That Word Does Not Mean What You Think It Means

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Bloomberg listens in on a panel discussion entitled “What is the place of morality in the marketplace?”and hears this:

A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy.

“We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths [said].

Hmmm. I haven’t personally noticed any of the rest of us prospering from Wall Street’s silicon-powered, supercharged rent seeking in the capital markets. Perhaps Griffiths could enlighten us on that score. More here.