I think Benquo’s claim is that most institutions do want financial fraud. Most people don’t, but a big constituency arranges to profit from it and to corrupt institutions. So his advice is aimed at the individual, not to blindly trust institutions.
Many people have been reconfigured to identify with the interests of the institutions that validate them as part of the price of admission to privilege—possibly a supermajority in “developed” countries—but otherwise I think you’re characterizing my perspective accurately, and it’s unclear to what extent the resulting preferences are the preferences of a person as we might naïvely imagine.
I think Benquo’s claim is that most institutions do want financial fraud. Most people don’t, but a big constituency arranges to profit from it and to corrupt institutions. So his advice is aimed at the individual, not to blindly trust institutions.
Many people have been reconfigured to identify with the interests of the institutions that validate them as part of the price of admission to privilege—possibly a supermajority in “developed” countries—but otherwise I think you’re characterizing my perspective accurately, and it’s unclear to what extent the resulting preferences are the preferences of a person as we might naïvely imagine.