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In the business environment, there are series of moral dilemmas that often arise in the process of running or managing a situation. Reflectively, the moral dilemmas may be experienced in the balancing, management, or accounting departments of a company.
The article, “SFO sends in specialist to probe Lloyds” by Goff, Binham, Arnold, and Parker discusses the ethical dilemmas in the alleged rigging of rates by the Lloyds Banking Group. The article was published on 29th July, 2014 in the Financial Times Journal.
Explicit review of this article revolves around the unethical rates rigging at the Lloyds Banking Group. Reflectively, the review will authenticate its relevance to class discussion and conceptualised ideas discussed within its periphery of ideal and actualisation.
The article discusses the conduct of some of the Lloyds Banking Group’s stakeholders to manipulate the rates in favour of the bank. The authors note that rigging of rates in the banking sector is a serious crime and the Lloyds Banking Group had to pay a fine of 218 million pounds to the US and UK authorities.
As indicated in the article, some of the current and former employees of the bank were involved in the unethical act. Despite the fact that there was little or no personal financial gain from this act, the authors note that the act was against the ethical code of conduct between the bank and its customers (Goff, Binham, Arnold, and Parker, par. 3).
Business ethics are presented in the article as influenced by internal and external factors which when improperly aligned result in ethical dilemma.
The main contributory factors to ethical dilemma in the business environment as noted by the authors include personal feelings and thoughts that are improper, especially on self-concept, motivation, attitudes, emotions and perceptions which should be controlled and aligned to the moral of the company (Goff, Binham, Arnold, and Parker, par. 6).
Analysis and application
The crime committed by the stakeholders involved in rate rigging at the Lloyds Banking Group can be categorized into three aspects of ethical dilemma as discussed in the class. Specifically, these are conspiracy, falsehood, and fraud. Based on the code of ethics, it is clear that the stakeholders responsible for the rates rigging breached all the ethical principles of business management (Schaffer, Agusti, and Dhooge 31).
The stakeholders involved in the scandal were competent but they did not exercise professional due care and apt professional behaviour that was expected of persons of their calibre. In addition, the stakeholders did not exercise integrity when manipulating the rate within the premises of the bank.
They also lacked integrity in running the organization despite the trust that shareholders bestowed on them. Further, those involved in the rates rigging lacked objectivity and motivation in maintaining the trust in the bank’s activities. They deviated from the main goal of the business and failed to take into consideration the shareholders’ interests (Schaffer, Agusti, and Dhooge 43).
In conclusion, the article is significant in highlighting ethical dilemmas at the Lloyds Banking Group as a result of the alleged rates rigging. Those responsible for the rigging of the rates at the bank neglected the aspired ideals in running the business such as the need for an organization to strive to develop good culture by fostering a strong alignment on the monitored path of achieving its goals, missions and vision.
The authors have succeeded in relating the unethical behaviour to negligence of morality among those involved as was discussed in the class.
Goff, Sharlene, Caroline Binham, Martin Arnold, and George Parker. SFO sends in specialists to probe Lloyds. 29 Jul. 2014. Web. https://www.ft.com/
Schaffer, Richard, Filiberto Agusti, and Lucien Dhooge. International Business Law and Its Environment. 8th ed. 2014. New York, NY: Cengage Learning. Print.