Absent any moral code, greed is a public danger. Its poison cannot be contained by laws or accepted norms.
Yet the guardrails can’t hold when avarice becomes the defining trait of an era, as it is now. Laws and norms are no match for the possibility of raking in billions if you’re sufficiently ruthless and unprincipled.
Of course, Trump is already synonymous with greed and the aggressive violation of laws and norms in pursuit of money and power. Worse yet, when a president of the United States exemplifies—even celebrates—these traits, they leach out into society like underground poison. But like the IRS and Trump, the S.E.C. can’t possibly remedy the social costs that Bankman-Fried has unleashed — not just losses to customers and investors but a deepening distrust and cynicism about the system as a whole, the implicit assumption that this is just what billionairesthat the way to make a fortune is to blatantly disregard norms and laws, and that only chumps are mindful of the common good.
Trump, Bankman-Fried, and Musk are the monsters of American capitalism—as much products of this public-be-damned era as they are contributors to it. For them, and for everyone who still regards them as heroes, there is no morality in business or economics. The winnings go to the most ruthless. Principles are for sissies.
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