An oil baron's multi-million dollar gift to The American College may result in a more ethical Wall Street for future graduates.

The American College recently announced the intent of Cary Maguire—chairman and president of Maguire Oil Co. and Maguire Resources Co. in Dallas—to finance the endowment behind the Cary M. Maguire Center for Ethics and Financial Services. The $2.5 million donation, disbursed over several years, will go to revamp the school's existing Center for Ethics and Financial Services.

"I believe that a strong ethical financial services industry is vital to the economic health of our nation and our world," Maguire said in a press release from The American College. "We saw in the financial debacle of 2008 and 2009 how major banks and financial institutions were brought to bankruptcy largely due to unethical behavior."

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