it is widely celebrated. Deadly vices are no longer seen as evil outcomes, they are now retained societal norms.
From the Inside Flap
Even now, in the wake of the worst financial crisis since the Great Depression, Wall Street bankers, fund managers, and corporate leaders, in an effort to appease unrealistic shareholder expectations while feeding their own corrosive greed, are doing all in their power to avoid reform. Untroubled by the economic calamities they helped engender in the past, and unfazed by toothless reform efforts such as Dodd-Frank, too-big-to-fail banks are bigger and more unaccountable than ever. Everything from Ponzi schemes to massive accounting fraud, interest rate rigging to money laundering on an epic scale continue to chip away at the foundations of the global economy.
As the excesses of private greed continue to undermine the public good on a level never before witnessed, one can only wonder if Adam Smith's "virtuous circle" has, at last, gone off the rails, and, if so, what can be done to set it right once again and restore the ethical compass of a once great economic system.
In The End of Ethics and a Way Back, Theodore Malloch, author of the international bestseller Doing Virtuous Business, and attorney and Yale University postdoctoral fellow, Jordan Mamorsky, make an impassioned call for an end to corrupt and irresponsible capitalism and the restoration of a more virtuous, ethics-based version. More importantly, they offer cogent, well-reasoned prescriptions for how to achieve that end.
In Part One, the authors explore some of the most outrageous recent examples of financial vice, including the LIBOR scandal, the demise of Lehman Brothers, ratings agency corruption, John Corzine's MF Global, Tyco, and Bernie Madoff's two-decade Ponzi scheme, among others. In a series of compelling case studies, Malloch and Mamorsky chronicle how those organizations and their leaders lost their way and the havoc their reckless, often criminal activities wreaked globally.
In Part Two, the authors concentrate on what can be done to pull us back from the brink of total economic chaos. They propound well-reasoned solutions to problems deeply embedded in global markets and corporate cultures, including:
- Restructure the SEC and staff it with better qualified, better compensated investigators
- Institute new rules of the financial game, beginning with reinstitution of Glass-Steagall
- Take the exotic derivatives market in hand—including the aggressive regulation of CDSs
- Devise aggressive new accounting rules to curtail accounting gimmickry and "shadow banking" leading to off–balance sheet risk
- Reign in the commodities markets with better and more frequent regulatory audits and smarter corporate governance
- Implement stronger fiduciary standards and enhanced transparency for retail investors
Offering a penetrating, at times controversial analysis of the demise of virtuous capitalism, and a road map for achieving a return to ethics, virtue, and sustainable economic growth—The End of Ethics and a Way Back is a must-read for lawmakers, financial regulators, financial advisors and auditors, journalists and media commentators, and all thoughtful observers of current affairs.
From the Back Cover
"An extraordinarily insightful work! This book takes the reader from the symptomatic to the seminal issues in corporate ethics. Ted Malloch brings home to us in no uncertain terms that economic value cannot sustain itself without the foundation of wholesome human values. CEOs, leaders in governments, and heads of educational institutions and the non-profit sector will benefit immensely from reading this work. It is easily one of the best books I have read in a decade."
—Professor Debashis Chatterjee, Director, Indian Institute of Management, Kozhikode; author of Timeless Leadership
"Malloch takes a stand against the 'world disorder' of economic vice and short-term thinking that he argues has eroded values on Wall Street, Main Street, and throughout society. A sobering assessment rooted in virtuous principle and a passion for rebuilding trust, reimagining our institutions, and demanding better of ourselves."
—Dipak C. Jain, Dean, INSEAD, France
"The authors of this book understand the crucial distinction between ethics and mere compliance, and convey the decline of ethical values in the workplace in a clear and straightforward manner. This is a very important book for those seeking to get the financial system back on the right track."
—Jonathan R. Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School
"The End of Ethics is like a plumb line. It goes straight to the heart of the issue. Highly readable, it pulls no punches in detailing some of the worst cases of recent economic fraud. Then it puts forward sensible solutions that can discourage such widespread abuse of our freedoms. Read it to understand what is wrong with our current form of capitalism and how you can help to set it right."
—Prabhu Guptara, Executive Director, Wolfsberg UBS, Switzerland
"The End of Ethics provides a fascinating account of the interaction between personal greed, flawed corporate cultures, and a lack of accountability and oversight within the broader financial system. The conclusions it draws are as much an injunction against the tacit acceptance within many corporations that greed is good, as it is a challenge to re-establish capitalism's moral compass. As such, this book educates and inspires."
—Mollie Painter-Morland, Associate Director and Professor, Institute for Business and Professional Ethics, DePaul University
Most helpful customer reviews
6 of 6 people found the following review helpful.
Not all that depressing...
By Neal Reynolds
Okay, the first section of the book which details exactly where we are and how we got there is extremely downbeat. But the second section offers hope through actions recommended by the authors. We, the people, can't implement these measures on our own, but we have a voice and we can make that voice heard. Step one is reading this book, and ghen getting steamed up and voice our concerns to our elected officials, in letters to our newspaper editors, and in our blogs.
16 of 21 people found the following review helpful.
Probably correct, but so annoying!
By Evelyn Uyemura
The facts that are reported in this book are undoubtedly correct--the corporate culture of America is a mess, with exhibits from Madoff to Goldman Sachs to prove the point. And the solution will require people to start behaving better.
But this book annoyed me from start to finish. First, let's look at the price of the book--the list price is $39.95, discounted at amazon to $27.95, and available as a kindle edition for $19.99! For a book that claims to advocate the virtues of thrift and the decadence of highly-paid executives, that's way out of line! But if the book had included real research, maybe I would be willing to pay the price, However, it doesn't. The main part of the book is a re-hash of articles from websites available for free. Many chapters have notes that go on with ibid, ibid, ibid for pages--in other words, they're just restating what someone else already wrote. In addition, the editing is pitiful. Rivier College is referred to as River college, vicious circles are called viscous circles, and Lehman Brothers is spelled both correctly and as Leman Brothers in the same paragraph. The English usage is also frequently awkward and cliched. If you're going to write a book about the importance of integrity, hard work, and personal responsibility, I would hope that you would show a little more integrity than this, for $40! (Full disclosure: I received this book for free in exchange for an unbiased review.)
Then, there's the intro, or rather one of several intros, in which we are treated to a lecture delivered by Sir John Marks Templeton on how capitalism and Christianity go hand in hand. Templeton (known for his Templeton Prize) also states (falsely, I believe) that capitalism, or "the capitalist institutions of property, trade, and cooperation" have always existed. In fact, capitalism is dependent on the ability to lend money for interest, a practice which was condemned as usury by the Judeo-Christian tradition that both Templeton and the authors of this book claim to champion.
The next intro sets up the thesis of the book, which is that the root of our problem today, and the cause of the 2008 financial crisis, is the 7 deadly sins. The authors go through quite a few contortions trying to demonstrate that various sins, such as gluttony, pride, lust, and of course plain old greed are the reason that the economy tanked. They add moralistic terms such as these to their narratives over and over again. For example, in discussing Madoff, it's not enough to say that the guy was greedy. His besetting sin is diagnosed as lust, because he had topless waitresses at parties he threw. Gluttony is the charge against corporations that conducted too many corporate mergers. And so on. If someone is going to turn out to be a bad guy, even his youthful successes will be described as "prideful" or "greedy" or "gluttonous."
In some cases, their accusations don't even make sense. They condemn Bear Stearns for exhibiting pride by hiring a guy named Jimmy Cayne on the basis of his bridge-playing ability. It was Cayne who brought about the destruction of this formerly great company, because he didn't have the right kind of education to lead a company--even though they themselves also note that Cayne was hired in 1969, and the company had its first quarterly loss in 2007! Undoubtedly, Cayne, and Bear Stearns, were derelict in focusing on a bridge tournament when the company was circling the drain. But if the guy worked there since 1969, surely he had acquired a few skills along the way, and whatever it was that he was doing seemed to work for 38 years! Yet they end the chapter by saying that "Cayne's hiring alone demonstrates that the firm was long on bravado and short on rational pragmatism."
The final section of the book, in which the authors offer "a way back" comes across as simplistic and naive. The primary author, who gives his name as Theodore Roosevelt Malloch, is eager to point out that he is "a distant relative" of President Theodore Roosevelt, and he thinks that TR is a useful model to look to. Mr. T. R. Malloch has what sound like very respectable credentials, but it's hard to take seriously a section heading called "A Dummies' Guide to Save the SEC" that takes up less than a page of the book. They criticize the SEC for calling in (and paying for) consulting firms, and offer to do the job for free! Their handy bit of wisdom can be boiled down to two things--hire smarter people and pay them better, and create an "ethics hotline." All right then.
They also give us the following in-depth analysis of theories of prosperity and wealth creation:
"1. Wealth is viewed as the product of magic, alchemy, or wizadry, poof!
"2. Prosperity is the product of tribal or national conquest. Guess what? You have it and I am taking it.
"3. Prosperity is rooted in the value of human creative capacity" (p. 224)
No, really, those are their exact words. I'll take door #3, of course! But does this go any ways towards explaining why the creative capacity in Haiti and the Congo seems to get people so much less than the creative capacity of Wall Street traders? Does it explain why the creativity of trash pickers in India, and our own inner cities, leaves people still impoverished, while a clever guy like Jamie Dimon gets rich? (Interestingly, they praise Dimon on p. 200-201 as showing shrewdness and good judgment, despite the fact that he's hardly a paragon of their favorite virtue, thrift, with (according to Wikipedia) "$23 million pay package for fiscal year 2011, more than any other bank CEO in the United States."
Between the moralizing, the bad writing, and the simplistic solutions offered to complex problems, I found this book endlessly aggravating. Even the title is silly--"The End of Ethics"? What the heck is that supposed to mean? Were people really just of better character back in the 1950s--or did the system have different incentives, and more equitable laws and tax structures? By putting the emphasis on individual character and virtue or vice (words they use over and over again), they take attention away from the lack of regulation that has allowed such "vice" to flourish, although in the end, they prescribe better regulation, not more morality. They themselves are at pains to point out the bad guys' religious backgrounds, and lots of them are noted as being Jewish, but when a Catholic goes astray, it is noted as somehow an anomaly--despite his Catholic education, this guy fell prey to vices.
Still not convinced that this is a shoddy book? Ok, have a look at p. 233, in which they discuss "the paradox of thrift." They explain this important phrase as being "a raging debate" about whether there is "some magic number or formulae (sic) for the level of savings in a given country." They contrast Adam Smith's appreciation for thrift as a virtue with John Maynard Keynes's position that "a high savings rate [is] far from a virtue." No one who doesn't already understand what underlies the paradox of thrift, namely that if everyone stops spending at once, it will make everyone poorer, since your spending is my income and vice versa, will come away any the wiser. They don't want to explain the paradox of thrift, because they want to convince you that the reason our economy is a mess is because crass people got greedy and spent too much money, not that there could be anything fundamentally wrong with capitalism.
2 of 2 people found the following review helpful.
There are better books to understand the recent economic crisis
By Sukru Tikves
In the end of ethics, the authors try to support the thesis that the recent economic problems were caused by people and organizations driven by the seven sins, and claims to be the first comprehensive study in this area. However if falls shorts on both fronts, and turns out a not so engaging read.
The book starts with describing the Christian ethics based upon the seven sins, and then the major part of the text tries to associate the economic vices with them. While some are obvious - like greed, and lying, the rest seem to be not so natural, but forced. And even assuming this might be acceptable to a level, the focus on individuals is - for lack of a better word - IS childish.
The authors do the association of companies with the sins `by vilifying some selected CEOs and similar managers. I'm no expert, but this act itself seemed to be non ethical. Our economic problems are systemic, and focusing on individuals (who are already in jail) lowers the quality of the book.
And being the first comprehensive study is a bold claim. I found this book neither the first, not comprehensive. For example, The Big Short tells better tales of the individuals, without vilifying, and The Unfair Trade gives the larger picture in a more comprehensive way.
See all 24 customer reviews...
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