抄録
Who was responsible for the financial crisis called 'Lehman Shock'? The purpose of this study is to clarify the ethical responsibility to which financial engineers and managers of investment banks should owe. This paper surveys the history of development of securitization and financial engineering in the second section. The third section examines whether financial engineering could prevent Lehman Shock. The fourth section considers ethical problems financial engineers had. Based on the arguments in previous sections, the fifth section concludes that financial engineers have two ethical responsibilities. First, financial engineers have a responsibility to respect ethical values of investors directly. Second, they also have accountability to investors and public about their complicated finical products and its risk. Finally, the managers of investment banks have a responsibility not to force financial engineers to develop problematic financial products. These three responsibilities are important to prevent future financial crisis.
