Wednesday, October 6, 2010

Narcissistic Mindset in Financial Institutions

Via Sonia Jaspal's RiskBoard.
In the financial institutions crises many thinkers had blamed the narcissistic mindset of the financial institutions. The thinkers stated that the banks management teams are arrogant and believe the banks –“is too big to fail”. With the recent foreclosure issue, the narcissistic thinking is again reflected.
I decided to do some research to determine what healthy narcissism is and what are the attributes of a narcissistic personality disorder (NPD)? Is it possible to analyze the attributes of NPD in respect to organization leaders, culture and society? I am providing here the results from my analysis after reading Sam Vaknin’s book “Malignant Self Love- Narcissism Revisited”
In the book Sam Vaknin has stated nearly that “According to the DSM-IV-TR, between 2% and 16% of the population in clinical settings (between 0.5-1% of the general population) are diagnosed with Narcissistic Personality Disorder (NPD). Most narcissists (50-75%, according to the DSM-IV-TR) are men.” According to him the gender difference is because the narcissistic traits (aggression, ego, competition etc.) are generally appreciated in males. This indicates that actual number of employees suffering from NPD in an organization would be less than 1%. Hence, the organization may not be at risk because of individual behavior but may be at risk of narcissistic tendencies due to collective behavior and organization culture.
Click Here to Read: Narcissistic Mindset in Financial Institutions

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