War on Greed

:
Welcome to the war on greed.

I'm not talking about the latest round of corporate CEOs, dragged red-faced before the courts. No, this week my attention is focused on the little guy -- well, littler guy, anyhow. Like the 66 New Yorkers arrested for theft dating to Sept. 11. The Municipal Credit Union weighed its options after the World Trade Center attacks damaged its computer network: shut down its ATMs, leaving customers cashless during a major crisis, or trust customers to withdraw only what they had in their accounts. It trusted its customers -- foolishly, it turns out, since about 4,000 people took the opportunity to steal a total of $15 million. Why let a little thing like a terrorist attack hinder your financial prospects?

Then there are 69 deadbeat dads arrested throughout the U.S. last weekend. As part of a major crackdown on delinquent child support, the U.S. went looking for this sorry group of fathers -- and the millions of dollars they collectively owe their kids. But why let a little thing like parenthood lighten your wallet?

Further up the financial ladder, thousands of wealthy Americans discovered their latest tax loophole is not only closed -- it never existed. They were buying millions of dollars of life insurance, passing on their wealth as an insurance payout without paying tax on the insurance payment. Once it woke up to the scheme, the treasury department declared it null and void -- much to the chagrin of would-be tax avoiders. But why let a little thing like the law keep you from hoarding your nickels?

None of these shenanigans added up to the kind of dollars that passed through the hands of an Enron or a WorldCom. But why let a little thing like quantity keep us from being appalled?

What the heck is going on with our neighbours down south? What your grandmother might have called "sharp dealing" has become the modus operandi of the American economy.

By now it's clear that this summer's parade of corrupt CEOs is just a symptom of a far more pervasive problem: greed.

In the 1980s America heard Michael Douglas as Gordon Gecko in the movie Wall Street, proclaiming "greed is good." Fifteen years later that ironic line has become gospel. Greed is now as American as baseball ... and pretty much owns that pastime, too.

Before we get too smug, let's look at another news story from last week. An Edmonton bank manager was charged with issuing almost $16 million in fraudulent loans -- which he allegedly channelled back into his own accounts. This wasn't some high-flying CEO taking a page from his American colleagues; this was a regular guy whom neighbours described as "your typical nerd banker." But why let a little thing like professional duty keep you from making a quick buck?

I'm realistic: Greed is a fact of human life, on either side of the border, and probably at any time.

What's changed is we've lost our sense of shame. Shame keeps us from embracing our greed, and reminds us that sometimes we have to forgo that extra dollar in favor of preserving our human decency.

But why let a little thing like human decency stand in the way of making money?



	We've lost our shame and embraced greed
	Grasping classes from WTC thieves to deadbeat dads excel at ripoffs

	Alexandra Samuel August 21, 2002

	: Welcome to the war on greed. I'm not talking about the latest round of corporate CEOs, dragged red-faced before the courts. No, this week my attention is focused on the little guy -- well, littler guy, anyhow. Like the 66 New Yorkers arrested for theft dating to Sept. 11. The Municipal Credit Union weighed its options after the World Trade Center attacks damaged its computer network: shut down its ATMs, leaving customers cashless during a major crisis, or trust customers to withdraw only what they had in their accounts. It trusted its customers -- foolishly, it turns out, since about 4,000 people took the opportunity to steal a total of $15 million. Why let a little thing like a terrorist attack hinder your financial prospects? Then there are 69 deadbeat dads arrested throughout the U.S. last weekend. As part of a major crackdown on delinquent child support, the U.S. went looking for this sorry group of fathers -- and the millions of dollars they collectively owe their kids. But why let a little thing like parenthood lighten your wallet? Further up the financial ladder, thousands of wealthy Americans discovered their latest tax loophole is not only closed -- it never existed. They were buying millions of dollars of life insurance, passing on their wealth as an insurance payout without paying tax on the insurance payment. Once it woke up to the scheme, the treasury department declared it null and void -- much to the chagrin of would-be tax avoiders. But why let a little thing like the law keep you from hoarding your nickels? None of these shenanigans added up to the kind of dollars that passed through the hands of an Enron or a WorldCom. But why let a little thing like quantity keep us from being appalled? What the heck is going on with our neighbours down south? What your grandmother might have called "sharp dealing" has become the modus operandi of the American economy. By now it's clear that this summer's parade of corrupt CEOs is just a symptom of a far more pervasive problem: greed. In the 1980s America heard Michael Douglas as Gordon Gecko in the movie Wall Street, proclaiming "greed is good." Fifteen years later that ironic line has become gospel. Greed is now as American as baseball ... and pretty much owns that pastime, too. Before we get too smug, let's look at another news story from last week. An Edmonton bank manager was charged with issuing almost $16 million in fraudulent loans -- which he allegedly channelled back into his own accounts. This wasn't some high-flying CEO taking a page from his American colleagues; this was a regular guy whom neighbours described as "your typical nerd banker." But why let a little thing like professional duty keep you from making a quick buck? I'm realistic: Greed is a fact of human life, on either side of the border, and probably at any time. What's changed is we've lost our sense of shame. Shame keeps us from embracing our greed, and reminds us that sometimes we have to forgo that extra dollar in favor of preserving our human decency. But why let a little thing like human decency stand in the way of making money?

We've lost our shame and embraced greed

Grasping classes from WTC thieves to deadbeat dads excel at ripoffs