Ethics and morals seem to be two decaying attributes within the corporate community these days. As if the financial scandals of Enron and HEALTHSOUTH were not enough for CEO’s to take a good look at the issues, may Bank of America’s latest decision will.
This week Bank of America’s announced they will begin to offer credit cards and home mortgages to illegal aliens within the United States. This decision should and has sparked some serious debate. While BoA probably knew this decision would capture some headlines, I seriously doubt the powers at be thought it would open up a can of worms that would cause many citizen account holders to close their accounts. We can debate the issue of illegal alien rights until the end of time and both sides could counter with some great points. However, on the issue of BoA, the debate should be more about the apparent “money at all costs” attitude the leaders of BoA are undertaking.
As a business minded person I fully understand BoA’s pursuit to corner different demographic sects thereby increasing profits for the bank. I also understand that the illegal alien demographic within America is one of the largest growing demographics in the country. It makes perfectly good business sense to look into ways your company could service this sect.
But one important principle has been left out of this decision by the leaders of BoA, morals. First and foremost is the fact that the market for which they hope to corner is illegal. Secondly, by offering high interest, semi-secured credit cards and home mortgages to people who are scraping by in the first place are simply ridiculous. Not only does this latest practice by BoA call into question the very moral fiber of the corporation’s leader, it should bring up the topic of customer victimization. While I’m sure BoA will turn some profits by pandering to the illegal alien sect, the collateral damage may erase any gains.
When situations like this arise I often wonder where all the activists are? The very people for whom the activists march, boycott and petition are being victimized by a large American corporation and the activists are no where to be found. Once again, the credibility of activist organizations should be called into question.