It is usually easier to make progress when you start from a lower position, as each increment has a bigger impact. This does not seem to be the case with the banking sector, which has been blamed for the economic crisis that has gone global and whose ethical rankings slipped tremendously since 2008.
The Banking sector report published by Covalence (the Swiss ethical ranking company) shows that the ethical reputation of banks seems to show smaller progress than the other sectors . Probably because they are still shy in offering sustainable products, which negatively affects their score. Most of their clients are still concerned about preserving and growing their assets after the stock market re-adjustment.
For the press release and link towards the report click here.
morning Beth
it's me again. the erosion of ethical standards in the banking sector has a history and did not, by my opinion, start in the 2008 crisis. The crisis only exposed facts that have lingered through time. The problem lies in the fact that money is an abstract product that can be multiplied in a jiffy without having to come up with a real counterpart. We are back to "musical chairs". It's money for the taking, one only needs to know how to handle the ropes.
best regards George Scheller
Posted by: George Scheller | November 12, 2010 at 10:18 AM
I certainly agree with you George. Financial crisis was only brought up to public in 2008 but it has already been there ever since your lender started pressuring you to pay your debt in the short span of time. I think it was both parties fault; people borrowing money to enjoy leisure even if the amounts is already out of their league and lenders keep on lending money to gain more receivable from its interest but unfortunately ended to disclosure. Financing is our means for living and this is the lesson that we should keep in mind. Borrowing money is not bad as long as you only take want you need.
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