Unethical Business Practices
Saturday, May 14th, 2011
Unfair business practices are in the headlines in one degree or another almost every night here in Australia. Most offenders are large multinational companies or banks. A particular bank, which is the largest investment bank in Australia, seems to be in the news every week for a crime or worse. The new broadcasters many problems ahead of what they called “walls of glass.”
These glass walls of etiquette, the bank fac
es one side of a commercial transaction on the other side it is the other part of this transaction. However, we, the consumers and the public, are we supposed to believe that these two parties are not “talk” to each other. What a very special job to work!
If this situation does not pose a clear conflict of interest, so I do not think we will ever have that word defined correctly to protect people. Why is a conflict of interest business practices unethical?If there is a conflict of interest, it simply means that a person or company has divided loyalties, but will win whatever the result. No person or company can ensure they get the best price for a second in case of sale, or deal with themselves. The worst thing about conflict of interest issues are in the losing party is able to demonstrate and quantify the abuse of trust.
Lawyers are the second group of companies, which often have to deal with this problem of conflict of interest. Especially if the lawyers are only in the small town and is likely to represent or be represented by one or both parties at some point.
