Explain the view of Gordon Gekko in the movie Wall Street that "greed is good". Then, explain Solomon's analysis and critique of this notion. Describe an instance or example that you believe exemplifies "greed" in the current financial crisis. Then, provide a moral evaluation of this action (or actions) applying at least one moral theory.
The Speech:
Well, I appreciate the opportunity you're giving me, Mr. Cromwell, as the single largest shareholder in Teldar Paper, to speak. We are not here to indulge in fantasy, but in political and economic reality.
America, America has become a second-rate power. Its trade deficit and its fiscal deficit are at nightmare proportions.
In the days of the free market, when our country was a top industrial power, there was accountability to the stockholder. The Carnegies, the Mellons, the men that built this great empire, made sure of it because it was their money at stake. Today, management has no stake in the company! All together, these men sitting up here own less than 3% of the company. And where does Mr. Cromwell put his $1,000,000 salary? Not in Teldar stock. He owns less than 1%. You own the company. That's right, you, the stockholder. And you are all being royally screwed over by these bureaucrats...with their steak lunches, their fishing trips, their corporate jets and golden parachutes. CROMWELL: This is an outrage! You're out of line, Gekko! GEKKO: Teldar Paper, Mr. Cromwell, has 33 different vice presidents each earning over $200,000 a year. Now, I have spent the last two months analyzing what all these guys do. And I still can't figure it out. One thing I do know is that our paper company lost $110m last year. And I'll bet half of that was spent in all the paperwork between all these vice presidents! The new law of evolution in corporate America seems to be survival of the unfittest. Well, in my book you either do it right, or you get eliminated. In the last seven deals that I have been involved with there were 2.5m stockholders, who have made a pre-tax profit of $12 billion. APPLAUSE GEKKO: Thank you. I am not a destroyer of companies. I am a liberator of them! The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through and captures the essence of the evolutionary spirit. Greed, in all of its forms-greed for life, for money, for love, knowledge, greed has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA.