I remember as an investment broker not so long ago, my clients and peers talking about ethical investments. Exercising your ethical choice in investments was becoming mainstream and even clients were talking about it.
Contrast this with the Elliot Spitzer case recently. He didn’t seem to care that prostitution and the crimes always linked with it, where being funded by him. He possibly said - I’m O.k. I’m not hurting anyone.
The IRS’s Criminal Investigation Division then started a probe, initially fearing that Spitzer was the victim of either extortion or identity theft.
Screenshot of the website of Emperors Club VIP showing list of prices for escort services
North Fork’s report in July 2007 went largely unnoticed until HSBC in the fall filed a report that the transactions were going to QAT International and QAT Consulting Group, which were offshore shell companies operating as a front for the Emperors Club.
Later the IRS contacted the FBI to investigate possible political corruption. The investigation led Federal authorities to link the money transfers to the Emperors Club.
On November 19, 2007, Republican operative Roger Stone sent a letter to the FBI saying that Spitzer “used the service of high-priced call girls” while in Florida.
Spitzer announced on March 12 that he would resign his post as Governor effective March 17, amid threats of his impeachment by state lawmakers.
So what’s happened to the ethics questions we used to ask, like: Was the company involved in mining practices that affected the environment? Did that company operate sweatshops in cheap-labour countries. Was the company involved in money laundering, pornography, tobacco, alcohol etc?
Whilst some of this talk and campaigning has been replaced by the fair trade movement, which when it works, I do applaud, what has happened to our own ethics?
Do we care how that money we got out of an investment was made?
Did it involve a pyramid scheme or scams where someone was robbed of their hard earned money, or was the money got from trading in guns, drugs or people trafficking? These are the questions banks have to ask in the bigger picture, and perhaps we should be asking them too in the smaller picture of our choices.
What do you think? Who does your research about where to put your money or what to invest in?
Does it matter to you what the e company/gold company/ web money/ company you use invests in or derives its profits from? Give us your view under comments
Moneypenny
Tags: , choice, dirty money, e-gold, ethical, ethics, fair trade, investments, web-moneyShare This
