Business Ethics the Author of Term Paper

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For example, AIG got into a lot of trouble during the Great Recession because it was paying retention bonuses so that people about to be laid off would stay on but this was controversial because AIG got bailed out by the federal government. Even though the bonuses were contractually obligated and evne though they served a specific purpose, the vitriol and invective was toxic. This despite the fact that government-serviced entities that were ALSO bailed out the government (Fannie Mae and Freddie Mac) did the same exact payouts for the same exact reason and the outrage for those firms was a lot less even though they cost the taxpayers a whole hell of a lot more money than AIG ever has or probably ever will. In short, businesses operating within the law should not be harassed or treated unfairly but it can happen.

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Conclusion

In short, Mackey made some good points but Friedman's salient points should not and cannot be ignored or dismissed. While social responsibility is not irrelevant or not worthy of review, it should NEVER be legislated because the definition of social responsibility varies so much from industry to industry and from person to person and the market should be allowed to vote with their wallets and be allowed to punish those that are operating too much outside of societal norms.....

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