As Brian Basham argues in the Independent this morning:
In attempting to understand the complexities of what went wrong in the years leading to 2008, I've developed a rule: "In an unregulated world, the least-principled people rise to the top." And there are none who are less principled than corporate psychopaths.
And yet these are the people - the bankers - we're bailing out.
Why, oh why?
It's a compelling read and I think the argument sound.
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Psychopath is the commonly used term but I would prefer to be more specific and suggest Narcissism. From my first understanding of how the ‘Masters of the Universe’ made their huge profits, I was aware of constantly recognising patterns of ruthless narcissistic thinking .. and it has continued to make sense to me. But I do not think that it is just common in bankers, but it is a widespread personality disorder throughout the ruling elites… politicians, celebrities, judiciary, academics and the media. As you say “Why Oh Why” are we allowing individuals who have real pockets of psychosis and little capacity for empathy or attachment to dictate our children’s futures.
For information here is the DSM IV Diagnostic criteria for narcissistic personality disorder:
A pervasive pattern of grandiosity (in fantasy or behavior), need for admiration, and lack of empathy, beginning by early adulthood and present in a variety of
contexts, as indicated by five (or more) of the following:
Has a grandiose sense of self-importance (e.g., exaggerates achievements and talents, expects to be recognized as superior without commensurate
achievements)
Is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love
Believes that he or she is “special” and unique and can only be understood by, or should associate with, other special or high-status people (or institutions)
Requires excessive admiration
Has a sense of entitlement, i.e., unreasonable expectations of especially favorable treatment or automatic compliance with his or her expectations
Is interpersonally exploitative, i.e., takes advantage of others to achieve his or her own ends
Lacks empathy: is unwilling to recognize or identify with the feelings and needs of others
Is often envious of others or believes others are envious of him or her
Shows arrogant, haughty behaviors or attitudes
I think that just about sums up the behaviour of the financial and ruling ‘elite’. Clearly, a privileged private education, and separation from family at an early age, would help to foster such a dysfunctional pattern of beliefs. Interestingly (or terrifyingly), the new heavily criticised DSM V omits reference to this structure .. so I should probably have also included top psychiatrists in my list!
“If you aren’t cheating, you aren’t trying.” – is the mantra of our age. This is what pure competition breeds.
Oliver James (psychologist) has written about many similar themes, I recommend checking out some of his work if you’re interested.
I’m a fan
Me too 🙂
I’m still working -part time-at 65. I work in metal health and would concur with all the above comments. Oliver spoke at a conference I helped to organise about eleven years ago. A good guy and quite amusing.
There’s a great quote I read recently but for the life of me I can’t remember where. It was something along the lines of:
“If you’re from a poor family and you’re a psychopath you end up in prison; if you’re from a wealthy family and you’re a psychopath you end up running a fortune 500 company”.
Ed : I am well aware this comment was well intentioned but after careful reflection decided some might take offence at it and therefore decided it not suitable for publication
Jon Ronson, author of the Psychopath Test has argued a similar thing. Apparently corporate leaders score alarmingly high on a definitive psychopath test. See this review of his book: http://www.businessweek.com/magazine/the-stack-the-psychopath-test-by-jon-ronson-07212011.html