“Morality, it could be argued, represents the way that people would like the world to work — whereas economics explains how it actually works.” This quote by Steven D. Levitt, from his book Freakonomics: A Rogue Economist Explores the Hidden Side of Everything, is a perfect explanation of how our economy is operating in today’s society. Whether one is a Republican or Democrat, morality is sure to come into question at some point when faced with any aspect of the economy. Democrats are primarily in favor of large government, along with taxes and spending that comes with this size of government. Republicans, on the other hand, abhor large government and would rather see lower taxes and less of an influence from the government with regards to spending. No matter how one looks at it, the nation’s wealth will always be controlled by a few, select individuals who have, whether through inheritance or intellect, raised themselves to a level above the typical citizen. Whether this wealth flows over the hands of a high-ranking politician or a Wall Street executive, it will still be influenced by certain individuals who have obtained a far superior quality of living as compared to that of an ordinary individual.
It is a little-known fact that a mere one percent of the global population owns ninety-five percent of the world’s wealth [3][4]. We hear about these powerful individuals everyday in the media, but we never stop to think about the wealth that could be accumulated when all of these individuals are placed together. How have these individuals reached this status? Many have earned their way to the top legitimately: whether through a unique idea, keen business expertise, or a combination of both. Others; however, have made their way to the top through less than moral deeds. Bill Gates, founder of the Microsoft Corporation, is just one example of a man who has legitimately earned his way to the top. Bernard Madoff, following in the footsteps of the Italian immigrant Carlo Ponzi, is one of many individuals who felt compelled to raise himself to the top at the expense of those less fortunate than he. The problem, it seems, lies in the ulterior motive behind these individuals who reach the top illegitimately — greed.
Roomy Khan seemed to be a typical Wall Street investor. She was an intelligent woman, and was able to use numerous resources thoroughly to turn her intelligence into decent returns. However, this deadly sin slowly started snaking its way into her life. Roomy Khan soon began receiving “inside information provided to [her] by co-conspirators who worked for publicly traded companies and investor relations companies who had access to confidential information on particular companies […]”. Using this information, Roomy Khan was able to execute copious amounts of trades which she knew without a doubt would yield her huge returns. In addition to utilizing this information for her own gains, Roomy Khan also “tipped several people at hedge funds with inside information on companies” so that these companies could share in the wealth that was now possible to accumulate [6]. What motivated Roomy Khan to transform herself from an honest investor to a fraudulent crook? It was, “an excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth,” [5] or in other words — greed.
On December 9th, 2008, Governor Rod R. Blagojevich initiated a rude awakening to citizens of Illinois. Local news coverage gave a shocking account of his morning affair, complete with handcuffs and a trip to the federal magistrate. It seems Governor Blagojevich had secretly conspired, on numerous occasions, to not only sell President Obama’s Senate seat, but other state positions as well. Many have questioned the motivation behind this appalling act, but the answer is clear. What Governor Blagojevich orchestrated was a, “wide-ranging scheme to shakedown campaign donors and politicians for high-paying posts and millions of dollars in campaign contributions.” [2] Once again, greed has poked its head into an area that is now rampant with greed and corruption – politics.
The answer to this dire problem is simple. There has to be a manner in which individuals on the lower end of the wealth spectrum can, through legitimate means, earn their way to the top. The result of such a manner would mean the end of this deadly sin, provided these individuals do not succumb to greed once a top position has been achieved. Lao Tzu, the founder of Taoism, once stated: “Give a man a fish; feed him for a day. Teach a man to fish; feed him for a lifetime.” [1] It is time to stop handing out fish every day while the greedy elite remain in control of the pond. If the current judicial system refuses to administer adequate punishment to the individuals who con their way to the top, then there must be some way for others to rise up and compete. Until this method has been established and put to sufficient use, the world’s wealth will be relentlessly barraged by this deadly sin known as greed.
Sources:
[1] Chan, Alan, “Laozi”, The Stanford Encyclopedia of Philosophy (Spring 2009 Edition), Edward N. Zalta (ed.), URL = .
[2] Coen, Jeff, Rick Pearson, John Chase, and David Kidwell. “Illinois Gov. Rod Blagojevich arrested on federal charges.” Chicago Tribune 10 Dec 2008, early ed. Print.
[3] Colbert, Randy. “1percenters, 1%ers, one percenters are you ONE of them?”. The Colbert Minority Report. 19 Sep 2009. Blogspot, Web. 15 Nov 2009. .
[4] “Distribution of Wealth.” Wikipedia, The Free Encyclopedia. 8 Nov 2009. 15 Nov 2009. .
[5] “greed.” Dictionary.com Unabridged. Random House, Inc. 15 Nov. 2009. .
[6] McCool, Grant, and Jonathan Stempel. “Roomy Khan tipped several people in Galleon case.” Reuters 12 Nov 2009, early ed. Print.
