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How much corruption should be acceptable in business?

RedBaron · M
None. Most companies, especially publicly owned ones, have no tolerance for it.
RedBaron · M
@Palumbo98lucrezia And they also are regulated by government and industry authorities that require them to follow strict rules, and they have very specific rules and policies for employees that workers at all levels must abide by or face consequences. And by the way, I speak about this from personal experience with a large Wall Street firm. If you think the business world is a place where unfettered corruption is tolerated, then you are very naive. Perhaps you are a college student who has never worked in the real world. That would explain it.
@RedBaron Does your "real world" experience include any during the time that

1) junk obligations were repackaged in a major part of the main cause for the banking failure which precipitated a bailout of vast businesses which Republicans should have said should be allowed to go under due to "the market";

2) banks failed to do due diligence in lending (and talked people into loans they could not afford, sometimes by soliciting bribes), which was part of the bad obligations in #1;

3) Wells Fargo had policies whereby accounts were opened in account-holders' names without their consent;

4) the banks finally won their long battle to change the bankruptcy law for all rather than for the few who were actually abusing it (cf. D J Trump, the self-proclaimed "successful" businessman who has gone into bankruptcy how many times...?);

5) various scam artists who took the earnest money & life savings of many investors in order to defraud them through straight investment scams or corporate scams (Enron);

6) business people leading large companies into bankruptcy due to their poor policies, who then gave themselves raises, paid a huge amount to a new hire to fix things, and still did not succeed (K-Mart);

7) business people who could not take criticism from a hugely invested board member, bought him out in spite, in cash (750 M$), then announced that a major new manufacturing initiative would be very delayed (GM's Roger Smith, hated H. Ross Perot's criticism, bought him out, announced that the Saturn initiative would be delayed);

8) evading environmental laws/regulations through illegal dumping, etc., or taking constant fines as a cost of doing business rather than being responsible corporate citizens, good neighbors, etc.;

9) fracking, involving chemicals the frackers won't disclose & resulting in joining aquifers which were heretofor separate, giving pollution a means to spread and endangering health & the environment;

10) industries dumping money into campaigns to overturn health and other regulations...

besides

11) overpaying the very executives who lead the businesses into bankruptcy or along bad/stupid paths as a matter of course...

?

Is that the real world in which you worked?

Many involve illegal behavior, some also involve behavior which should be dealt with by "the invisible hand" of the market, but privatizing gains and letting everyone pick up the losses seems to be the new tactic for businesses since tge banking debacle...
RedBaron · M
@SomeMichGuy I wasn't responsible for any of that. But I know of people who were terminated by their firms and barred from working in the industry by FINRA, the Financial Industry Regulatory Authority, because they misappropriated client funds. There is zero tolerance for messing around with other people's money.
MrAverage1965 · 61-69, M
None but sadly the rich and powerful think they can do anything they like so sadly we will never rid the world of corruption.
Longtokiss · 56-60, M
None. Everyone should be honest.
ShadowDancer · 41-45, M
A little rough around the edges can't be all bad

 
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