I don't think this should be a mystery. Let's consider the evidence, starting in the 1980s:
- The savings and loan crisis (Lincoln S&L, the Keating Five, Neal Bush, Whitewater, etc.)
- The collapse of Long Term Capital Management, and the near failure of several money-center banks that were major creditors of the hedge fund
- Enron (and WorldComm, Global Crossing, Adelphia, SBC, and a bunch more)
- The Spitzer investigations, bringing to light widespread Wall Street corruption and cronyism
- The collapse of Barings Bank due to unauthorized currency speculation
- A series of insider trading cases including Raj Rajuratnam
- The financial crisis of 2008 (Countrywide, WaMu, AIG, Bear Stearns, Lehman, Madoff, and more)
- Continuing fines levied on major banks for breaking rules on market manipulation, proprietary trading, and fiduciary responsibilities
Later in the article, the authors do acknowledge (citing Jeff Van Duzer) that "the dominant business paradigm needs to be turned on its head: instead of customers and employees being the means of serving shareholders, shareholders and their capital should serve customers and employees." It cites some bright spots, such as the commitments of companies like Patagonia and Chipotle, and the "B Corporation" movement.
But the article seems to be designed to convince ordinary Christians (and perhaps their pastors) that business is OK, and that these exceptional companies that they highlight are typical. Well, Enron was not typical either, but it turned out to be much closer to representing the current culture of American business than Patagonia can claim.
The article makes many excellent recommendations for how businesses should be run, and the attitudes that businesses should take to the responsibilities they have to various constituencies, including not only customers and employees, but the general public. What the authors do not do is give us an understanding of how the culture of American business can be changed. Having Christians read a few books, such as Van Duzer's, is a good thing. But what we need is a campaign to evangelize the business community, and that's not going to be easy.