There is a quite a debate in the US about Rajat Gupta, and whether now out of prison for insider trading, he should or should not be welcomed back to the Indian community. Ajit Jain, cousin of Anshu Jain, hosted a dinner for Rajat Gupta.
I sometimes wonder if there are more crooks in finance than in prison. It makes you feel sorry for the little guy shoplifter who gets caught and the financial thief who takes a few million and walk free.
Rajaratnam, Strauss-Kahn, Gupta. And as if financial crimes were not enough – in the case of the Head of the IMF it is sexual crimes he is accused of. You used to call these money people ‘Masters of the Universe’ but it seems they really believe that of themselves. Like Emperors and demi-gods, they take as they see fit. But this is not new. The concept of the Superman is well trodden in philosophy, the person who considers himself bound by a higher law because of his breeding. The Nazis swore by it.
As the web states, ‘ancient Greece, hubris (ancient Greek) referred to actions that shamed and humiliated the victim for the pleasure or gratification of the abuser. The term had a strong sexual connotation, and the shame reflected on the perpetrator as well. It was most evident in the public and private actions of the powerful and rich. The word was also used to describe actions of those who challenged the gods or their laws.
In ancient Greece Hubris was a legal term and meant a crime – the crimes included rape and theft. Ironically, it is then Hubris with which Rajaratnam (insider dealing) and Gupta (insider dealing) are convicts. However, Hubris also in the moral sense – behaviour over confident in one’s own beliefs – no regard for society.
Rajat Gupta, former head of McKinsey, was revered within an entrepreneur network I am part of, TiE, by the fellow Charter Members who knew him. I was too lowly to ever meet the great man. The others would fawn around him, elevating and feeding his god-like status. Perhaps they should have spent more time with the waiters serving the drinks – for apparently, that is an antidote for hubris – talking to regular, normal people.
So I say to all of you who read this column because you are in finance. As Bloomberg puts it, ‘During the past decade, Gupta, who was already a millionaire, began to veer off track. He spent more time with Wall Street money managers. He told colleagues that he wanted to be a dealmaker, not just a consultant.’ Well, Mr Gupta, I am a Dealmaker (officially designated) for the UK Government, and yes it is a heady mix of power and glamour and influence. However, let me give you some advice and all those who read this column to move up in finance:
First, no amount of charity work will excuse moral corruption. Second, temptation is an evil seductress. Black and white rules are best. If you’re unsure, get it authorised by a higher authority. And there is always a higher authority. I have two priests on speed dial! Third, try to speak to one Big Issue vendor a week. Fourth, look at pictures of your grandmothers. Their hard work does not legitimise bad conduct, it prohibits it. Finally, remember the phrase, ‘fear of god.’
All of the above will cure hubris. So again, I ask, my god, is nothing sacred? You can tweet me your thoughts on @alpeshbp.
