When ambition turns into greed?

Greed is a multifaceted concept explored extensively across psychology, economics, and philosophy. It typically denotes an intense and selfish desire for wealth, power, or other forms of gain.

One of the most infamous examples of corporate greed is the collapse of Enron. Driven by an insatiable desire for higher profits and personal wealth, Enron’s executives engaged in risky business ventures and manipulative accounting practices to hide debts and inflate profits. This created a corporate culture where unethical behavior was normalized, with executives prioritizing personal gain over corporate integrity. The promise of substantial bonuses and stock options further fueled this behavior, leading to catastrophic failure.

Another striking example of corporate greed is the collapse of Barings Bank in 1995. A trader at Barings, driven by the desire for large profits and personal bonuses, engaged in unauthorized speculative trading on the Singapore International Monetary Exchange (SIMEX). Initial significant profits led to increasingly risky trades, culminating in massive losses hidden in secret accounts. Similar to Enron, the culture at Barings incentivized short-term gains over long-term stability and ethical behavior, resulting in a lack of critical oversight and eventual collapse.

Greed’s destructive potential is not confined to the corporate world. I just finish reading Orlando Whitfield’s memoir “All That Glitters” that delves into a scandal in the art world, highlighting how ambition and greed can lead to downfall. The book tells the story of Inigo Philbrick (The Art World’s Mini-Madoff), whose greed-driven actions led to an $86 million fraud, ultimately sabotaging his life for financial gain. Apparently the story will become an HBO show.

Ambition vs Greed

Greed and ambition, while both driven by a desire for more, differ fundamentally. Greed is an excessive, unethical pursuit of personal gain, often at others’ expense, as seen in the Enron scandal. Ambition, however, is a focused and ethical drive towards personal and professional growth, fostering positive outcomes like innovation and progress.

I wonder how many times those involved in these scandals asked themselves, “Should I stop, when enough is enough?”

Beijos

Babi

letter-b.com

https://barbaracraveiro.substack.com/p/when-enough-is-enough