"The financial crises that have occurred since 2006 have been associated with a degradation in financial ethics. Since the teaching of derivative pricing is often undertaken in the context of abstract mathematics, the question arises of the role of mathematics in supporting financial ethics. "
2017 Teaching Reciprocity as the Foundation of Financial Economics
by Timothy Johnson
2018 Financial Models and Society: Villains or Scapegoats?
By Ekaterina Svetlova ( amazon
"Today's financial market participants seem to be madly in love with models and algorithms. The recent McKinsey report (Crespo et. al. 2017) suggest that the number of models used by banks to make various decisions is raising by 10 to 25 per cent annually."
Mathematics enables the computing of consequences of actions which is a prerequisite to ethical decision making. Where before the consequences and risks of actions were unknowable (and ascribed to capricious gods), today they may be estimated.
If anything, mathematics enables ethics but, in so doing, creates a greater burden on ethical decision makers. That is, it is unethical to forego the use of math now that the technology exists. Of course, nothing stops unethical people from using fraudulent models to mis-estimate risks. But that is a problem with those people, not the math. If anything, the published nature of most financial math enables public validation of the models.
Ethical decision makers must use models!