Bridge over ocean
1 May 2006 Financial Analysts Journal Volume 62, Issue 3

Corporate Finance and Original Sin

  1. William J. Bernstein

The unique characteristics of the financial services industry present practitioners with challenging ethical demands. Of these, the potential for extraordinary monetary gain and the moral anesthesia resulting from the inward-looking nature of the profession conspire to hamstring effective regulation by industry insiders. Effective control of the industry must come from outside the industry. The choice is between regulation by a private entity and regulation by a governmental body.

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