Word: greed
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...resent the implication that the U.S. won World War II single-handed. The world is heartily tired of the U.S. thinking and behaving as though the world is in its debt. The greed and Wild West attitude of the U.S. has inflicted the most devastating financial meltdown throughout the world, and yet Beinart perpetuates the type of arrogance that should have been stamped out long ago. And he is a senior fellow at the Council on Foreign Relations. Maureen Jackson, JOHANNESBURG, SOUTH AFRICA...
...general explanation being fed to the public for our current financial crisis also rests on this “ethic of greed.” Money-grubbing banks, so the tale goes, provided loans to homeowners who were clearly ill-equipped to repay them. Somewhere along the line, Wall Street CEOs and executives ignored their consciences and followed their wallets, seeking high returns while ignoring the potential ramifications of their imprudent lending practices...
...goal of a financial firm has always been to maximize monetary profits; unlike “nonprofits,” a financial company exists solely to make as much money as possible for its executives, employees, and shareholders. One might rightly characterize this profiteering spirit as “greed,” but, prior to the recent economic meltdown, such greed was never an issue for the public. Bernard Madoff’s investors did not care if their money fueled a Ponzi scheme as long as they received their regular returns. Shareholders of Merrill Lynch were unbothered...
...Greed is integral to success on Wall Street and was until recently a quality we celebrated during years of economic prosperity. Channeled correctly, it can fuel innovation, creative business strategy, and the completion of financial transactions on an enormous scale. Cut loose from its free market moorings, however, the profit motive may become dangerously misguided. Pumping taxpayer dollars into failing Wall Street firms will have all of the negative and none of the positive consequences of greed. Given no incentive to be prudent, we can expect them to do nothing other than what they’re best at?...
...former President Jimmy Carter, Fuller was awarded the Presidential Medal of Freedom in 1996 by Bill Clinton for his commitment to giving people a decent place to live. As Fuller once said, "There are sufficient resources in the world for the needs of everybody but not enough for the greed of even a significant minority...