Article
AI
Creed
Ethics
5 min read

Whistleblowing: what if your CEO is a Caesar?

What are the boundaries of legitimate protest?

Professor Charles Foster is a Fellow of Exeter College, Oxford, and a member of the Oxford Law Faculty.

On a conference stage, a seated speaker leans back and opines
Sam Altman, CEO of OpenAI.
TechCrunch, CC BY 2.0, via Wikimedia Commons .

If you discovered that the company you worked for was doing work that posed an existential risk to humanity, would you consider yourself entitled – or perhaps morally obliged – to blow the whistle? 

This issue provoked a recent open letter from current and former employees at AI companies including Sam Altman’s OpenAI, asserting that the laws protecting whistleblowers are inadequate because they typically focus on illegal activity – and the AI companies concerned are doing nothing which is (yet) illegal. It called for companies to take a number of steps (including not entering into or enforcing agreements prohibiting the raising of risk-related concerns). 

Some might say that if an employee takes the company’s money, that money should buy loyal silence, and that if the public interest demands a different approach, the remedy is the extension to risk-related concerns of existing whistleblower legislation. But unless and until that legislation is extended, should we applaud conscience-driven breaches of contract?  

What about breaches of the criminal law for morally justifiable reasons – for instance to draw attention to the risks that the protestors say are associated with climate change?  

The reality of modern corporate governance means that the CEO may be more practically Caesarean than a country’s government. 

Christian debate about these issues has traditionally turned on two Bible texts. Paul, in writing to those in a Roman church, declares: ‘Let every person be subject to the governing authorities, for there is no authority except from God, and those authorities that exist have been instituted by God. Therefore whoever resists authority resists what God has appointed….the authority… is the agent of God.’ And Jesus, in Matthew's gospel, advises us to ‘render to Caesar that which is Caesar’s, and to God that which is God’s.’ 

Who are the ‘authorities’ spoken of by Paul? Who is the modern Caesar spoken of by Jesus? Presumably in each case – in a parliamentary democracy – it is the combined legislature and executive of the day. Perhaps, these days, we should translate ‘Caesar’ as ‘the social contract’. But does this mean that (if we take these injunctions seriously) we should regard ourselves as bound not to commit criminal offences (which are offences against the state), but should feel no corresponding inhibition about breaching private law obligations, such as those owed under contracts of employment? My instinct is to say that this is indeed what it means, but that is not self-evident. After all, much employment law is statutory – an emanation of Parliament, and the reality of modern corporate governance means that the CEO may be more practically Caesarean than a country’s government. 

Rendering the right thing to Caesar in a theocracy such as Byzantium might mean something very different in a modern tyranny or a democracy.

Should Christians, though, feel constrained by these scriptural passages? Both Paul and Jesus seemed to think that there was little point in establishing lasting social, legal or governmental structures because the end times were just around the corner. Jesus thought that some of his audience would still be alive when the Son of Man returned to complete the messianic project without any help from any secular governor. Paul’s belief that the Second Coming of Christ was at hand was behind his advice that the unmarried (unless they really couldn’t stay celibate) should remain unmarried and get on with the urgent business of preparing for the imminent in-rush of the true Kingdom. Both Jesus and Paul were dramatically wrong about the chronology. Why, then, should we take seriously advice about the regulation of society that was based on their mistake? Should Paul’s advice to those Romans be read as pragmatism – intended by him to convince rulers that Christians wouldn’t make trouble, and that therefore the Christians should be left alone? He may have thought that a shabby compromise with secular powers didn’t matter much because it wouldn’t last long.  

Even if these texts are in some meaningful sense authoritative, what do they mean for modern life? As ever, the devil (and potentially the angel) is in the detail, and Paul and Jesus left the church to work out the relevant details. There is no consensus. Rendering the right thing to Caesar in a theocracy such as Byzantium might mean something very different in a modern tyranny or a democracy. Only in a few situations is the correct answer obvious: no one would doubt that those martyred for refusing to worship the Caesar of the day had made the (or at least a) right choice. But as soon as we move away from such cases the waters get muddy. Would Paul have denounced Dietrich Bonhoeffer for the plot to kill Hitler? If so, would he have been right? It cannot be seriously argued that it is illegitimate to protest against the policies of the day, any more than it could be suggested that Paul requires us to cast our vote in favour of the currently ruling party. 

What, then, are the boundaries of legitimate protest?  

Suppose that AI really does pose a threat to the whole of humanity. Does ‘rendering to God’ not then demand, in a private law context, that the whistle be blown, even if it involves a breach of a contractual obligation? It seems at least arguable.  

Is a breach of the criminal law – for instance in the case of climate change protestors – different? It may well be.  

In England the law has evolved a nuanced approach to ethically motivated criminality. That approach was recently displayed in the sentencing of five Extinction Rebellion activists for criminal damage to the premises of a bank. The judge accepted that each defendant believed that the bank was culpably involved in funding fossil fuel extraction projects, and that such projects endangered the planet. He noted that Lord Hoffman had said: ‘People who break the law to affirm their belief in the injustice of a law or government action are sometimes vindicated by history [for instance the suffragettes]. It is the mark of a civilized community that it can accommodate protests and demonstrations of this kind. But there are conventions which are generally accepted by the law-breakers on one side and the law-enforcers on the other. The protestors behave with a sense of proportion and do not cause excessive damage or inconvenience. And they vouch the sincerity of their beliefs by accepting the penalties imposed by the law.’ In return, he went on, the state behaves with restraint, and the judiciary imposes sentences which take the conscientious motives into account. 

This approach, said the sentencing judge, amounts to a ‘social compact between the courts and protestors.’  

Perhaps, in the realm of the criminal law, that sort of social compact encodes the relevant moral and theological principles as well as anything can.  

Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.