Inside Job
The documentary was a confirmation of the corrupt nature of our financial sector and government. This isn't news to most Americans, but seeing the extent and the involvement of major political figures is rather disturbing. Wall Street operates under a code of ethics known as consequentialism. This is a code of ethics that basically states that the means is justified by the end. This code of ethics is typically found in the business world and it is no surprise that individuals operating under this particular code of ethics would engage in unethical behavior. However, the code of ethics our government operates or at least should operate under is known as formalism. An example of this code of ethics would be that if you are starving and stole a piece of bread you would be practicing unethical behavior. There is no margin of safety within this code of ethics. This is the most disturbing part of the documentary to me. It wasn't that they set the stage for these Wall Street pirahnas through de-regulation, there will always be loop holes in the system that are exploited. My main problem is that once they were aware of this, they didn't slam the door shut. Not only did they do nothing to prevent or stop it, they made it more possible through further de-regulation such as raising the limits that companies could leverage against their assets. It is sickening to think that these morally and ethically bankrupt individuals are still serving in our government instead of a prison sentence.
You're gonna make an extra $2 million a year, or $10 million a year for putting your financial institution at risk. Someone else pays the bill, you don't. Would you make that bet? Most people on Wall Street said, 'Sure, I'd make that bet.'
I think a question that we should all ask ourselves after watching this documentary is whether or not we would do the same thing if given the chance.
Very good essay! I like your metaphors. I definitely agree that the government should have, as you said, slammed the door shut. And in response to your question, I would not make that bet, although it would be tempting. I know I can survive on 2 million a year, so I would not be willing to risk other people's fortunes for my own benefit. What would I do with 10 million a year anyways?
ReplyDeleteI agree with you that people will always find loop holes so that they can do things that they shouldn't, but it is unbelieveable that the government, after finding out about it, did nothing, and just kept deregulating. They did not care because they were all making money. Good quote, and nice essay.
ReplyDeleteGreat part on how people can find loop holes and ways to get out of doing things that they should not be doing, great quote and great research behind this.
ReplyDeleteGood insights here, I enjoyed the code of ethics explanation. It's sad to see the people who are suppose to be for the people, acting in such wicked ways. But, your question is rather intriguing, many of us, of course, would want to say, 'No way!' But, when you are alone, working for corrupt people, why not? Wrong, I would pray that that wouldn't be the case. There needs to be a system of checks and balances instituted, a triangle of coverage if you will, between the said system, the government, and these bankers/investors/traders.
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