Wednesday, July 11, 2012

Public policy professor glorifies lying and murder

Given recent posts on the degeneration of business practices, this article by William Black highlights lying and murder as a necessity to protect the public! Last Saturday Chris Hayes had a panel discussion on the LIBOR scandel. One of the guests was Karl Smith, an economics professor at UNC. He not only didn't think there was a problem with the banks lying about the LIBOR rate but that it was necessary to prevent weak banks from going under, which would cause harm. And that if he were a regulator he'd demand that such banks lie, and if they didn't he would murder those that revealed the truth! Yes, he actually said, and then defended, murder.

Black notes that there were several, legal and ethical remedies to aid failing banks in the hypothetical situation described by Smith, all of which would maintain the integrity and solvency of the financial system. (See article for specifics.) True, but rapacious and ill-gotten profits cannot be made on such integrity. And apparently integrity is not the name of the game here, and those with integrity are to not just be silenced but murdered. It's good to know that we have teachers such as this preparing our future business executives for the reality of their chosen profession.

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