Case Study: Iceland’s Banking Crisis

iceland's banking crisisBy: Anh Nguyen


Iceland’s financial collapse in 2008 was the biggest any country had ever suffered relative to its size. At the time of the crisis, total assets of its three largest banks were 10 times the nation’s GDP and 20 times the state budget (“How did Iceland clean up its banks?”). The underlying causes of the downfall lie in reckless behaviors, lack of transparency and greed. However, unlike the US, by February 2016, Iceland had sentenced 29 bankers to prison for their role in the crash.

The Players

Glitnir Bank



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Impact Investments: Good Profits?

By: Genevieve Crawford

Investors with high ethical standards can be constrained by the corporation’s duty to maximize shareholder profit. Pure nonprofits may disappoint with their low returns. A new way of doing good and making money is called impact investing.

Impact investments provides funding opportunities for both social and financial returns. The main advantage of impact investments is its ability to capitalize on governments’ and charities’ lack of monetary resources. As a financial method, it has tremendous potential to solve pressing world issues. Impact investing is


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When Businessmen Rule the State


By: Kara Tan Bhala

Striking parallels between two billionaire businessmen heads of state, now exiled Thaksin Shinawatra and Donald Trump.

Part 3 of SPI’s Trump Financial Ethics Watch Series

“If you monitor what Donald Trump is saying, he’s bluffing, the man. That’s really the culture of a businessman.” While there is “some similarity” between

Thaksin Shinawatra, Financial Times

Thaksin Shinawatra: Billionaire Businessman Turned Politician

Thaksin Shinawatra was elected as prime minister of Thailand in 2001. He was a businessman billionaire who made his vast fortune in telecoms. Espousing populist views, he cynically seized political advantage


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International Investment Management: Theory, Ethics and Practice

International Investment Management book cover imageRead the new and original book lead authored by Seven Pillars Institute’s President, Dr. Kara Tan Bhala. The book uniquely synthesizes three theories of finance and gives a lucid explanation of ethics and its real world application in investment management.

Read Preface | Order Book

Moral Cents

Financial EthicsMoral Cents is The Journal of Ethics in Finance, produced on a regular basis by the Seven Pillars Institute for Global Finance and Ethics. See the latest issues and read them in full.

Seven Pillars Institute for Global Finance and Ethics (SPI) and the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London have a collaborative affiliation in their work on ethics, law, and regulation in finance. The goal of the collaboration is to foster a dialogue on important ethical policy issues affecting the financial services industry.

Read the Collaboration Announcement