The right decision for these bank executives would have been to take a utilitarian ethical approach and not accepted their bonuses. Executives would have been able to follow either consequential or deontological ethics by following these limits imposed.
It's the only thing you have to give and you're in a hurry. The choice was made out of consequence. Both falter when compared to virtue ethics, in my opinion, which is the closest to where I reside among the various historical options.
Banks caused this fallout by giving out home loans to unqualified borrowers. They also followed the rules by accepting the bonuses.
The right decision for these bank executives would have been to take a utilitarian ethical approach and not accepted their bonuses. By failing to do so they left the door open for banks and executives to make ethical choices on their own.
Traditionally, though, utilitarians have sought to increase pleasure whereas deontology encourages people to ignore pleasure when making decisions though Kant claimed that decisions shouldn't be made on the basis of pleasure, he did make the claim that following the categorical imperative would optimize pleasure as a side effect.
In the case of autonomy, the principle stipulates that the ethical theory should give room for people to rein over themselves and be able to make decisions that affect their lives. Being human is part of the dilemma. This theory also borrows from the ethical principle of autonomy.
By failing to do so they left the door open for banks and executives to make ethical choices on their own. In the current scenario, we get to see utilitarian perspective countermanding the deontological perspective and hence most ethical and moral dilemmas.
The banks approved loans they know could not be repaid by the borrower because of the terms such as adjustable rates.
A balance between these two perspectives would bring better harmony and justice to medical practice. An act is thus considered right if it produces the greatest amount of pleasure and the least harm.
In practical ethics, two arms of thoughts exist in decision-making: How thoughtful of you to reserve an option for me! Those who ignore this golden rule of looking before one leaps live to tell the repercussions. Morals shouldn't be universalized, but that doesn't mean that they, in some way, shouldn't be reaching towards a sort of universalization.
The second step is to determine all the beneficial and harmful consequences of each course of action for everyone affected by the action. Should have these top executives of these major banks that received the bailout money been allowed to receive large bonuses?
If the government had placed limitations regulating excessive bonuses this could have been avoided. These executives were at the helm when these banks failed. Executives used deontological ethics because they focused on their rights and entitlements as executives.
Financial executives were following the ideology of deontology when they made their decision to take their multi-billion dollar bonuses. According to this principle, a party should opt to do the least harm possible and met the harm to the least number of people if it is impossible to avoid the harm Rawls, Finally, weighing the consequences using the utilitarian theory the greatest benefit would be for the executives to refuse the bonus.
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I also questioned whether the bank bailout money was necessary because the banks had enough money to give out large bonuses. Since its official inception inWikileaks has unraveled large amounts of dataset on various issues like the secret Afghan and Iraq war documents.
This means that everyone must act in the same manner as the deontologist. There are so many moments in your life when you need a helping hand, so let us take care of great essays and you academic writing.
The cat in the box does not exist because I can't see it. On Wall Street a bonus is an equivocal right with no strings attached. According to FreifeldCitigroup Inc. I also stated that the bank executives could have been ethically right under the pretense of deontology.
A deontologist cannot do this, because they only follow universal law. This means that executing ones line of duty is ethically correct.Utilitarian And Deontological Approach To Bank Bailouts Abstract This paper explores the ethics of bank executives receiving large bonuses despite the fact that they received a bailoutI identify the utilitarian and deontological implications of these executives’ actions.
This paper also examines if the executives deserved the bonuses, did the banks need a bonus, and how the banks should. Through the ages, there have emerged multiple common moral theories and traditions. We will cover each one briefly below with explanations and how they differ from other moral theories.
Consequentialist theories, unlike virtue and deontological theories, hold that only the consequences, or outcomes. Oct 22, · Utilitarian theory, Virtue ethics, and Deontological are some of the examples of major ethical theories that covered in this essay.
Collaboration on personal experiences added as well by explaining the relationship. Utilitarian ethics is a view The deontological view The virtue-based approach that assesses the moral assesses actions based on the focuses on the development Ethics and The Uninsured.
Utilitarian And Deontological Approach To Bank Bailouts Abstract This paper explores the ethics of bank executives receiving large bonuses despite the fact that they received a bailoutI identify the utilitarian and deontological implications of these executives’ actions. This paper also examines if the executives deserved the bonuses, did the.
In contrast, rewards came even at banks where poor results foretold the economic crisis that sent them to Washington for a government rescue (Despite Bailout, Bank Chiefs Received Bonuses, ).
In such a situation, American banks should take into consideration the position and interests of the majority.Download