Wall Street: Why no remorse over their greed?

by compound complex 16 Replies latest watchtower bible

  • compound complex
    compound complex

    http://www.rottentomatoes.com/m/inside_job_2010/

    Greetings, those of you who are more informed on this subject than I:

    I just now finished viewing the movie Inside Job. I really don't (yet) understand the financial crisis and the terminology peculiar to it, but what I got the drift of immediately was the lack of honesty and remorse of the interviewees. Those economists paid to write in favor of deregulation and current fiscal policy saw no conflict of interest by their receiving payment for casting it all in a good light.

    The officials who brought on the crisis have been reappointed by Obama ...

    No sanctions, no requirement to pay back their bonuses ...

    I've never posted on this type subject before, so kindly forgive the awkwardness and imprecision of my presentation.

    Thanks,

    CoCo

  • Berengaria
    Berengaria

    Hugs and kisses CoCo!!!

    They run the show, it's going to take a revolution to get things under some modicum of control again.

    More good movies :-) Casino Jack, Recount, Who Killed the Electric Car, Capitalism a Love Story...........................

  • compound complex
    compound complex

    s and s to you, Dear Berengaria!

    Thanks for the titles. At least financial corruption doesn't exist where we once were, i.e., in the WTB&TS!

    CoCo

  • Duderino
    Duderino

    Its hard to prosecute people when you are on their team.

    They run the show, it's going to take a revolution to get things under some modicum of control again.

    Berengaria will go right out and vote for that crap again. Stupid is as stupid does.

    http://thinkprogress.org/special/2011/11/16/369522/federal-prosecutions-financial-fraud/

  • compound complex
    compound complex

    Thanks, Duderino, for the post and providing the link.

    Coming from WTLand, I've been sheltered from the real world and its duplicity. Now that I realize there's dishonesty everywhere - including within the Society - I have to get past shattered faith and rebuild my entire life on a new foundation.

    All the best,

    CoCo

  • Duderino
    Duderino

    Me too Compound. Its a rough world out here isn't it but its better than living in the Matrix.

  • compound complex
    compound complex

    Duderino ... !

  • sizemik
    sizemik

    Hello Coco . . .

    I posted this once before and it is probably relevant to your question . . .

    Psychopaths and big money - it all adds up

    Psychopaths prefer commerce degrees - that's the finding of a world-first study examining university students' personalities and course preferences.

    Victoria University students with higher scores for psychopathy traits tended to opt to study commerce, with law next most popular.

    The study of 903 undergraduates found that significantly fewer with high psychopathy scores chose science and fewer still went for arts.

    The paper - Greed is good? Student disciplinary choice and self-reported psychopathy - published this month in the international Journal of Personality and Individual Differences was sparked by fallout of the world financial crisis.

    The role of high-profile financiers in the global recession made the idea of the psychopath in organisations increasingly relevant, said Victoria University associate professor of psychology Marc Wilson, who conducted the research with colleague Karena McCarthy.

    The financial crisis prompted questions about what constituted success, says Professor Wilson, as the likes of former Lehman Brothers boss Dick Fuld and Bernie Madoff - the investment adviser who ran what has been described as the biggest Ponzi scheme in history - shifted from "aspirational hero to pariah and, in some cases, convict".

    While research had been done into psychopathy in the workplace, there was a gap regarding student degree choices.

    Students did surveys designed to measure psychopathic traits.

    Distinctions were most apparent for what is referred to as primary psychopathy characterised by the statement, "For me, what is right is what I can get away with".

    The study found males scored higher for psychopathy, regardless of degree.

    But male and female commerce students returned "significantly higher primary psychopathy scores than science or arts majors".

    Professor Wilson notes that commerce students did not stand out for secondary psychopathy - which measures disorganised lifestyle - and therefore fall into the group sometimes referred to as the "successful psychopaths".

    Those who ended up in prison tended to rate highly in both psychopathy measures, combining coldness and impulsiveness.

    "Psychopaths are not all serial killers although probably all serial killers are psychopaths."

    As nurture as well as nature influences psychopathic tendencies, Dr Wilson says, commerce is more likely than other areas to endorse and so enhance psychopathic traits.

    Enron, where ruthless and unethical behaviour aimed at improving the company's bottom line was rewarded with bonuses, was often cited as a case study.

    Professor Wilson believes we need to be alert to psychopathic behaviour for reasons beyond the financial impact when organisations such as Enron and Lehman Brothers crash.

    "A true corporate psychopath is an arsehole. One of the reasons they get ahead is that they ... work in a context where personally getting ahead helps the company and so they are rewarded for it. But they are also more likely to stab people in the back to get promoted."

    Some companies, says Professor Wilson, promote themselves as ethical. Google's slogan for a time was "Don't be evil".

    "That's the context one would hope that the corporate psychopath wouldn't be able to do well in, but unfortunately over the last decade or so there has been this confluence of factors where some people ... find themselves making pots of cash at the expense of other people and it has worked fine until the whole thing went belly-up."

  • Balaamsass
    Balaamsass

    CoCo,

    Go online and watch this Sundays 60 minutes. Members of Congress are immune from prosecution for insider trading, and are handsomly paid with insider tips. The Nancy Pelosi story blew my mind. It will remain online all week. After WTBTS I worked accross the river on Wall St. I had NO IDEA about this till Sunday. It EXPLAINS A LOT.

  • designs
    designs

    CoCo-

    Welcome to the battle ground of politics. Its great to be involved.

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