George Soros Lecture Series - Open Society and Market Capitalism

There is the fine line and the shades of grey. But aren't ethics, and values and honesty and integrity still fundamental :good values"? Seems that when money is involved, the lines are shifted and the greys meld together.

How about this example (taken from WSJ 31.10.09 review of the book: The Greatest Trade Ever)

http://online.wsj.com/article/SB10001424052748703574604574499740849179448.html:

"At Bear Stearns, however, Scott Eichel, a senior trader, and others met with Mr. Paulson and later turned him down. Mr. Eichel said he felt it would look improper for his firm. "On the one hand, we'd be selling the deals" to investors, without telling them that a bearish hedge fund was the impetus for the transaction, Mr. Eichel told a colleague; on the other hand, Bear Stearns would be helping Mr. Paulson wager against the deals."

Where is the difference between not putting your own managed money into the pot versus taking the fees and commissions to put other peoples money into the pot? That one makes NO sense to me.

"There is a deep seeded conflict between open society and capitalism."

Money doesn't smell the Roman's used to say. (Latin?) - Pecunia non olet

market versus moral values - the market is amoral - everyone's money is the same across the board.

incentives and contracts - ethical problem agrivated - human behaviour - eliminated consideration of ethical issues

may sound perverse but the study of "reflexivity" (social theory) is not well understood.

capitalism versus market - visible versus non-visible hand - a divergence of market and social values

politicians - amoral and moral overlapping

http://www.ft.com/cms/668e074a-bf24-11de-a696-00144feab49a.html?_i_referralObject=11108599&fromSearch=n