Not Part Of The Program
In their business section the Australian Broadcasting site has a long article, Financial crisis not just about greed, says ethicist
Simon Longstaff, the executive director of St James Ethics Centre, has written extensively on corporate greed.
He believes the genesis of the global financial crisis did not simply come down to greed and excess, but to a failure of ethics.
“I think the bigger story in this is although some people would attempt at the beginning of their analysis of these events to say that what was to blame was the failure of regulation, in fact the better interpretation, I think, is to say there was a failure of ethics, full stop,” he said.
While I understand Mr. Longstaff’s point of view, he is an ethicist after all, I think he misses the most salient point about the large Wall Street financial corporations – they don’t have any ethics to fail.
Even Alan Greenspan, loyal Randian to the bitter end, finally realized that there was no “enlightened self-interest” that would rein in the worse of the abuses, and they really did become so fixated on profit that they brought the global markets down around them. The only “metric” that mattered was the amount of money they could make, with no consideration to the real risks involved.
The “elite” business schools have been churning out greedy, self-adsorbed, cretins with MBAs for years, and the system could no longer contain their gambling. There were no ethics instilled in these people, as is evinced in the self-serving whining by people like Jake DeSantis [eviscerated by Matt Taibbi]. DeSantis says that he was working for a dollar a year, but thinks no one will notice the million dollar bonus he was promised [in a contract] at the end of the year.