NL
When did you last do something for the good of all humanity? It’s worth enquiring this of yourself following Lord Myners’ damning indictment of bankers’ morality.
Myners, who is currently the financial services secretary to the Treasury, has been so grossed out by the banking classes that he now intends to study theology instead of returning to fund management.
“…money has become everything. People have lost their sense of purpose. The absence of clear moral purpose is something that is very troubling,” he told The Times.
Naturally, it helps that Myners has already amassed a 30m personal fortune. But is there something in what he says?
Banking is not immoral, it is amoral. Admittedly, this may be why we’ve got ourselves into so much trouble, but we can’t be expected to change overnight goddammit.
I try to do the best I can, with the time that is given to me. You can change the world one small step at a time. I have always preferred voluntary work to just throwing money at the problem. My parents are from the public and not-for-profit sectors and always encouraged me to give back to those less fortunate. I only wish my friends and colleagues could be inclined to rethink their perspective on the world, but alas it’s usually futile. I choose to give to 3 causes of my choice (Friends of the Earth, Medicin San Frontier, NSPCC), and I also promote and volunteer to help with my Aunt’s charity in my country of origin. I’m a firm believer that what goes around comes around. Let’s hope that we all can begin to understand that most people working within the financial services industry have it so well, and a little kindness and altruism goes a long way
When theres money involved anything goes!
Do any of you get involved in your company’s CSR efforts? (That’s Corporate Social Responsability for those of you who are unsure). Do you think your efforts can make a difference?
@Interested Party
It all depends on what the CSR activities comprise of. From experience, I prefer to get directly involved with an organisation that’s close to my heart (ie. volunteer work in the evenings or weekends) or you do what most other do which is a firm-wide activity like a charity run etc. I think the former has greater efficacy in directly helping those in need, and often with the latter you’ll find that a great deal of the funding is lost within the “great bureaucracy”.
Why are we equating “morality” with “giving to charity” ?
Morality has to do with taking responsibility for ones actions from the viewpoint of long-term benefit for all.
You can’t compensate for irresponsibility by just giving to charity.
Taking responsibility means being aware of consequences, evaluating the desirability of them, and acting to make them more desirable.
Personally, I think modern banking fails at the first hurdle: being aware of consequences.
Banking, and capitalism in general, are by definition a force for good because their fundamental raison d’etre is to “create wealth by marrying the efficient allocation of capital with human skill and ingenuity”. It is in the “human” part that problems can occur because humans have to apply their judgement and moral values to their decision-making. Unfortunately humans exist along a spectrum ranging from the morally upstanding to the morally corrupt, right down to the venal and, consequently, business outcomes range from the highly commendable and even inspirational to the downright criminal. We don’t need new laws or a fundamental rethinking of financial theory, we just need to be better human beings. Sadly, the problem is us . . . or at least, some of us.
Asian in London-Havent you got anything better to do?!
Havent lost my morals as I never had any in the first place, hence I work in Investment Banking….and I love it
From my experience, many companies hire in the hundreds and when business slows down a bit they fire in hundreds too. People dont give them the opportunity to seek gainful employment after that, so holding them any longer appears like charity. This attitude has finally bred lack of loyalty amongst employees “I’ll take the next best offer because Im sure they will ask me walk any time”
I agree with Stewart that “morality does not equate to giving to charity”. I believe in capitalism with a human face. I try to do my share as and at when I can afford. For example, I tend to request that rather than buying me a gift for my leaving do ‘to donate their contributions to my favourite charities’. It’s about values and morals and individuals have to decide that for themselves. No one should be forced.