Greed Paper

8/2/2019 Greed Paper

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Running head: GREED

Greed

Wyatt Decker, Dan Feula, Adam Groff, Pamela Mix

Pennsylvania College of Technology


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Table of Contents

Executive Summary ........................................................................................................................ 2Introduction ..................................................................................................................................... 4Background ..................................................................................................................................... 5Ethical Issues .................................................................................................................................. 6Stakeholders .................................................................................................................................... 8

Types of Stakeholders ................................................................................................................. 8Pros of Greed ................................................................................................................................ 11Cons of Greed ............................................................................................................................... 13Summary ....................................................................................................................................... 16Alternatives ................................................................................................................................... 17Group Consensus .......................................................................................................................... 18References ..................................................................................................................................... 20


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Executive Summary

Greed is a concept that has been around since the very beginning of time. Greed is

essentially an intense desire to obtain something that is lacked. In most cases, this is money but

really it can involve anything at all from possessions to emotions. In the past, before the modern

age, the focus of greed was more so about power than money, which is what todays world is all

about. So the question to be answered is: is greed good or bad? The ethical issues, the

stakeholders, as well as the pros and cons of greed need to be examined in order to find the

answer.

There are so many ethical issues that can manifest as a result of greed but really, greed is

itself, an ethical issue. Greed is what causes just about every white-collar crime out there from

the many types of fraud to environmental pollution. The corporate world, and really the entire

nation, is all about the need for money and power. Environmental pollution and the lack of safety

for employees are examples of externalities resulting from cutting costs due to greed.

Stakeholders are parties that are affected by the actions of another party. In this case, it

would be the actions resulting from greed. If you think of a company being greedy, there are

many different stakeholders involved including; employees, shareholders, communities,

investors and even the government; the list goes on. When it comes to greed, just about any

stakeholder imaginable can be affected by anybody doing anything in literally any setting.

The pros of greed are very apparent. Greed can result in someone gaining something that

they have a great desire for. Basically, this means that greed is a great form of motivation. It

motivates people to become educated, earn money and become contributing members of society.

The cons of greed are also very apparent and in some cases can be the same as the pros.

Greed motivates people to make more money but they become selfish in doing so which causes


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them to make bad or unethical decisions along the way. Greed is good to a point; being overly

greedy is where one crosses the line. Greed can also be contagious in that it can spread

throughout an entire company and make the total machine greedy, which is what happened with

Enron.

Greed is an ends to a means, whether youre after money, power, material things, or the

love of another. Greed is about egoism and doing what is in our best self-interest. Greed has the

ability to demolish equality and deny utilitarianism because its all about the greatest good for

the fewest number of people (Edney, 2005).


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Introduction

What is Greed? Is it a positive or negative action? The official definition for greed is

excessive or rapacious desire, especially for wealth or possessions (Greed, 2011). Dont let the

definition fool you though. Just because someone is wealthy doesnt mean that person is greedy.

Bill Gates is one of the wealthiest people in the world but no one would consider him greedy

because Bill earned his money honestly and donates huge amounts of money to many different

charities annually.

The point is, ladies and gentleman, 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 has marked the upward surge of mankind. And

greed, you mark my words, will not only save [this company] but that other

malfunctioning corporation called the USA (Pressman, 1987).

This is an extremely popular quote from the movie, Wall Street, which tries to identify

greed as a good and right way of looking at things. Is this really so? Greed has the potential to

push people into making unethical decisions. Greed is a universal human trait. [] All

individuals make decisions in their best self-interest, even if it is doing something for someone

else from their heart (Blitz, 2007). This quote is noting the selfishness aspect of greed, which is

considered a con of greed. The question that should be answered is, whether or not greed is good

or bad. The following pages will examine greed to its core by looking at its history, the issues

that arise from greed, the stakeholders it can affect, and its pros and cons.


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Background

Greed has been around as long as there have been people in this world. In every era,

there have been people whove had an excessive desire to accumulate money, power, and

prestige according to Ryan K. Balot an associate professor of political science at the University

of Toronto (Economy, n.d.). In the earlier eras, greed may have focused more on power than

wealth, and acquisitions were carried out on battlefields instead of boardrooms. Yet greed had

the same desires for excess, this is not much different in the current society we live in today from

the first eras of the human race.

It is not very hard to find famous historic examples of greed in our human races

existence from past kings, criminals, religious pretenders, all the way up to todays Wall Street.

Yet to be really greedy a person has to not just want and acquire a lot of material wealth, he or

she needs to come by it less than honestly. Also, they enjoy stacking it up in the face of the far

less fortunate. They have to put their own desires above the needs and legitimate concerns of

those around them. When you apply this to the business world you are often talking of fraud or

cheating to make gains for yourself.

During the beginning stages of civilization power and acquisitions were carried out

during war, not in courts. Alexander the Great was brought down by greed in 323 BC. His

troops neared mutiny because Alexander always wanted to conquer some new nation. Pope

Sixtus IV made vast amounts of money by imposing taxes on brothels and claiming that the souls

in purgatory could only go to Heaven if their families paid enough money to buy their passage.

In 1994, Sholam Weiss was convicted of stealing $450 million from National Heritage Life

Insurance earning him 845 years in prison and $330 million in fines and restitution. Sholam was


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found guilty on 78 counts of wire fraud, money laundering, and racketeering. These are just a

few examples of greed showing up throughout history. The list goes on and on.

Ethical Issues

The ethical issues of greed show themselves in three basic categories: the need for

materialistic things, the lust for power, and self-centeredness. When someone is self-centered,

they put themselves above almost everyone else; they feel they are somehow privileged in some

way and that their needs and wants are a priority above all else. Self-centered people will not

usually deal with people they feel are unworthy of their time and energy. It is this kind of person

that is greed incarnate. These people are often the people seeking the other two categories of

greed: materialistic things and power; of which there are many avenues to follow.

Competition, free enterprise, capitalism; these are not just words from the dictionary,

they are political symbols. We are a culture obsessed with money. The problem with capitalism

is that it can quickly get out of control (Roosevelt, 2011). Since capitalism and greed go hand-

in-hand, there are many ethical issues that arise due to greed within the capitalistic society.

Greed, in and of itself, can be viewed as an ethical issue. After all, greed, or avarice, is one of

the seven deadly sins.

The majority of offenses that relate to greed revolve around white-collar crime and

money and power. Bribery, forgery, insider trading, embezzlement, tax violation, and corporate

corruption are all about the money and power; the need to control; to have it all. There is also

computer fraud, fake charities, fraudulent land sales, identity theft, telemarketing scams,

multilevel marketing schemes, card counting, bankruptcy fraud, and insurance fraud.

Unethical behavior related to greed can manifest itself in other ways also. Environmental

pollution is an externality that many manufacturers face. In the making of certain products there


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can be waste or residue left over that requires disposal. Correct disposal of these caustic

materials can cost companies millions of dollars annually. To keep money in the company and

the CEOs pockets, some unethical companies dump their toxic waste into rivers and other water

sources or bury it in the ground. The waste then harms plants, animals, and humans in a variety

of ways.

Another unethical issue some might not relate to greed is safety standards. By cutting

costs in the area of safety, a company can save millions of dollars. Safety cuts can come in the

form of inadequate or no training, improper or nonexistent ventilation systems, improper or

nonexistent uniforms (gloves, masks, goggles, etc.), improper handling of hazardous waste and

other chemicals, working too many hours, lack of safety showers and eye wash stations, and

proper first aid amenities just to name a few.

Few people understand that the consequences of some white-collar crime are serious

injury and possibly death. Each year thousands of people die from the long-term effects of illegal

toxic waste dumping. It is estimated that one-hundred thousand deaths occur each year as a result

of deliberate industrial or job-related safety violations. Emphysema and lung cancer deaths also

occur each year because of the long term effects of industrial and automobile pollution (Lewis,

2002).

It all comes down to focus on the bottom line. Companies are more worried about

making money than saving the environment, safety of their employees, how their action will

affect their stakeholders. Corporations are in business to make money; that is their number one

priority. So, can you say that a corporation is greedy if it is doing what it was built to do?


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Stakeholders

A Stakeholder is a party that can affect or be affected by the actions of the business as a

whole. The entire stakeholder concept was first created in 1963 and used at the Stanford

Research Institute. Edward R. Freeman then later cultivated the theory. Some primary

organizational stakeholders could fall into the following categories:

Employees Communities Shareholders

Creditors Investors Government

Customers Suppliers Labor Unions

Economy Misc. Associations Prospective Employees

Competitors Ex-employees Prospective Customers

Analysts and Media Owners Future Generations

Types of Stakeholders

Stakeholders are people who will be affected by an endeavor and can influence it but who

are not directly involved with doing the work (Hummel, n.d.).

In the private sector, people who are (or might be) affected by any action taken by an

organization or group are considered stakeholders; examples include parents, children,

customers, owners, employees, associates, partners, contractors, and suppliers, people that are

related or located nearby. A stakeholder is any group or individual who can affect or who is

affected by achievement of a group's objectives. A stakeholder can also be an individual or group

with an interest in a group's or an organization's success in delivering intended results and in

maintaining the viability of the group or the organization's product and/or service. Stakeholders

influence programs, products, and services.


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A stakeholder is any organization, governmental entity, or individual that has a stake in

or may be impacted by a given approach to environmental regulation, pollution prevention,

energy conservation, etc. School board members, environmental organizations, elected officials,

chamber of commerce representatives, neighborhood advisory council members, and religious

leaders are all examples of local stakeholders (Hummel, n.d.).

Market (or Primary) Stakeholders, usually internal stakeholders, are those that engage in

economic transactions with the business. (For example stockholders, customers, suppliers,

creditors, and employees), Key stakeholders are the ones that have significant influence upon or

importance within an organization, Secondary Stakeholders are people or groups not legally

affiliated with a corporation but that affects or is affected by a corporations actions.

(For example the general public, communities, activist groups, business support groups and the

media). Secondary stakeholders develop strategies when approaching corporations. They target

firms that they feel they either have the best chance of impacting or stand the most to gain from

interacting with. Corporations also developed strategies for dealing with stakeholders, largely

through dedicated corporate responsibility programs where employees try to curb damage done

by other departments or enforce conditions or codes. Secondary stakeholders usually only deal

with are advocacy groups and other non-profits (Lacoma, n.d.).

Stakeholder Analysis is the process of identifying the individuals or groups that are likely

to affect or be affected by a proposed action, and sorting them according to their impact on the

action and the impact the action will have on them (Lacoma, n.d.).

Stakeholder analysis is a term that refers to the action of analyzing the attitudes of

stakeholders towards something (most frequently a project). It is frequently used during the

preparation phase of a project to assess the attitudes of the stakeholders regarding the potential


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changes. Stakeholder analysis can be done once or on a regular basis to track changes in

stakeholder attitudes over time.

In Sweden, there is information collected about stakeholders as maps, tabular, graphical

or pictorial data which has been gathered by researchers and consultants from the earliest studies.

The key element of an effective mapping process is as far as possible to replace subjectivity with

objective measures and to make the assessment process transparent. This transparency will allow

the basis of any assessment to be clearly understood by others and will facilitate review and

updating as appropriate (Hummel, n.d.).

The approach with the highest profile in general business is the customer relationship

management or CRM approach. This approach requires substantial data sets to be gathered

about a key segment of the business stakeholder community (typically customers) followed by

the use of data mining techniques allow trends and opportunities to be identified, graphed and

communicated (Stakeholder Definition, n.d.). These reports inform management decision

making and help the business prosper. CRM works effectively in situations where the business is

relatively stable and there is a large class of stakeholders interacting with the business in a

reasonably common way.

A second approach that cannot be ignored is the extensive body of work focusing on

influence networks (Thompson, n.d.). These theories emphasize the critical importance of the

relationships between different stakeholders both within and around the project team. The

strength and effectiveness of the internal relationships enable the project team to function

effectively and allows the team (or the project) to interact and influence its surrounding

stakeholder community. The difficulty in using these strands of research lies in building the

influence/relationship maps; the work is difficult, time consuming and invasive requiring


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extensive interviews with the stakeholders. Consequently while an appreciation of these ideas is

critical for effective stakeholder management, the opportunities to undertake a detailed analysis

of a particular stakeholder community are very limited and typically only occur as part of an

academic research assignment (Lacoma, n.d.).

The need for a practical, usable approach to visualizing many different stakeholder

communities has led to the development of a range of listing and mapping techniques by

academics, consultants and businesses over the years. These approaches trade the richness of

data available under the CRM approach for a holistic view of the whole stakeholder community

and largely ignore the complex network of relationships considered in CRPR and the other

network theories outlined above for a simpler consideration of importance in some form.

Obviously the importance of a stakeholder is directly associated with his or her ability to

influence the project through their network of relationships; the difference in the analysis is in

the way this is assessed. All of the mapping techniques discussed above use a qualitative

perception of a stakeholders importance rather than a quantitative analysis of the influence

networks and relationships surrounding the stakeholder to determine an absolute value for that

persons importance (Hummel, n.d.).

Pros of Greed

Corporate Greed has been part of organizations for decades. There are a lot of

corporations in our business world today that have been successful due to the amount of greed in

which they possess in their organization. We, as human beings, are driven primarily by

motivation and we are motivated by self-interest. People in our society today like to put

Capitalism and greed in relative positions. Eric Fleischauer (2011) stated in the article from The

Decatur Daily that: Capitalism is unique among economic systems in that it recognizes the


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inevitability of greed. With sad realism, capitalist economies choose to go with the flow of

human greed rather than fight it.

One of the main benefits of corporate greed is that it can be a huge moneymaker. Greed

for money and power push people to work harder and find new ways to profit; it keeps you on

top by motivating you to strive to be the best. There are many CEOs who have become multi-

millionaires due to the fact that they use greed as a factor of running the corporation. Businesses

that use greed as a dynamic part of their corporate structure could easily climb the ladder until

they are superior to the competition.

Along the lines of moneymaking, greed can be used as a tool of respect and raise the

employees drive to perform their duties more efficiently. An employee in a corporation is

driven by that tool to perform tasks so that their superiors will notice their extra effort and

efficiency. This could help certain individuals to get promotions and climb up the organizational

chart.

Another benefit of greed is that if you are greedy you have or will become potentially

famous. Enron is an example of an organization that was extremely greedy. When you look at

Enron in the mid 1990s all their top line managers were looked at as kings because the amount

of success that company had at that time. The public didnt know about the things in which they

were involved, but their corporation was run on the sole power of greed.

Greed is used as a motivator to get the things you want. Our human race uses greed

everyday and the people who are greedy are the people who get the things they strive for.

Material acquisition is a benefit of greed.

Greed has the potential to cause a chain reaction within an organization. Top line

managers will make decisions based on self-interest. Once this decision benefits them in some


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way, others in the organization will also make decisions based on themselves; eventually the

entire organization can become one greedy machine. Businesses that use greed are very

productive because it motivates employees to work harder and more efficient. Greed in essence

increases workers output.

As said by an article in Phil for Humanity (n.d.): Greed is good, because it is the most

important incentive for people to work hard, get a good education, start a business, or invest in a

company. This makes people productive and contributing members of society. And in return,

people are paid a salary, become more educated, and (hopefully) build wealth so that they can in

return live a prosperous, more comfortable, and full life.

Adam Smith played an important role in the history of capitalism and greed. Smith

believed that human emotions such as greed or envy could be channeled constructively to create

economic competition. Within this environment, sellers would compete with each other for the

customer's dollar. In order to survive and be profitable, sellers would do anything necessary to

keep the customer and offer quality merchandise at a good price.

Cons of Greed

The previous section talked about how greed can be positive. Can greed really be a

positive thing, or is it just a matter of how greedy a particular person is? It seems as though

greed is only positive in moderation and even then, depending upon the person or the situation, it

can still end up being bad. It is when one becomes overly greedy that the adverse effects of greed

begin to rear its ugly head.

So what exactly are the cons of greed? Following is a small list of some of the bad things

or side effects that being greedy can cause: Arrogance, fleeting appreciation for acquisitions,

loss of friends, family or other people who you have harmed, narcissism, and false friendships.
http://www.ehow.com/info_7742121_teleological-ethical-theories.htmlhttp://www.ehow.com/info_7742121_teleological-ethical-theories.html


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These are all personal problems that greed can cause in someone. When greed becomes the core

focus in ones life, one begins to lose track of what really matters in their life. Even if the greed

is not related to money and may seem like a positive kind of greed, it is just not healthy to be

obsessed with any type of possession. Money is always at the center of this debate and it is, quite

frankly, at the center of greed. According to Osho (1978), greed says that you must be empty,

so you want to stuff yourself with something or other. Money is a way to stuff oneself with

things. Money is what buys things in our society so greedy people want money so they can stuff

themselves with whatever they desire. Osho (1978) also says that, nobody is fulfilled by

greed [] because things are outside and emptiness is inside. What Osho is saying here is that

people are trying so hard to fill the emptiness that is felt within with material things that cannot

fill it. Most people then either look to more things or look to some form of religion to fill the

apparent void.

Greed is not just a personal problem. Greed can spread very easily through groups,

organizations and even communities. Most of the time it starts with the leader or a very respected

person in the group and when the group members see the greed they subconsciously see that it is

fine to be greedy and they themselves become greedy and thus creates a group culture centered

on greed. This is not, at all, healthy for the group because then the group members all begin to

slide to selfishness and the side effects mentioned above start to appear.

This same problem can and has happened with organizations. Everybody knows of the

collapse of Enron, a company that falsified funds and dealt with fake companies that led to its

demise. A lot of people wondered and continue to wonder what happened and how the company

allowed these things to progress to the point of ruin. Quite simply, greed is to blame. The top

management of the company, including the CEO, Ken Lay, was all affected by greed and it


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trickled down to influence the entire organization as a whole. According to Manuel Vasquez,

[The] general boom culture, I believe, was part of what affected Enron and led its managers and

executives to think that anything was okay so long as the money kept rolling in (Velasquez,

Moberg, Calkins & Hanson, 2002). That is pretty scary to think about. The company only cared

about the money and that the income statements were always positive. This is a pretty clear

example of greed influencing the organizational culture of a company and completely tearing it

down.

It doesnt just stop there either. Communities and even entire nations can be influenced in

this way. Although it is not what the public wants to hear, the United States of America is

presumably the greediest nation on this planet. No other nation lives the way that the people right

here in this country do. Americans constantly over buy, over consume and over eat on a regular

basis. Paul Krugman (2002) claims that it all started with the previously mention quote from the

movie Wall Street. Even though, in the movie, Gordon Gekko got his comeuppance [] in real

life his philosophy came to dominate the corporate practice (Krugman 2002). With that came

the slew of scandals that are in the new pretty much daily, including Enron. This concept of

greed has essentially influenced this entire nation, if wasnt always that way. Krugman also says:

Twenty-five years ago, American corporations bore little resemblance to

todays hard-nosed institutions. [] C.E.O salaries were tiny compared with

todays lavish packages. Executives didnt focus single-mindedly on maximizing

stock prices; they thought of themselves as serving multiple constituencies,

including their employees.


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Can one blame this culture change on greed? Not solely but it cannot be denied that

greed has played a significant role in this swift movement toward where corporate America is

now.

Greed is essentially a psychological disease that takes over the mind and forces people to

think only of them while shoving all other things and people aside. Looking at the facts, one can

easily deduce that greed has the characteristics of a disease. It has many bad side effects, can

cause harm to others as well as oneself, and can spread just as easily. Can greed be good? It

absolutely can but the adverse effects cannot be ignored and must be known to avoid being

consumed by it.

Summary

There will always be an argument whether or not greed is a positive or evil thing.

Greed has been around forever and will stay with humans for the rest of our existence. Greed has

its benefits and downfalls. Greed is a common tool in our business world today; the main reason

corporations use greed is because it brings in money. Greed can help people and it also can

crush people and make them seem foul. Greed could be stopped in corporations but when one is

greedy that person tends to have a butterfly effect. It has been said that a butterfly can flap its

wings in Brazil, and cause a tornado in Texas (Lorenz, 1993). Metaphorically, this is what is

happening in our corporate world. Greed can be a benefit for an organization to have, and there

have been a number of organizations that wouldnt have risen to where they are without the use

of greed.

Is greed a good thing or a bad thing? Everyone has a different opinion depending on who

you are and youre past experiences. Some abuse their power and are extremely greedy in the

decisions they make and the things they do. Others do not use greed at all in their daily lives.


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The movie Wall Streetsays greed is a good thing, greed is right. But is it? That is the

question: Is greed good, or bad?

Alternatives

Recommending alternatives for dealing with the over-abundance of greed on a basic,

human level is something that this group is not qualified to attempt. However, there are several

suggestions that can be made on the subject of greed when addressing the corporate arena. As

found through our research, greed can be a powerful tool. Greed has the ability to motivate us to

push our limits and to expand our horizons. Unfortunately, greed can also push us over the top

of morally and ethically acceptable limits.

In order to keep a harness on acceptable limits of greed within the corporate world, a set

of guidelines need to be laid out and put into place. Following are some examples of ways to

curb greed within the corporate world:

1. Do not allow the same company that does outside auditing to also provide consultingservices. This creates a conflict of interest as seen with Enron and Arthur Andersen.

2. Change auditing firms on a regular basis. This process will lessen the possibility of theauditor becoming complacent just to keep a companys business.

3. Allow shareholders more influence over the company. Most boards require a 2/3approval for any shareholder proposal; take that down to 51 percent. This way the target

is not so impossibly high and it takes into account that many shareholders do not vote at

all.

4. Put a cap on executive salaries. This will put more money back into the company andthus, back to the shareholders.


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5. Do not allow company executives to sell off their stock in one lump sum. Require publicreporting of intended executive sales and make it mandatory that any sales must be made

over an extended period of time; possibly two years. For example, if an executive

wanted to sell 100,000 shares of stock he would have to publicly report it and it would be

sold in increments of 12,500 per quarter over a two year period. This way their interests

are kept in line with outside shareholders and the company as a whole.

There is, of course, always the alternative of doing nothing. We can simply allow the

corporate machine to continue on as it always has. It is almost certain that, one day, the

misadventures of the corporate executives will catch up with them and the machine will come to

a grinding halt if practices continue on their current course.

Group Consensus

After much discussion, we have agreed, as a group, not to agree. While each of the group

members believes there is a place for greed in society and business, we cannot agree on the

particulars of where and to what degree. We agree that greed is a great motivator to make people

work hard and become productive and contributing members of society; but we are also aware of

the affects greed can have when taken too far.

There are several factors that contribute to our difference of opinions:

Opposing sexesmale vs. female Vast gap in ages21 thru 45 Work experiencepart time thru corporate management Life experiencesingle, living at home to married with children

It would be nearly impossible to find two people who agree completely on how and when

greed is good or bad; when its an advantage and when its a disadvantage. The only answer to


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the question of whether greed is good or bad would be: Yes, greed is goodto a point. There

are many shades of grey when it comes to greed. Is greed acceptable in society? Again, yesto

a degree. It is when greed goes beyond the bounds of whats considered acceptable to humanity

that the problems arise. What we do not accept is when actions move beyond our morals and our

values. But, since morals are such a personal thing, greed becomes a subject that has no one,

correct answer.


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Economy: The human history of greed - The daily beast. (n.d.). The Daily Beast. RetrievedNovember 18, 2011, from http://www.thedailybeast.com/newsweek/2009/03/25/the-greater-greed.html

Edney, J. (2005). Greed. Post autistic economic review (31), 11.

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Lacoma, T. (n.d.). Definition of primary stakeholders. Hummel, C. n.d. eHow. How to Videos,Articles & More - Discover the expert in you. Hummel, C. n.d. Retrieved November 6,2011, from http://www.Hummel, C. n.d./about_6455864_definition-primary-stakeholders.html

Lewis, R. (2002). White collar crime and offenders: A 20-year longitudinal cohort study.Lincoln: iUniverse, Inc.

Lorenz, E. (1993). The essence of chaos. University of Washington Press.

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