Business must use profits to serve legitimate public needs, Donald C. Platten, chairman of the New York Chemical Bank, said yesterday in a speech before the Business School's Finance Club.
Speaking to over 100 Business school students and faculty members, Platten stressed the need for business executives to establish "an atmosphere of belief in an ethical standard" among their employees, noting that many businessmen compromise personal ethics for corporate goals.
Platten said petty bribes to "expedite" business in foreign countries are justifiable, but bribes to win contracts are not.
Asked whether the Lance resignation would lead to stricter government control of lending practices, Platten said new laws were unnecessary because Lance's actions were covered by existing regulations.
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