The Noble Edge by Christopher Gilbert PhD

Author:Christopher Gilbert, PhD [Christopher Gilbert, PhD]
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2021-05-14T16:00:00+00:00

Being ethically subjective, personal values and not public debate can justify almost any behavior. As J. Desjardin, a noted ethicist states, “Ethical principles for good must be evaluated in a public process. Public standards must determine what is good or bad for that public.” Subjectivity concentrates on personal circumstances and cares little for any public forum overseeing potential consequences. To quote the cartoon character, Popeye, “I’s feels what I’s feels.” I am guessing that those of you who went through the 2008 Great Recession may have been affected, perhaps greatly, by companies who proliferated a subjectivist business ethic. Here’s one example: a number of the largest financial institutions in the US—the gems of Wall Street, Morgan Stanley, Bear Sterns, Goldman Sachs, Merrill Lynch, AIG, and others—wittingly ignored investors and mortgagees by extending historic amounts of credit to consumers who had poor debt histories. How did they justify and profit from this risk? They charged hidden, extensive and arbitrarily high upfront fees and interest rates to these risky debtors. With high fees, these finance companies would do just fine even as the over-extended homeowners defaulted and lost their homes. Some of these financial institutions were bailed out by the U.S. government, afraid the collapse of the big guys would be the collapse of the economy. This is where the phrase “too rich to fail” got its reprise. The 2015 film, The Big Short, provides a unique look at this collapse.

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