Taibbi: Goldman Sachs vs Civilization-Our Collective Decision NOT To Screw Each Other Over

[kpete]

Will Goldman Sachs prove greed is God?
Matt Taibbi

The investment bank's cult of self-interest is on trial against the whole idea of civilisation – the collective decision by all of us not to screw each other over even if we can.

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So Goldman Sachs, the world's greatest and smuggest investment bank, has been sued for fraud by the American Securities and Exchange Commission. Legally, the case hangs on a technicality.

Morally, however, the Goldman Sachs case may turn into a final referendum on the greed-is-good ethos that conquered America sometime in the 80s – and in the years since has aped other horrifying American trends such as boybands and reality shows in spreading across the western world like a venereal disease.

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The point was driven home in England last year, when Goldman's international adviser, sounding exactly like a character in Atlas Shrugged, told an audience at St Paul's Cathedral that "The injunction of Jesus to love others as ourselves is an endorsement of self-interest". A few weeks later, Goldman CEO Lloyd Blankfein told the Times that he was doing "God's work".

Even if he stands to make a buck at it, even your average used-car salesman won't sell some working father a car with wobbly brakes, then buy life insurance policies on that customer and his kids. But this is done almost as a matter of routine in the financial services industry, where the attitude after the inevitable pileup would be that that family was dumb for getting into the car in the first place. Caveat emptor, dude!.

more:
http://www.guardian.co.uk/business/2010/apr/24/will-goldman-prove-greed-is-god

[Marr]

1. Excellent article.

Nothing to add, really-- he's right. The Randian ideal is very popular with the super wealthy. Of course, I think those people were Objectivists long before Ayn Rand ever wrote a book. She just happened to put that sickening old ideal into a modern package.

[glitch]

2. She made them feel better about being sociopaths. Like Reagan.

No wonder they are idolized by the soul-sick.

[The Magistrate]

3. An Excellent Piece, Ma'am