The anti-capitalist mentality has, predictably, reared its ugly head once again in the wake of the recent scandals involving Enron, Global Crossing, WorldCom and several other multi-billion dollar corporations. The usual suspect is, of course, greed and the usual accusers are trotting out the usual solution: less unfetterred capitalism. A case in point: the article “The greed cycle” by John Cassidy that appeared in the September 23, 2002 edition of the New Yorker. Executive stock options, we are told, tempt executives to use questionable accounting practises to fake revenue, hide debt and increase non-existing revenues. These manipulations result, in the … Continue reading Greed Still Works