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« Bank Failures: Not a Significant Indicator | Main | ETF Update: Nuclear -- An Explosive Move Ahead? »

May 02, 2009

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Mike C

Does Honesty Matter?

Yes, it does. That said, Random Roger had what I thought was a particularly relevant comment:

http://randomroger.blogspot.com/2009/05/sunday-morning-coffee.html

I view my job as a combo of growing assets and then protecting them. That does not including solving the world's problems. Perhaps that is an ugly answer but it is also my perception of reality.

I'm 35 now. I'm not sure exactly when, but somewhere along the line I lost any idealism I had. I doubt I would recognize that 20-22 year old back in undergrad days. I won't solve the world's problems either, but I'll try to live an ethical, honest life, but my priority is also on growing my and client's wealth.

Would I buy the stock of a company that I thought was engaged in deceptive behavior if I thought it could be very profitable? I don't know, but I think I would. Just being honest. :)

oldprof

Of course, Mark. I remember you well, both from bridge and the CBOE in the late 80's.

Jeff

Mark Wolfinger

Reading your bio, did you work with Ralph K? He and I were bridge partners for awhile in the 1970s. We were also affiliated at the CBOE.

Mark Wolfinger

I know that readers often fail to respond, just because it's too much trouble.

You raised an important issue, but let's face facts. Truth is not valued. Making money (even when based on lies, hurting innocent people, or destroying the world's economy) is all that seems to matter on Wall Street.

oldprof

Mark and Venn -- I am delighted to learn that some see this as important. I wish there were even more who took the trouble to comment.

I was really trying to make a social and market comment, but I'm not sure that I hit the right note.

Thanks,

Jeff

Mark Wolfinger

Yes it matters.

Who cares whether investors care? How about asking doctors and patients and anyone why overpays for medicine that makes false promises. I'll bet they care.

The focus on money and investors is nonsense. Humanity cares and to me there is almost no punishment harsh enough to stop this behavior. How about fining the company $1 billion, the CEO losing his job, and a criminal trial for that CEO? The charge could be intentionally endangering public health.

That's what matters

Mark
http://blog.mdwoptions.com/

VennData

When political leaders don't respect science, that lack of respect can percolate through all aspects of culture. Bush is gone, but his anti-science legacy still survives.

Thank goodness we now have a president that states the importance of science, frequently.

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