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1、bri75829_ch22.qxd9/5/0810:22AMPage667EthicsandOrganizationalArchitecture*CHAPTER22CHAPTEROUTLINEEthicsandChoicesCorporateMission:EthicsandPolicySettingEthicsValueMaximizationCorporateSocialResponsibilityEconomists’ViewofSocialResponsibilityCorporatePolic
2、ySettingMechanismsforEncouragingEthicalBehaviorContractingCosts:EthicsandPolicyImplementationCodesofEthicsAlteringPreferencesEducationCorporateCultureSummarynDecember1990,theheadofSalomonBrothers’government-bondtradingdesk,PaulW.Mozer,submittedbidsfor35p
3、ercentofa4-yearTreasurynoteauction.IHealsosubmittedanother$1billionbidunderthenameofWarburgAssetManagement—aSalomonBrotherscustomer—butwithoutthecustomer’sknowl-edgeorconsent.Thetwobids,whichrepresented46percentoftheissue,violatedtheTreasury’sauctionrule
4、slimitingtheamountsoldtoanysinglebidderto35percentoftheissue.1MozerrepeatedthistacticatTreasurynoteauctionsinFebruaryandApril.InApril,MozerbecameconcernedthattheTreasurywasabouttouncoverhisillicitbiddingtactics.HeadmittedhisunauthorizedbiddingintheFebrua
5、ryauctionatameetingwithSalomonChairmanJohnGutfreund,PresidentThomasStrauss,Vice*PortionsofthischapterwerepublishedinC.Smith(1992),“EconomicsandEthics:TheCaseofSalomonBrothers,”JournalofAppliedCorporateFinance5:2,23–28;andJ.Brickley,C.Smith,andJ.Zimmerman
6、(1994),“Ethics,Incentives,andOrganizationalDesign,”JournalofAppliedCorporateFinance7:2,20–30.1InauctioningTreasurybonds,theU.S.Treasuryawardedbondsfirsttothehighestbidderattheirquotedprices,thentheymovedtothenext-highestbidder.Thisprocesscontinueduntilthe
7、issuewasexhausted.IftheTreasuryreceivedmultiplebidsatthepricethatexhaustedtheissue,itallocatedbondsinproportiontothebidsize.ButTreasuryauctionruleslimitedtheamountofanissuesoldtoanysinglebiddertonomorethan35percentoftheissue.bri75829_ch22.qxd9/5/0810:22A
8、MPage668668Part4ApplicationsofOrganizationalArchitectureChairmanJohnMeriwether,andGeneralCounselDonaldFeuerstein.Theyapparentlyacceptedhisconfessiontoaone-time,not-to-be-repeatedmistakeandnoimmediateactionwastaken.InMay,he
