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Should we consider banking a disreputable industry because of actors like Goldman Sachs? Should we consider mining a disreputable industry because of the death

Should we consider banking a disreputable industry because of actors like Goldman Sachs? Should we consider mining a disreputable industry because of the deaths and cover ups? How about human trafficking for diamond mines? Should we consider the jewelry industry disreputable? How iPhone productions and Foxconn? Seriously the list can go on, every industry has parts of it that are less than reputable. If you think porn is somehow worse, that’s because of your morality or religions beliefs and not the facts.

HuckFackerNews 8y ago
> Should we consider banking a disreputable industry because of actors like Goldman Sachs? Absolutely yes.
logfromblammo 8y ago
> Should we consider banking a disreputable industry because of actors like Goldman Sachs? And Wells Fargo. And Bank of America. And HSBC. But yes, any one of them is enough. Mining is disreputable because of endemic pollution externalities and worker safety violations. Jewelry is disreputable from cartelization and the FUD regarding synthetics. Foxconn is disreputable because of worker suicides and the Chinese government's apparent political interest in advancing its high-tech manufacturing by any means necessary. Prurient businesses are disreputable for several reasons, and one of them is the self-reinforcing reason that they are forced into using grey-market payments processors, because their industry is disreputable with respect to customer payments fraud. So you don't purchase gemstones as investments, you don't let Goldman Sachs handle your IPO without a lot of scrutiny and supervision, and you don't trust the clay lining under the mine's leach pond. And you don't let adult entertainment businesses do card-not-present transactions. The industry attracts bad actors because there's money in it, demand is high, customers have their respectability masks off, and it has less personal accountability than other types of work. The businesses that have a reputation problem regarding its suppliers getting paid reliably are going to have the worst problems. Everyone else can clean up their problems with lawyers after the fact, with the money they have already been paid, but if your problem can prevent you from getting paid in the first place... Goldman Sachs never has that problem. Ensuring they always get paid first is apparently part of their culture. That's why they're always the ones making out like bandits while everyone else is dropping like flies. They might stab you in the back, but they won't ever fold up and collapse underneath you. Their office will always be open to accept your civil complaint or welcome the regulator/examiner or government's attorney. And their corporate executives will always be eager to repay your Secretary of the Treasury nomination, or seat on the Fed board of governors, with truckloads of hard money and soft money to support your political campaigns. They might not be reputable, but they are respectable. Prurient business lacks even that, for the very reasons you mention. If you don't have the respect, you will never get the reputation, no matter how reliable you may be.

HuckFackerNews 8y ago

> Should we consider banking a disreputable industry because of actors like Goldman Sachs? Absolutely yes.

logfromblammo 8y ago

> Should we consider banking a disreputable industry because of actors like Goldman Sachs? And Wells Fargo. And Bank of America. And HSBC. But yes, any one of them is enough. Mining is disreputable because of endemic pollution externalities and worker safety violations. Jewelry is disreputable from cartelization and the FUD regarding synthetics. Foxconn is disreputable because of worker suicides and the Chinese government's apparent political interest in advancing its high-tech manufacturing by any means necessary. Prurient businesses are disreputable for several reasons, and one of them is the self-reinforcing reason that they are forced into using grey-market payments processors, because their industry is disreputable with respect to customer payments fraud. So you don't purchase gemstones as investments, you don't let Goldman Sachs handle your IPO without a lot of scrutiny and supervision, and you don't trust the clay lining under the mine's leach pond. And you don't let adult entertainment businesses do card-not-present transactions. The industry attracts bad actors because there's money in it, demand is high, customers have their respectability masks off, and it has less personal accountability than other types of work. The businesses that have a reputation problem regarding its suppliers getting paid reliably are going to have the worst problems. Everyone else can clean up their problems with lawyers after the fact, with the money they have already been paid, but if your problem can prevent you from getting paid in the first place... Goldman Sachs never has that problem. Ensuring they always get paid first is apparently part of their culture. That's why they're always the ones making out like bandits while everyone else is dropping like flies. They might stab you in the back, but they won't ever fold up and collapse underneath you. Their office will always be open to accept your civil complaint or welcome the regulator/examiner or government's attorney. And their corporate executives will always be eager to repay your Secretary of the Treasury nomination, or seat on the Fed board of governors, with truckloads of hard money and soft money to support your political campaigns. They might not be reputable, but they are respectable. Prurient business lacks even that, for the very reasons you mention. If you don't have the respect, you will never get the reputation, no matter how reliable you may be.