Category: Leadership

Goldman Sachs and the Need for Hangings in the Village Square

The child like and pseudo religious belief that the free market will, by itself, right all wrongs in time, a belief adhered to by Alan Greenspan and other groupies of Ayn Rand, is at the heart of our financial crisis and the crisis of capitalism. This Greek tragedy was played out at Enron, Lehman Brothers, and now Goldman Sachs and BP. The question is whether corporate executives are capable of adhering to principled behavior in the absence of punishment of significant severity to balance out the significance of potential rewards for unprincipled behavior.

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