Everyone is buzzing — and the Goldman Sachs PR team is desperately spinning — about the
powerhouse op-ed in the New York Times
this morning by the (as of this morning, apparently) former Goldman
Sachs exec Greg Smith who resigned in protest because of their “toxic
and destructive” environment. It is a painful reminder of how
out-of-control Goldman has become, but this isn’t just about one company
or one set of immoral executives; it’s about the Wall Street system and
its allies in the political and media world.
Stories like Smith’s, along with a Mack Truck-load of books and
articles written since the financial panic of 2008 about Wall Street
greed and corruption, are a reminder of the breakdown of basic morality
in the entire culture and structure of Wall Street, and of the
destruction and potential destruction this lack of ethics causes the
rest of our economy. According to virtually all the reporting, writing,
and research we have seen in the last four years, this kind of
short-term greed and willful corruption — and in many cases outright law
breaking — has been baked into the Wall Street system, so that the
honest players like Smith are systematically discouraged, punished
economically, and driven from the companies. Only the people obsessed
with short-term greed remain. The events of 2008 demonstrated in way too
dramatic a fashion the incredible harm that does to the entire economy.
You have to be amused by the massive irony of all this, as these
pillars of our society and their close allies in government and the
media go on and on about what is moral and what is not. Brian Moynihan,
CEO of Bank of America, with its $75 trillion in toxic assets and its
terrible track record of heartless foreclosures, talks of the moral
hazard of writing down mortgage debt for homeowners. One of Wall
Street’s biggest defenders in the media is Rush Limbaugh, who calls
young women sluts and prostitutes when they disagree with him. Goldman
Sachs’ closest political ally, Mitt Romney, wants to
shut down Planned Parenthood because they are apparently so immoral.
The irony is deep because the conservatives who are such fans of Wall
Street and so worshipful of free markets say that they are the ones who
are for traditional morality. The problem is that the kind of greed
they defend gets its morality from a very untraditional place: Ayn Rand,
who argued that selfishness was not only a virtue, but really the only
one that mattered, and that generosity was immoral because it helped
society’s leeches. When a company like Goldman encourages its executives
to, as Smith put it, “callously talk about ripping their clients off,”
they are simply following Rand’s twisted version of a morality based on
greed and selfishness.
When Republicans like Romney, Santorum, Limbaugh, or GOP budget
author Paul Ryan (who openly sings Rand’s praises and speaks of her as
his biggest influence) speak of morality and values, they seem to never
talk of things like companies not cheating people, or fairness, or
kindness, or generosity. I suspect that is because they agree with Rand
that those are false values that don’t actually matter. But maybe the
not cheating/fairness set of values is somewhere on their list but not
high enough to mention or think about as much as, say, stopping people
having sex.
The other rich irony here is that the man these guys claim to worship
as their savior, Jesus of Nazareth, cared a whole lot more about the
fairness and kindness stuff. He despised greed and wealthy people taking
advantage of the poor, and preached over and over about generosity,
kindness, helping others less fortunate, and that whole set of values.
The sex thing, not so much. Jesus never condemned homosexuality even
though it was common in ancient Greek and Roman culture, and never
mentioned abortion even though it was a very common practice in that
era. He mentioned adultery a few times, mostly in a long list of other
sins to avoid, and told the authorities about to stone a woman to death
for committing adultery that he who was without sin should cast the
first stone. He openly socialized with prostitutes. This was not a man
obsessed with sexual sins.
These modern day followers of his sure seem to be, though. Wall
Street is brazenly ripping off its clients and tanking our entire
economy, and the Romney/Santorum/Limbaugh team has no time to castigate
them, but they sure seem to have all the time in the world to talk about
the sinfulness of gays and abortion and birth control.
Maybe we should try to reorient their thinking about morality. My organization, American Family Voices, has
put up a petition calling on Mitt Romney to call on Lloyd Blankfein to step down as CEO of Goldman Sachs. I think Romney should be the one to lead the charge on this because Goldman is his single
largest source of money,
and if I were Romney, I would want to do everything I could to make
clear that my values were not identical to Blankfein’s values.
It is amazing we live in a culture that allows the wealthiest and
most powerful companies in the country to cheat their clients and the
public at large with impunity, and that their closest political allies
aren’t held to account as well. Help us shine a spotlight on this by
signing our petition.