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A subprime loan to straw borrower Charlotte Delaney was used to fraudulently strip equity from an elderly African American couple in Chicago. Following this loan from origination to securitization highlights responsibility for the wave of early payment default loans that contributed to the implosion of subprime lending. The Delaney loan, funded by subprime lender Mortgage Investment Lending Associates (MILA), was representative of the stated income, no down payment loans that defaulted in 2006 at the peak of the subprime bubble. MILA was suffering financially from demands to repurchase loans and was insolvent as early as 2004. MILA underwriters approved the Delaney loans despite obvious indications of fraud. Goldman Sachs bought MILA loans for inclusion in a $1.5 billion residential mortgage-backed security. Goldman Sachs warned investors that subprime loans were high risk and promised extensive due diligence. When subpoenaed for evidence of due diligence on MILA, Goldman Sachs provided none. The drive to generate profits through securitization explains why Goldman Sachs did not investigate and did not uncover MILA's inability to repurchase a growing portfolio of early payment default loans. Competition to buy subprime loans for securitization relieved lenders like MILA of pressure to verify that their loans were sustainable and not fraudulent.

This volume includes two major explanations of the meltdown that I critically discuss. The first is a “normal accident theory” arguing that the complexity and coupling of the financial system caused the failure. Although these structural characteristics were evident, I argue that the case does not fit the theory because the cause was not the system, but behavior by key agents who were aware of the great risks they were exposing their firms, clients, and society to. The second interpretation is a neoinstitutional one, emphasizing that ideologies, worldviews, cognitive frames, mimicry, and norms were the source of behaviors that turned out to be disastrous for the elites and others. The implication is that elites were victims, not perpetrators. I argue that while ideologies, etc., can have real effects on the behavior of many firm members and society in general, in this case financial elites, to serve personal ends, crafted the ideologies and changed institutions, fully aware that this could harm their firms, clients, and the public. Complexity and coupling only made deception easier and the consequences more extensive. For anecdotal evidence I examine a decade of deregulation, examples of elected representative, regulatory officials, firms, and the plentiful warnings.

Several factors and forces in school-level leaders' work can heighten emotions and incite emotionally charged situations. Challenges that heighten school-level leaders' emotions are related to systemic factors, people factors and personal factors. The extent to which each of these different factors influence the emotional experiences of school-level leaders, and whether that influence ends up being positive, negative or neutral, is contextual in nature. The systemic factors include encountering barriers when advocating for students, managing an intensified and expanding workload, working within disorienting policy contexts, and receiving a lack of support from their employer. Changes in school-level leaders' work and workload due to the COVID-19 pandemic that heightened emotions and emotional labour are also considered when discussing the systemic factors. People factors evident in the literature include workplace conflict, gendered power relations and crises and tragedies in the school community. The emotional labour inherent in school-level leadership comes to the forefront when considering the impact of these people factors on emotions at work because school-level leaders are tasked with making decisions that can have an immense impact on peoples' lives. Personal factors discussed in this chapter surround a school-level leader's individual emotional intelligence abilities and media attention directed towards them.

The overexploitation of resources has led to drastic negative impacts on biodiversity such as an overall increasing amount of infertile soil and overgrazed land. Environmentalists have been noticing now more than ever that plants and trees around the world have seen their population numbers severely drop over the last century. Many species including enormous flocks of birds congregating in marshes, herds of Wildebeest, Zebra and Tomson's Gazelle, along with untamed Tigers, Elephants, Giraffes, and Rhinos, grazing the vast natural landscape of the African plains that make their natural homes are at major risk of becoming extinct. With many pressures on world ecosystems already impacting the environment, continuous growth and natural human development trajectory is one that we must find a way to reconcile with environmental sustainability. The best way to do so is by establishing sustainability through the preservation of biodiversity and the ecosystem services different aspects of biodiversity provide. Although sustainability and biodiversity are crucial to assuring a clean future for our planet, the COVID-19 Pandemic has had a negative effect on the needs for biodiversity research, protection, and policymaking. This chapter looks at two main examples of biodiversity loss (1) the Tragedy of the Commons and (2) Deforestation to provide potential policy solutions to combat impacts of the Tragedy of the Commons and Deforestation, especially while considering implications of the current COVID-19 pandemic on biodiversity supportive policies.

Healthy and adaptive strategies for regulating emotions and coping with the demands of their jobs can help school-level leaders mitigate the factors and forces heightening the emotional aspects of their work, stave off the negative effects of work intensification and achieve wellness. As with most individuals in most professions, school-level leaders use several different strategies to manage their emotions and cope with the stresses associated with their work. Some of these coping strategies are associated with positive outcomes including situation selection and exercising autonomy over their workday, talking to colleagues, reappraisal, humour, controlled breathing, exercise and engaging in hobbies outside of work. However, even the most experienced and effective school-level leaders demonstrate a proclivity for engaging in coping strategies associated with maladaptive and negative outcomes. These maladaptive strategies include worrying about events over which they have little or no control, masking one's emotions using expressive suppression, using thought suppression to deal with symptoms of emotional exhaustion, distraction, manipulating the emotions of others as well as use of illegal or prescription drugs, alcohol and other forms of self-medication. This chapter concludes with a discussion of how there can be some overlap between these strategies in practice and how they are classified.

In the past decade, the effectiveness and efficiency foreign aid (Aid Industry) has generated considerable debate in both of the academic and popular press. Despite spending billions of dollars in foreign aid well over a billion people remain in extreme poverty. This paper did not intend to question the magnitude of the effort or the motives of donors or aid agencies, but rather why the aid programs have not been more effective.

Certain research in behavioral economics, pathological altruism, and emotional empathy may help provide answers. Common to these theories is the idea that well-intentioned actions or policies may cause unintended, harmful consequences to either the donors or the intended beneficiaries of these actions or policies. This paradoxical result is typically due to the altruist’s inability to properly analyze the situation for a variety of reasons. The Aid Industry may be particularly susceptible to these behavioral biases and thus is likely to suffer to some extent from unintended adverse consequences.

This paper focused on ethical considerations at the microlevel, that is, the paper considered the impact of aid on individual’s economic utility and human dignity as opposed to macromeasures such as gross domestic product. Our purpose was to examine how behavioral theories can improve foreign aid efficiency and effectiveness. Using specific examples and considering ethical arguments based on utility and rights theories, we illustrated how these behavioral theories help explain the Aid Industry’s suboptimal results.

This chapter discusses the special case of extractive industries in relation to susceptibility to corruption, especially in states with weak institutional and governance structures. The systemic nature of this corruption is shown in a vicious cycle of extractive resource dependency and corruption which reinforce each other. The chapter then concentrates on the supply side of corruption, and the role of the private sector with domestic and foreign natural resources companies feeding into systemic corruption. Corruption is underpinned by a high demand, high prices for extractive resources scenario, and mitigated by a low demand, low prices scenario. Transparency oriented, anticorruption measures may not be effective in their own right, but a low demand, low prices scenario could provide an opening for such measures to take root, with accompanying benefits to the citizens of resource rich states and their environment. This suggests taking a contingency approach to dealing with corruption.

On September 15, 2008, Lehman Brothers filed for bankruptcy and nearly caused a meltdown of the financial system. This article looks at the situation before Lehman went bankrupt and how this event came to trigger a financial panic during the fall of 2008 and early 2009. Two key ideas inform the analysis. The first is that what triggers financial panics are typically hidden losses. The second is that confidence plays a key role in financial panics and that confidence can be conceptualized as a belief that action can be based on proxy signs, rather than on direct information about the situation itself.