The American College Center for Ethics in Financial Services announced today the creation of the Cary M. Maguire Fellowship in Applied Ethics. The Maguire Fellowship is an academic research position dedicated to investigating the concept and utility of "meaningful disclosure."
"It seems as if we are constantly bombarded by stories about corporate scandals, insider trading, backdated stock options, unethical mortgage practices, questionable financial reporting and more," said Ronald F. Duska, Ph.D., the Charles Lamont Post Chair of Ethics and the Professions, Director of The American College Center for Ethics in Financial Services and Professor of Ethics. "In all of these cases, the lack of 'meaningful disclosure' is one common underlying issue."
Duska continued: "This fellowship will focus on research into the means of producing honest and transparent valuations of companies' worth in financial statements. With a proven foundation in research, The American College Center for Ethics in Financial Services will be able to assist in the development of public policy that will benefit millions of consumers of financial products and services."
The fellowship is being made possible through a generous donation to The College by Cary M. Maguire, Chairman and President of the Maguire Oil Company and Maguire Energy Company. He is also Chairman of the Components Corporation of America and Staco Systems. Maguire has served on the National Petroleum Council and the Executive Committee of the Mid-Continental Oil and Gas Association. He endowed the Cary M. Maguire Center for Ethics and Public Responsibility at Southern Methodist University. He is also a member of the Madison Council of the Library of Congress, where he funded the Maguire Chair in Ethics and American History.
According to the Insurance Information Institute, assets of the financial services sector in the United States exceed $50 trillion, (four times the size of the entire U.S. gross domestic product.) Financial services accounts for 20 percent of the market capitalization of the S&P 500.
"Through research, the Cary M. Maguire Fellowship will be able to directly affect the ways in which the financial services industry conducts business. Further, this research will enhance the content of our ethics education and help to improve the professional business practices of our students," said Larry Barton, Ph.D., President and Chief Executive Officer of The American College. "With this fellowship, we will be able to broaden and deepen our understanding of ethical issues and their ramifications, benefiting students, their clients, and future financial services investors."
The mission of The American College Center for Ethics in Financial Services is to assist in raising the level of ethical behavior in the financial services industry. The Center also aims to serve as a catalyst for professional and responsible behavior by providing information to multiple stakeholders, moderating dialogue among various constituencies, and influencing behavior through a diverse array of programs. The initiatives sponsored by the Center are designed to launch business leaders, producers, and educators into conversations that will influence ethical business practices, and in turn, enhance business practices, ethical awareness and legislation.
The American College is dedicated to leadership in innovative training and development that helps financial services companies and their employees succeed. As a non-profit educational institution holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others for over 80 years. The American College's faculty represents some of the financial services industry's foremost thought leaders. For more information, visit The American College Web site.