Citi pays $18M for questioned credit card practice

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Craig234

Lifer
May 1, 2006
38,548
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Originally posted by: jackace
[The reason we are in these problems is because The financial industry got greedy and was not happy with their profits and the limitations the system placed on them.

So they lobby the politicians and start this huge campaign getting all of America fired up about the prospects of deregulation. Knowing full well that the average American is not going to see any where near the benefit these large institutional investors and banks are going to see.

Greed is the reason these businesses wanted deregulation. Plain and simple. They wanted more profits anyway they could get them so they lobbied till the laws were changed to allow them to do what they wanted.

Greed doesn't necessarily mean you have to do something illegal or dishonest. The definition of greed is: excessive or rapacious desire, esp. for wealth or possessions. Yes that includes illegal and dishonest, but it also includes excess meaning you are not happy with your current success and want even more. Most times it does lead to illegal or dishonest practices, but doesn't have to.

The law is also grey enough that most businesses can get away with dishonest behavior and not see much if any punishment.


Lastly, no I'm not saying we need to go out and "fix greed." (Not sure how you could even do that) I'm saying greed is the reason we are in this problem. The system or rules need changed so greed is discouraged and/or punished.

Why *don't* we have those laws you mention in your last sentence? For the systemic reason I mentioned that allows the corprations too much access to political power.

You haven't seen the movie (or read the book) "The Corporation", have you?

As it clearly lays out, we have a *systemic issue* - the very definition of corporations, the laws for them, *require* them to put shareholder profit ahead of any other interest.

If they don't, they're guilty of violating their duty to shareholders. Maybe *that* has a little something to do with how they behave, and it's more than bad parenting of CEO's.