Abstract

http://ssrn.com/abstract=1654596
 
 

References (49)



 


 



Lessons from the Twin Mega-Crises: The Financial Meltdown and the BP Oil Spill


Hershey H. Friedman


Brooklyn College - Department of Finance and Business Management

Linda Weiser Friedman


Baruch College, CUNY - Zicklin School of Business; CUNY - The Graduate Center

August 6, 2010


Abstract:     
This paper explores the synchronicity of two mega-crises we are now facing: The BP oil spill and the repercussions of the 2008 financial meltdown. It examines some key common threads in both of these crises. The overarching message is that firms must maintain a culture of social responsibility, must behave in an ethical manner, and must do everything possible to avoid societal harm. The three key lessons to be learned from the twin crises are to consider and mange risk in decision making; minimize conflicts of interest in the hope that executives will then not engage in actions that involve excessive risk to stakeholders; and that government regulation can be beneficial, rather than harmful to business and society – as long as it does not stifle innovation and growth.

Number of Pages in PDF File: 27

Keywords: BP Oil Spill, financial meltdown, risk, conflict of interest, regulation, deregulation, business ethics, self-interest

JEL Classification: A22, A23, G18, G21, G28, M14, Q28, Q20, Q38, D81, M19

working papers series


Download This Paper

Date posted: August 9, 2010  

Suggested Citation

Friedman, Hershey H. and Friedman, Linda Weiser, Lessons from the Twin Mega-Crises: The Financial Meltdown and the BP Oil Spill (August 6, 2010). Available at SSRN: http://ssrn.com/abstract=1654596 or http://dx.doi.org/10.2139/ssrn.1654596

Contact Information

Hershey H. Friedman
Brooklyn College - Department of Finance and Business Management ( email )
2900 Bedford Avenue
Brooklyn, NY 11210
United States
718-951-5317 (Phone)
Linda Weiser Friedman (Contact Author)
Baruch College, CUNY - Zicklin School of Business ( email )
17 Lexington Avenue
New York, NY 10010
United States
HOME PAGE: http://cisnet.baruch.cuny.edu/friedman/
CUNY - The Graduate Center
365 Fifth Avenue
New York,, NY 10016
United States
Feedback to SSRN


Paper statistics
Abstract Views: 2,646
Downloads: 524
Download Rank: 28,626
References:  49

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo3 in 0.407 seconds