Exposing Goldman Sachs: Where's the morality'
The most shocking moment in Tuesday's Senate hearing on Goldman Sachs wasn't Sen. Carl Levin's repeated use of the big investment house's scatological description of its own dubious offerings.
No, it was when one of Goldman's high cluckety-clucks actually said that it has no ethical responsibility to tell clients that it is betting against the same investments it recommends.
That really is (expletive deleted).
Samuel Gregg of the Acton Institute reminded in 2008 that it wasn't merely loose monetary policy, massive bank overleveraging, the subprime mortgage implosion and government-backed social re-engineering programs that landed the economy in a pickle.
"(I)f the current financial upheaval teaches us anything, it should be how much market capitalism depends upon most people developing and adhering to some rather uncontroversial moral virtues."
We are learning the hard way that "prudence, temperance, thrift, promise-keeping, honesty and humility -- not to mention a willingness not to do to others what we wouldn't want them to do to us -- can't be optional-extras in communities that value economic freedom," says Dr. Gregg.
"If markets are going to work and appropriate limits on government power maintained, then society requires reserves of moral capital," he adds.
It's clear the financial sector has lots of work to do.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Steelers veteran linebacker Harrison focused on stretch run
- Friends, family, history lure natives back to Western Pennsylvania
- Annual Holiday Parade to celebrate all things Pittsburgh
- Steelers notebook: Tomlin ends practice with third-down work
- Intruder in Carrick makes off with cash, weapon
- Penguins co-owner Lemieux snuffs rumored rift with Crosby
- 1 dead, 1 injured after crash in North Point Breeze
- Steelers notebook: Tomlin not grooming successor to RB Williams
- Emotional send-off awaits Pitt seniors
- Warrants issued for women accused of prostitution in New Stanton sting
- Crosby scores twice, Malkin delivers OT goal as Penguins beat Blues