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In his speech, Dr. De George addressed the The companies trading these often demand moral defensibility of capitalism. After a high rate of return for the risks they noting that he originally lectured on the assume. The remuneration seen in financial topic as a reply to Marx's criticisms of capitalism has yet to encounter competition capitalism in 1974, he said the U.S. went to drive it down. In industrial capitalism, an from industrial capitalism into the current entity would swoop in and take the job at a SPIN state of financial capitalism. Industrial lower cost to increase consumers. However, SEVEN PILLARS INSTITUTE capitalism could be defended, he said, by we are lacking that competition to drive NEWSLETTER the improved wealth and standard of living down costs in financial capitalism. August 2012 for the ordinary citizen. Entrepreneurs provided needed goods and services at a Dr. De George stated that although he SECOND ANNUAL FUNDRAISER reasonable cost that was controlled by knows plenty of explanations for the current competition. Government rules and system, he has yet to hear justifications for The Seven Pillars Institute hosted its second regulations cured many of industrial it. The political sphere tells us that each annual fundraiser on July 6, 2012. The event capitalism's ills. These included party has the right fix for the economy. was a success, with many notable academics exploitation, safety, and monopolies, among However, neither side tells us all the and Kansas Attorney General Derek others. options, or justifies why that side has the Schmidt in attendance. Dr. Richard De best. There is no buy-in from the citizenry George, University Distinguished Professor of the United States. There is no real Emeritus of Philosophy, of Russian and East knowledge about what happens with the European Studies, and of Business complex financial instruments for any Administration at the University of Kansas, person who did not get a business degree. gave the keynote address. An uninformed citizenry is dangerous to a democracy. Professor Richard De George, a founder of business ethics. Dr. De George observed that our current financial capitalism is very different. We now use risk and new financial instruments such as mortgage-backed securities, credit From left: Jennifer Schmidt, Suzanne Valdez McAllister, Dr. Kara Tan Bhala, Kansas default swaps, and collateral debt Seven Pillars Institute Summer Interns from left: Attorney General, Derek Schmidt. obligations to garner returns on investment. Leni Filgueira, Jane Li. The Seven Pillars Institute is Dr. De There are now eighteen case studies in SPI's of New York, and Sir William Blair, Justice George's hopeful hero in this scenario. He online library. Two of these case studies, of the Queen's Bench in London, is sees the need for analysis of and moral "Finance, Ethics and the 2014 Brazilian available on the Seven Pillars Institute's justification for the financial capitalism we Olympics" and "Are Insider Trading and the website. now use in this country and increasingly Bailout of GM Ethical?" were featured in around the world. Dr. De George applauds Real Clear Markets, a widely read and Dr. Tan Bhala delivered a highly publicized the work and spark of Dr. Kara Tan Bhala, highly respected consolidator of financial lecture at the Heidelberg Institute for Latin the Institute's President. "We have here, at research. America in Santiago, Chile. The topic was, last," he said, "a politically non-partisan and "The Desolate History of Ethics in Finance not-for-profit think tank, dedicated to and its Fruitful Future." She also presented looking into the ethics of finance this lecture at KAIST (Korea Advanced capitalism." Dr. De George hopes the Institute of Science and Technology) Institute can fill this area of great need and Business School in Seoul, Korea in August. have a global impact on the ethics of finance capitalism. Last but by no means least, SPI gained strong international exposure when Prospect The full text of Dr. Richard De George's Magazine invited SPI to enter its 2012 speech can be read in the forthcoming global think tank competition. Prospect (September) issue of Moral Cents (Summer Magazine is a respected and prestigious 2012). British publication. Established think thanks from around the world compete in this ideas and research contest, so SPI was among At the Qatar Law Forum in Doha. From left: good company. SPI submitted two articles Tom Baxter (General Counsel Federal Reserve and the first issue of Moral Cents to the Bank of New York), Kara Tan Bhala, competition. Mohammed Al-Sheaibi (Head of Saudi Arabian Monetary Agency). MANY THANKS TO OUR SUPPORTERS! SPI's President, Dr. Kara Tan Bhala, Jazz at the Fundraiser traveled to Doha, Qatar, in May, as an Seven Pillars Institute wishes to thank official invited delegate of the Qatar Law everyone who attended the fundraiser and Forum. This forum is the law equivalent of also to those who could not attend but THE PAST YEAR’S ACHIEVEMENTS the World Economic Forum in Davos. The contributed to the quest anyway. panel on The Role of Ethics and Law in This past year, Seven Pillars Institute Finance was of particular interest. A *********************************** published the first issue of its online journal, Question and Answer session between Tom Moral Cents: The Journal of Ethics in Baxter, the General Counsel and Executive Finance. The journal is a biannual Vice President of the Federal Reserve Bank publication. .
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