“The economic crisis was a reflection of narcissism and very primitive defense mechanisms (such as a complete denial of economic reality) built into the financial system. The best and brightest MBA students have been going into investment banking; many of them used their brains essentially to play casino games, and not to add much value to society.
Now, we’ve seen the result. Look at the least-admired professions in most countries over the years: telemarketers and used-car salesmen. Today, you have bankers and CEOs achieving the same low rating. Companies like Citibank — which was the brainchild of one of the most visibly narcissistic executives in the world, Sanford Weill — have essentially collapsed. They have grown too complex for the people who work there to understand. I strongly question what the different parts of Citibank have in common. No matter what kinds of regulatory reforms are initiated, more companies will collapse this way, because narcissism breeds this kind of unmanageable grandiosity.”

— Manfred F.R. Kets de Vries

Manfred Kets de Vries in: " The Thought Leader Interview: Manfred F.R. Kets de Vries http://www.strategy-business.com/article/10209?gko=cbe31," in: Strategy + business. May 10, 2010. Originally published by Booz & Company.

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Manfred F.R. Kets de Vries 9

Dutch academic 1942

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