When Greed Overpowers Other Human Values

While Gordon Gecko fostered the notion "greed is good," when you get too much of a "good" thing, "good" can become "bad" and even destructive. Former Goldman Sachs executive director Greg Smith wrote a powerful editorial in the New York Times this month,which argues that our financial institutions, and Goldman Sachs, as an example, having fostered the growth of a "greed at all costs" culture, that ultimately eats everyone in its path. The greed monster, as Smith experienced it, eats not only its children, but also its customers, its opponents, and ultimately our humanity.

Smith puts forward that the accomplishments he is proudest of "have all come through hard work with no shortcuts." Yet, Goldman Sachs, and the world it is part of, is all about shortcuts, without focus on achievement, or even doing right by one's client.

Smith notes, "The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example, and doing the right thing." But today, making boat loads of money has replaced those higher values, and "if you make enough money (and are not currently an ax murderer), you will be promoted to a position of influence."

To be focused on getting your clients to buy, sell or trade whatever will bring the greatest profit to Goldman Sachs is not in the client's higher interests and often are not in the client's interests at all. The client's success and satisfaction is not part of the Goldman Sachs "success equation."

Smith reflects, "It astounds me how little senior management gets a basic truth: If clients don't trust you they will eventually stop doing business with you. It doesn't matter how smart you are."

So, we have created a culture of master manipulators and salesmen, doggedly pursuing their narcissistic goals at the expense of the very people they once were in business to serve. And in the culture of no conscience, the fact that the practices that are being rewarded will ultimately sink the Titanic are not even reflected upon. "More, more, more. Me, me, me. Now!" is the corporate cheer.

In my eyes, this is the definition of hell on earth: people so absorbed with their own selfish interest that they destroy others without blinking, looking back, or in the worst case, even thinking about it. The financial services industry is riddled with a moral cancer that sadly is spreading to all of the commericial sector with metastases in government, health care, education and most all public institutions.

Our atom bomb is coming from within. And if we want life to continue without the proverbial mushroom cloud, we need to take action with our mind, hearts, voices and feet. Standing for interdependency. Making people aware that we don't live in a vacuum and there are consequences for our actions. Acknowledging if our actions harm others, this is not a good course of action. All of these steps are needed to transform our world to a more humane one for most if not all.

By taking a stand and speaking up in a public forum, Greg Smith has taken a very important step in confronting the monster. May more of us have courage to do the same. And may we band together to overthrow the dragon and restore respectability to the practice of business and commerce, where customer satisfaction and customer needs are restored to their proper place at the top of the food chain.

Greed Is A Terminal Disease

While intellectually, many of us know that anything taken to an extreme can lose its goodness, practically, our culture seems to have forgotten that this is so. While the Wall Street culture promoted the idea that greed is good, just as a person who lives on a diet of junk food will ultimately become seriously ill, too much greed for too long exacts a toll. This toll is felt by the greedy, the people taken advantage of or shut out from the food chain, and by society as a whole.

Bernie Madoff's uncontained greed not only led to his sentence of life in prison, but also to the suicide of one of his sons. Greed on Wall Street, in business, and in the political arena, has left countless people adrift, unemployed, homeless and displaced, without hope of any change in their circumstances. And the greedy who put so many people in such difficult positions turn their head the other way and watch their bank accounts grow.

We have example after example that greed is a terminal disease, and perhaps an addiction in our culture where success is measured in financial terms, not in meaning, contribution, and making a difference in the world. In his article, The Real Social Security, published in Ode Magazine, Kenyan microcredit bank managing director, Kimanthi Mutua notes that the only REAL social security is our collectiveness.

Mutua notes, "Centuries of individualism and materialism have destroyed most of this essential support structure in the West." We have no collective infrastructure to catch people when times are tough, and falling through the cracks of life is all too familiar a risk of hard times and forces beyond our control.

While Americans may look at Africans as residents of third world nations, emotionally and spiritually, America is a third world nation, or worse. The richness of daily connections with people, face to face, where people know and care for one another, cannot be made up through bonding in virtual reality. Mutua notes that in Africa, people connect in the daily reality of their lives. They naturally support each other, which builds an experience of community and compensates for the hardships of their lives."

Mutua notes as well that based on data from a World Value Survey, "most people in Africa do not report feeling less happy than people in developed nations despite being the poorest people on the planet. African is a living example of the fact that more money does not bring more happiness."

So, if we can stop looking at our own reflections in the narcissistic mirror that is so common today, perhaps we can look at ourselves through the lens of other cultures that may be more spiritually and emotionally rich than we are. As we are lost in the trance of working ourselves to death, and pursuing the American Dream, that a Psychology Today article notes has transformed into the American Nightmare, we lose sight of what really matters, and what we really need to survive.

Copyright 2011 Linda Marks

See "American Nightmare" in April 2011 issue of Psychology Today, and "The Real Social Security" by Kimanthi Mutua in the October 2007 issue of Ode Magazine for more.