The actual harm caused by any single person in that fashion is likely impossible to measure; on the other hand, such practices by so many investors collectively were responsible for the eventual collapse of the U.S. housing market in
2007 and much of the resulting damage to the nation's economy (Bhide, 2009; Nocera,
2009). Only ethical egoism would have allowed such practices; utilitarianism, virtue ethics, and altruism would all have required reporting the rampant business ethics violations in the mortgage, loan, and investment banking industries, even absent specific legal violations.
References
Bhide, a. (2009). "Why Bankers Got So Reckless" Business Week, February 9, 2009.
Bradley, D. (2008). "Real Estate Fraud." The FBI Law Enforcement Bulletin, 77(9).
Friedman, L.M. (2005). A History of American Law. New York: Simon &...
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