Corporate Governance Crisis Caused by Lack of Business Ethics

Abstract

Firstly, based on the fraud of Barclays Bank in the LIBOR manipulation incident, this paper analyzes the role of behavioral and psychological factors such as morality, the principle of reciprocity, conformity and obedience to authority in misconduct. Secondly, it analyzes the internal culture of commercial banks and the external culture of the overall financial industry under the background of the event, as well as the role of social structure and informal social relations in LIBOR fraud at that time. Finally, according to the personal point of view, this paper puts forward the responsibilities of individuals, organizations and governments in preventing fraud, and puts forward measures to prevent fraud such as LIBOR manipulation from these three levels.