We are all ethical now — Aren’t we?

Source: ReptrakThe good news, though, is that when it’s easy to do and with a little positive reinforcement, the majority of us will default to more ethical choices.So what about money? When it comes to money, do we really “put our money where our mouth is?”There are two things to be considered when we look at banks and banking: first, practices that relate to how banks acquire and treat customers and, secondly, what they do with the money they take from us.There is also the matter of relativity — ethical or not ethical compared to what?. Think about the industries that we historically associate with the lowest ethical practices — Big Oil, Tobacco, Defense (why don’t we call it “Attack”?).How does Banking stack up?Here is some comparative data. The tobacco industry was literally killing people for decades and lying about it — justice finally caught up with them and the largest civil settlement in US history was made with the Tobacco industry paying $246bn in fines.Source: MarketWatchYou would not trust a tobacco company with your health — with these fines, why would you trust a Big Bank?Keep in mind the top handful of banks account for the majority of all deposits and their share is increasing. So, what about what Big Banks do with the money we give them?A recent investigation by Buzzfeed gives an indication. The title alone gives a good synopsis of the findings “Secret Documents Show How Criminals Use Famous Banks to Finance Terror and Death.”We are all ethical now — Aren’t we? was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: Unifimoney Editorial Team

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