Law, Governance, Regulation and Ethics Essay Example | Topics and Well Written Essays - 1000 words

Law, Governance, Regulation and Ethics - Essay Example The first issue raised in â€Å"Wall Street’ is based on the ethics which are broken throughout the film. The ethics that are associated with the movie include gathering confidential information about the stock market. This is done not only by obtaining illegal information but also includes breaking into offices and taking confidential information. This is first done by Gekko and is later followed by Fox with the desire to move up with his placement in the corporate world. The approach which is taken is one which is based on a combination of legalities and ethics. According to the law, there are requirements with confidentiality that are put into place. This is to protect businesses with privacy and from unfair deals which may occur without the companies knowledge. This is followed by private property rights which make it unconstitutional for an individual to take information. By breaking these ethical considerations, there is a break in both government and corporate regulati ons while harming others that are a part of the main process for obtaining information (Nelson, 2005: 3). The concept of ethics on a legal basis is important to note because it combines with individual behaviors, legalities and responsibility that is a part of the corporation. The work of Fox becomes important because he is a representative of the company which he works for. When he takes the private information through illegal information it causes him to be a representative of the company, leading to a direct overlap between ethics and corporate governance (Mullerat, 2010: 48). However, this becomes misunderstood as his actions lead him to a raise and as one of the best performers of the institute. More important, the response from the country which has gained prestige in the market is interested in hiring Fox after his sentence because of the work which he has done. The actions taken by the corporations reflect directly in the understanding of what it means to be legally responsi ble and to be honest and fair in different dealings. The actions taken with the main characters show that there isn’t an understanding of the ethical responsibilities of individuals as well as how this reflects in the corporation. The importance of the private interactions and the association with the ethical considerations with governance is important to note because of how it affects others who are a part of the company. This becomes the main battle that is associated with ethics. From the viewpoint of both Gekko and Fox, there is the belief that â€Å"greed is good.† However, there are also others who are harmed from this, including the reputation of the businesses, the customers who respond to the dealings and the others who have to pay for the information which is taken and the deals which follow. The concept of corporate citizenship becomes the main component with the actions taken. This states that an individual who is in a business is not only responsible for m aking money or representing the company. The information which is taken, actions which are violated and the unfair dealings reflect directly with the citizen relationships and how others are affected. The corporate governance is one which leads to individuals having a sense of responsibility toward the company, stakeholders, customers and others affiliated with the business. If the