Goldman Sachs Hands Clients Losses in ‘Top Trades’ Update1 – Bloomberg.com.
More of the “firm first, client as means to an ends” mentality.
Goldman hands clients losses, BP hands the environment a disaster at taxpayer and fisherman, restauranters, the tourism industry’s expense, not to mention the lives of countless forms of wildlife. Johnson and Johnson is cited for dirty and unsafe facilities that produce children’s cough and cold medicine, ignores the citations, has to issue a massive recall, after parents find metal shavings and rat crap in their kids cough syrup, and of course, the melt-down of the economy. What is the common thread? Besides greed, I mean. The belief that industry – ANY industry – will police itself. Just as you would not turn your house over to a 14 year old and his buddies with full access to your unlocked liquor cabinet, in spite of his protestations that “they won’t touch a drop”, you can’t expect industry to avoid the temptation to do what feels good.
I am reminded of what Jared Diamond said in the TED lecture you posted: The perpetrators of the collapse wall themselves off from the immediate consequences of their actions, in search of short-term rewards, and end up bringing down the entire structure. Isn’t that what these bozos are doing?
Comment by Sandi — May 20, 2010 @ 8:27 AM
Will this be balanced by the MBA Oath being taken by Harvard Graduates who are going to join Goldman? How long the oath will survive? Till the next bonus?
One of the oath of particular interest is:
“I will understand and uphold, in letter and spirit, the laws and contracts governing my conduct and that of my enterprise.”
or this one
“I will refrain from corruption, unfair competition, or business practices harmful to society.”
The overarching issue is that when functional boundaries are set by law, toothless ethics are relegated to play a (very poor) second fiddle.
Comment by alwaysnaive — May 20, 2010 @ 8:43 PM
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