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Reply #87: They relentlessly pursued regulatory changes to maximize profit... [View All]

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krispos42 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-15-09 02:06 AM
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87. They relentlessly pursued regulatory changes to maximize profit...
They did so by relentless and expensive lobbying for the relaxation or elimination of rules designed to prevent mergers and aquisitions of the financial sector, as well as various, formally separate segments of the sector.

Either they believed it wouldn't blow up, which makes them stupid failures, or they knew it would but figured on bailing out of the market and/or government bailouts when it did collapse, which makes them sucessful failures.

In either case, they are of a mind-set that we cannot afford to have running the financial "industry" of this country.

Ultimately this always happens. When your motive is profit... when you are legally required to make as much profit as possible, you only have as many morals and ethics as you can afford to have. And when you are a massive corporation with hundres of billions of dollars in annual revenue, you can afford damn little morals and ethics. This is made far worse by lackadaisical enforcement.

Everybody involved did what was in the best interest of the company's profits. That's the problem, not the solution. If an executive says "Hey, we're not going to do this profitable action because it affects the long-term financial stability of the country", he or she gets booted because the competition DOES do the act and makes millions or billions more than the executive's company.

I always thought the example shown in A Beautiful Mind was an excellent illustration of this priciple.
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