Wednesday, February 22, 2012

Fundamental Issues Lying behind the Sub-prime Mortgage Crisis (4): The Sin of Greed

This vedio fully expressed common people's anger about Wall Street's crazily risk-taking behaviors driven by their  lust for money.Human beings are self-interested and it is the maximization of individual interest that privides the innitial momentum of the capital market. However, we should also notice that it becomes a different story when a group of smart people get together in Wall Street and start to exhaust every possible way to maximize profit.  Who would deny that all the financial crisis originated from the Biblical sin of Greed?  Moreover, should fair-value accounting take the blame of disclosing twisted financial accounts when the accounts' value had been twisted by the Wall Street genius in the first place?

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