It is amazing that even in these tough economic times companies are still raking in huge profits while the ordinary American is still struggling to make ends meet. I recently came across an article in the New York Times about the record breaking earnings by JPMorgan Chase, a bank that received bailout money back in 2008. The article brought questions of ethics to my mind and the question: How much is too much…?
JPMorgan Chase earned more than double of what it earned last year, even with the economy at its worst. In 2009, the bank reported earnings of $11.7 billion in profits alone, compared to $5.6 billion in 2008. What is JPMorgan doing with all of this extra money you ask? Well how about raising the bonuses for executives by 18% from last year. The bank is setting aside an enormous $26.9 billion to “compensate its workers” which will be paid out in bonuses. Is this greed? While there are so many people in need of help, large companies continue to record huge profits and are giving it back to themselves!
Aristotle believed that an individuals main concern is to govern his household and to acquire what is necessary to live, and to live well. But how well is too well? Aristotle never answers the question of greed in his writings, but how much is too much? I believe this company recording record profits while others are struggling, and giving the money back to themselves in multimillion dollar sums is the ultimate example of greed. They should be giving it back to the people in need or at the very least paying back the bailout money they received. I believe if more people took towards Aristotle’s views of only acquiring what is needed to live well and giving back what is not needed to those who need it most this world would be a whole lot better. There is a huge gap between the rich and the poor and it is a result of greed. Aristotle believed that when there is surplus, it should be given back to the community, this is not what is happening in today’s society and this needs to change.
Sunday, January 17, 2010
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Kevin, I agree that as a people we must change the way we treat others. I too feel frustrated and disappointed that there are those in the world who feel they must own everything to make themselves happy while in the expense of someone less fortunate. What is amazing though is the fact that today's youth have taken the role of leadership and changing the way some of these profiteers think when it comes to giving back to the community. The younger generations are certainly more motivated to give back to the community than their elders, so that is certainly a positive light and should be more encouraged. As for the big corporations we must remember that not all people who make money are bad. I guess the word "profit" is relative to the way it has been produced. In today's business world, there are corporations who partner with smaller businesses, and those smaller businesses are typically run by entrepeneures or philanthropists. Sometimes big corporations can do good things for the smaller guy, but it has to be led by a transformational leader or someone who simply wants to give and expect nothing in return.
ReplyDeleteI appreciated reading your blog, very interesting points.
Aristotle was trying to depicted a ideal world in his article. He was trying to instruct people by their inner "morality" and apparently igored that "greedy" is also one of the human natures that are hard to eliminate.
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