In the past, I was thinking that the mutual relationship between the Wells Fargo Bank and mining companies is just very healthy for favorable economic growth. As I perceived it, the Wells Fargo Bank was really helping the mining companies to raise enough money to enhance their efficient exploitation of minerals on mountain tops. By lending out money, the Wells Fargo Bank would in return make huge volumes of profits from the interests accrued. According to my thinking previously, I did not see anything wrong with that relationship between Wells Fargo Bank and the mining companies.
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Actually, I thought the act of offering financial assistance to the mining industries by the Wells Fargo Bank was promoting the development of the industrial sector, which in return would enhance overall economic growth and development in the country. It is important to note that, the act of the Wells Fargo Bank of giving loans to the mining companies would be promoting employment opportunities in the country; since the mining companies would be able to employ more people. By so doing, this relationship would be promoting employment in the country.
However, such act of the Wells Fargo Bank of offering the mining companies has been analyzed to be eminent as it has been found to be environmentally destructive. It is important to note that, one of the most important aspects of a business corporation that considers ethics is to promote those projects in the society which are friendly to the general environment. On this consideration, therefore, various financial institutions should analyze the various business opportunities presented to them by their loanees in order to evaluate them on the basis of their impact on the environment. In this regard, it would be more appropriate for Wells Fargo bank to consider the effect of the loans issued to the various mining companies. More specifically, the Wells Fargo Bank should not be profit-driven only but should be considerate of impacts on the projects it is funding.
Basically, considering the role of business corporations in society, the Wells Fargo Bank should not have been funding the mining companies. This is on the basis that, it would be playing a role in helping these mining companies to degrade the environment. On this consideration, the Wells Fargo Bank should not have been funding the mining companies on their exploitation activities on mountains. By making such funding to the mining corporations, the Wells Fargo Bank would be promoting the depletion of the mountain peaks indirectly. By so doing, the Wells Fargo Bank would be promoting unethical dealings in the society as the depletion of the mountain tops would be damaging the environment.
Though Wells Fargo Bank is entitled to be responsible for promoting various development projects in society, it should further consider the effects of such projects on the overall environment. In spite of the government relying on the availability of many companies in the society which act as its ultimate source of funding through tax, some projects in the society should not be funded. Basically, through funding these mining companies, Wells Fargo would be promoting environmental depletion would be against the corporation’s role of environmental consciousness. On this basis, the act of funding the mining corporations by the Wells Fargo Bank can be described as an unethical deal; since the funding of the mining companies by wells Fargo Bank would be environmentally destructive.
Further, it should be noted that social interests should be first priority in any business dealing among corporations. On this consideration, the act of the Wells Fargo Bank of giving loans to the mining companies to degrade the environment would be against the social interests. More importantly, business dealings among corporations should enhance the sustainability of the environment by practicing activities that enhance the sustainability of society. Perhaps, the Wells Fargo Bank would be practicing anti-social interests since it would be promoting the degradation of the environment by funding the depletion of mountain tops.
Basically, the act of funding mining companies by the Wells Fargo Company would be in the long-run increase social cost among the people. More precisely, by depleting mountain tops, low rainfall amounts would be experienced in the areas of exploiting the minerals. More so, such mining sites may be dangerous to human lives through land-slides. On this basis, it would socially uneconomical for Wells Fargo Bank to fund the depletion of the mountain tops. In other terms, such an act would be enhancing the increase of social costs since the consequences of exploiting mountain tops would be promoting environmental calamities.
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Generally, various business decisions may seem profitable in the long run but cause environmental harm in the long run. Considering the case between the Wells Fargo Bank and the mining companies, it would be against the interests of the society for the bank to continue funding the various activities carried out by the companies. Particularly, the act of the bank of funding the companies would be increasing social costs since various natural calamities would be experienced in the region in the long run.