A Little Bankster Bedtime Story about Big Banks still Ripping You Off
How Big Banks Are Still Lying, Cheating and Ripping Us Off
The American media are downplaying a huge banking scandal that's rocking the UK.
Earlier this year, researchers at
the university of Southern California published the results of a study
examining whether the wealthy – the mythical “engines of our economy” –
display a better character than the rest of us.
it turned out, after conducting seven experiments they found that the
narrow pursuit of self-interest at the top of the economic heap leads
our elites to behave like complete dirtbags. As Bloomberg summarized,
the researchers found that the richest among us “were more likely to
break the law while driving, take candy from children, lie in
negotiation, cheat to raise their odds of winning a prize and endorse
unethical behavior at work.”
not that the rich are innately bad, but as you rise in the ranks --
whether as a person or a nonhuman primate -- you become more
self-focused,” Paul Piff, the lead author of the study, told Bloomberg.
It is their lust for wealth, paired with a lack of empathy for others –
their disregard for the consequences of their actions on the “little
people” – that makes them, at times, appear to simply be evil.
research may help us understand why high-flying traders at Barclays
Bank – and those at an as yet unknown number of other financial
institutions – were willing to risk the credibility of the entire
financial sector, as well as their cushy jobs, to rig interest rates in
order to squeeze out more profits. And it certainly helps explain why
they didn't think twice about the individual and institutional investors
they ripped off: millions of ordinary people with credit cards, auto
and home loans and other lines of credit.