The level of ethical development that the executives at Barclays demonstrate when manipulating the LIBOR is what I consider social responsibility (Lamb, 2018). 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.
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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.
