The level of ethical development that the executives at Barclays demonstrate when manipulating the LIBOR is what I consider social responsibility (Lamb, 2018, p. 31).
Just when Barclays was caught up with the criminal investigation with the mishandling of LIBOR, the United States financial regulatory agencies decided to fine Barclays Bank. The United States financial regulatory had follow the determinants of a civil society to regulate the corruptions that was being done with the monetary system. I believe that the executives at Barclays wanted to follow a perception of ethics in learning what is right or wrong to inquire into the laws. This was an unethical behavior on behalf of Barclays Bank that shocked many in the financial industry. As for the reason this was an unethical behavior because their moral value was unfair when Barclays Bank deployed LIBOR by making false calculation with the bank insurance rates. Any actions that breaks the law is unethical and that is what Barclays bank action resulted in when manipulating the calculations with LIBOR. Laws are ethical rules which Barclays Bank didn’t follow all for greed. These types of miscalculations have caused to have lost trillions of dollars from the exchanges as it was mostly developed into Barclays Bank account instead when manipulating LIBOR.
Almost every monetary calculation is being held under LIBOR and when one bank manipulates the financial account in causing LIBOR to be high many lose by having higher interest rate all around. That is why what Barclays Bank was unethical and impacted many people worldwide. Overall the main level of ethical development that Barclays Bank demonstrate was postconventional morality as their greed of manipulating LIBOR all fell under being selfish. The executives at Barclays Bank was a decision made for not caring the impact among others financial state, for as they were less concerned with how they represent themselves.
This situation that Barclays Bank have caused more harm worldwide financially, causing trouble to those who take out loans, student loans, business owners, and property owner as it made a high interest rate increase. This incident was only for the care of Barclays Bank to bring benefit to their organization and was self-interested by the executives (Lamb, 2018, p. 35). Barclays Bank neglected social responsibility by playing a corruptive role that led to manipulating the LIBOR financial account. Robert Scheer the journalist has described this incident as “the crime of the century”. Because of Barclays Bank greedy action had caused a big negative impact to many financial interests with LIBOR calculations going high, causing many fall outs for many who weren’t involve in this criminal act.
The executives who committed this crime with Barclays Bank should have never acted upon this manipulation with LIBOR monetary account. Barclays Bank could have done the following to be more socially responsible by firstly being more considerate on behalf of the financial impact that can affect people worldwide from the United States and Europe. Secondly if Barclays bank customers was going to benefit from this financial manipulation than possibly it would have been done for a good cause. Being transparent would have not cause the corporate to seem so corruptive, as Barclays Bank seemed to be malicious for caring about their own executives benefits who started this corruption overall. Lastly It would have seem better if Barclays Bank started this to support a better a cause such as leading a good example to help the environment around the communities, build housing for those in need, at least it would have paid back for their corruption to help others around. If Barclay Bank would have done this for a better cause their ethics and social responsibility would have seem fair and transparent. One of the things that Barclays could have done after the scandal broke was to send a sincere apology in also admitting for their crime, so Barclays Bank can gain trust not only from the public but also from the government.
An reimbursement would have been the best way to come about in showing how sincere the bank is in caring for the damage they cause. The bank could have also shown statistic of their rates being changed and corrected as the public and government can view that its normal to make mistakes. The bank can show LIBOR the changes made in admitting for their wrong doing and being more aware for not doing this type of manipulative financial rate.