Posts tagged with: goldman sachs

Blog author: jcouretas
posted by on Friday, April 30, 2010

Acton Research Director Samuel Gregg is quoted in yesterday’s Pittsburgh Tribune-Review editorial on Goldman Sachs:

The most shocking moment in Tuesday’s Senate hearing on Goldman Sachs wasn’t Sen. Carl Levin’s repeated use of the big investment house’s scatological description of its own dubious offerings.

No, it was when one of Goldman’s high cluckety-clucks actually said that it has no ethical responsibility to tell clients that it is betting against the same investments it recommends.

That really is (expletive deleted).

Samuel Gregg of the Acton Institute reminded in 2008 that it wasn’t merely loose monetary policy, massive bank overleveraging, the subprime mortgage implosion and government-backed social re-engineering programs that landed the economy in a pickle.

“(I)f the current financial upheaval teaches us anything, it should be how much market capitalism depends upon most people developing and adhering to some rather uncontroversial moral virtues.”

We are learning the hard way that “prudence, temperance, thrift, promise-keeping, honesty and humility — not to mention a willingness not to do to others what we wouldn’t want them to do to us — can’t be optional-extras in communities that value economic freedom,” says Dr. Gregg.

“If markets are going to work and appropriate limits on government power maintained, then society requires reserves of moral capital,” he adds.

It’s clear the financial sector has lots of work to do.

The Gregg quote is drawn from his October 2008 Acton commentary, “No Morality, No Markets.”

Blog author: jballor
posted by on Thursday, March 18, 2010

In this week’s Acton Commentary I expand on a minor meme floating around the web towards the end of last year that criticized the purported claim made by Lord Brian Griffiths, a Goldman Sachs advisor and vice chairman: “The injunction of Jesus to love others as ourselves is an endorsement of self-interest.”

I do a couple of things in this piece. First, I show that Griffith’s claim was rather different than that reported by various news outlets. Second, I place his reported comments within the broader context, which includes a greater emphasis on generosity than on self-interest. The entire transcript (PDF) of the panel discussion from which the quote was taken is an interesting read.

For instance, Griffiths also says this in the context of the question of ordering self-interest to serve justice: “…nobody, I think, on this panel believes in completely free markets. In fact, I don’t think I know anyone even in Goldman who believes in completely free markets.” By “completely free markets” Griffiths is talking about a pure lassez-faire view of the market. The broader context of Griffiths comments, including his emphasis on generosity and his qualification of endorsement of the market, should serve adequate notice to anyone who seeks to characterize him as a espousing some kind of radical view incompatible with Christian teaching. For more on the theological backgrounds of this topic, see my post over at Mere Comments.

And for even more background on Griffiths views, in addition to his Globalization, Poverty, and International Development, check out his plenary address, which includes endorsement of a kind of cap-and-trade system on carbon markets, given at 2008′s Acton University:

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Blog author: jwitt
posted by on Wednesday, September 16, 2009

Memo to documentary filmmaker Michael Moore: Free markets didn’t cause the financial crisis. The biggest culprits were government planners meddling with the market. That’s the message of Acton’s newest video short.



So why on earth is Michael Moore (Capitalism: A Love Story, Sicko) so eager to route even more power and money through Washington? Centralized planning is economic poison. Doubling down isn’t the cure.

(Also, Acton’s resource page on the economic crisis is here.)