Financial traders openly frame ethics as a business liability rather than moral failing

Evidence

As one trader reported, “I leave my ethics at the door.” Some executives expressed their cynicism openly (Gouet, 2012), proclaiming, “Ethics is a liability in business.” In an e-mail to his girlfriend, Fabrice Tourre expressed no regret for selling toxic mortgage bonds that were destined to fail: “Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the U.S. consumer with more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;) amazing how good I am at convincing myself!!!” — Albert Bandura, Moral Disengagement, 1511

Categorization

• SHARE: The Tourre email ’;) amazing how good I am at convincing myself’ is perfect for anyone writing about moral disengagement, self-deception, or financial ethics.
• CANDY: The Tourre email with the winking emoticon about ‘convincing myself’ of noble reasons is darkly funny and tweetable.
• ADDENDUM: Relevant tradecraft supporting the pattern of self-comfort and euphemism that frames harmful conduct as justifiable.