The Materialism Trap

In an interesting profile earlier this year of Rajat Gupta, the former head of McKinsey who was caught up in the insider trading scandals on Wall Street, there’s this:

Bankers and private-equity founders, like Pete Peterson, were getting extraordinary paydays by taking their firms public. Speaking at Columbia University around this time, Gupta reflected on his new ambition. “When I look at myself, yeah, I am driven by money,” he said. “And when I live in this society, you know, you do get fairly materialistic, so I look at that. I am disappointed. I am probably more materialistic today than I was before, and I think money is very seductive.” He continued: “You have to watch out for it, because the more you have it, you get used to comforts, and you get used to, you know, big houses and vacation homes and going and doing whatever you want, and so it is very seductive. However much you say that you will not fall into the trap of it, you do fall into the trap of it.”

The last sentence caught my eye. Self-awareness of the phenomenon isn’t sufficient. People say they won’t, know they shouldn’t, and yet still do.

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