Thread: Greed
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Old November 5th, 2012, 09:20 AM   #17
Brods
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Join Date: 01-21-07
Location: Salem, Mi
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Quote:
Originally Posted by brewmenn View Post
Again, the problem here isn't so much greed as it is short term thinking. These type of actions will prevent this owner from ever having a really successful business.
Yes indeed shortsightedness is a huge part of the problem, but being shortsighted and being unethical are two different things. Imo greed combined with selfishness is what pushes people to take unethical and/or immoral actions.

Have you heard of Greg Smith who quit Goldman Sachs and wrote a book about his time there? It is a reminder of how the actions of a greedy (or whatever you want to call it) few can affect us all.
Here are some comments from a review of his book:
Quote:
Originally Posted by huffingtonpost.com/mark-gongloff/greg-smith-goldman-sachs-book_b_1988304.html
As Smith notes in his Afterword, these shenanigans ultimately affect many people -- from residents of Jefferson County, Alabama, to Greek citizens, to Mom-and-Pop investors -- that never asked to be involved in a trade with Goldman Sachs.

His book is yet another reminder that our capital markets are a casino where the game is rigged in favor of the house. Banks like Goldman have all of the information, and they take advantage of it. That doesn't always lead to financial blowups, but when it does, it affects all of us, and our faith in capital markets erodes a little more.

And his book also reminds us that these banks are fighting tooth and nail to make sure the game stays as rigged as possible, fighting regulation of opaque derivatives and prohibitions on proprietary trading.
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