Shrink Rap: Jiminy Cricket's Lost in a Thicket

Because a conscience is nonexistent or vastly underdeveloped, sociopaths are unable to use the fear of humiliation and punishment to keep their actions in check. There is a marked inability to use one's morals to guide decision-making. The enticement of riches, along with a twisted sense of entitlement, become far stronger than any fear of future shame.

The weaker the moral structure, the easier it will be to have that structure collapse under the weight of the possibility of a lucrative, quick and easy payoff. Money and power do indeed tend to corrupt morals -- and in the hands of a sociopath they corrupt absolutely.

The One-Two Punch: Sociopathy Dipped in Narcissism

Now here's where it gets interesting. If we look at those corporate officers who get in trouble because their moral structures are unable to fend off the enticements of greed and abuse of power, we see another character trait in operation. And that is narcissism.

In an earlier column, I hinted at the role of narcissism when corporate heads lie about their academic credentials. But that's only the tip of the iceberg. If we add to the primary characteristics of the sociopath some of the characteristics of the narcissist, we have a one-two punch that's difficult to stomach.

Narcissists have a great need for admiration from others, and they possess a grandiose sense of self-importance. They become preoccupied with fantasies of unlimited success, power and wealth. In addition, they have a strong sense of entitlement. They exploit others to achieve their own ends and feel no empathy when they see the consequences of their exploitation. And they are arrogant in attitude and behavior.

If you have a moral structure in place, you have the ability to consider the consequences of your actions before you take them. You choose to refrain from breaking the law because the potential for narcissistic rewards is simply not worth the risk of losing everything.

So, will things really change on Wall Street? Not if it is populated by hybrid sociopathic narcissists. And I wouldn't be too confident that those who didn't have Jiminy Cricket sitting on their shoulder before they chose to risk everything are going to find him perched up there giving moral guidance later.