Profit at all cost?
Profit at all cost? Stephen Green, Group Chairman of HSBC, one of the world’s biggest banks states:
“The Friedmanite (Milton Friedman) idea that the sole job of a business is to create profit for shareholders has proved insufficient to sustain value and-in the end- a bad deal for shareholders”.
Green has just had published his book, Good Value: Reflections on Money, Money and an Uncertain World. It is pretty unusual for a major bank chairman to write a book and even more unusual when the chairman and author is an ordained priest in the Church of England!
You can read an interview with Green here, thanks to the good folk at npr. In the interview Green comments:
“You can’t have sustained social and economic development without money, without commerce,” Greene says. “You need money to lubricate the commerce, to finance investment and all the rest of it. It’s an incredible effective servant if it’s allowed to operate in the right ways as a servant. It becomes very dangerous when it’s a master.”
In the Sermon on the Mount, Jesus says:
“No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money.” Matt 6:24
The reviews of Good Value are very positive, like this one in The Wall Street Journal:
“Stephen Green is in a universe of one: the only chairman of a major international bank who is also an ordained minister of the Church of England. . . . At a time when bankers are being pilloried for bringing about a global economic meltdown, this is an unusual and thoughtful disquisition on how to conduct oneself in a world of high finance and ambition, in, as he puts it, the global bazaar.”
Another book to read!









