Abstract

In all the criticisms that have shadowed the financial industry in recent years, the burden seems to be, that the reckless (as opposed to malicious) bankers too often took money of which they were the appointed stewards, and used it for speculation, especially in junk bonds. AsShaheen Borna and James Lowry argue in their "Gambling and Speculation" (the only article on gambling that I was able to raise on my computer) business speculation is probably wrong, since it is very like gambling, which everyone knows is wrong. But why is gambling wrong? Ifwe, as the ethicists of business, are to adopt an uncharacteristically judgmental posture toward the most venerable American institutions, occupying the tallest and closest of American buildings, by calling their residents "gambIers," then surely we ought to be able to provide an account of the blameworthiness of gambling itself. That, at any rate, is the challenge I set myself for this paper.