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I think that the largest point is that Francisco d'Anconia was following the morality of the day to the hilt. He had the following discussion with James Taggart about the mines:

The book makes it clear that this was malicious compliance. Francisco d'Anconia was following the morality of the day to the hilt. He had the following discussion with James Taggart about the mines:

I think that the largest point is that Francisco d'Anconia following the morality of the day to the hilt. He had the following discussion with James Taggart about the mines:

I think that the largest point is that Francisco d'Anconia was following the morality of the day to the hilt. He had the following discussion with James Taggart about the mines:

"I'm entitled to an explanation! You owe your stockholders an account of the whole disgraceful affair! Why did you pick a worthless mine? Why did you waste all those millions? What sort of rotten swindle was it?"
Francisco stood looking at him in polite astonishment. "Why, James," he said, "I thought you would approve of it."
"Approve?!"
"I thought you would consider the San Sebastian Mines as the practical realization of an ideal of the highest moral order. Remembering that you and I have disagreed so often in the past, I thought you would be gratified to see me acting in accordance with your principles."
"What are you talking about?"
Francisco shook his head regretfully. "I don't know why you should call my behavior rotten. I thought you would recognize it as an honest effort to practice what the whole world is preaching. Doesn't everyone believe that it is evil to be selfish? I was totally selfless in regard to the San Sebastian project. Isn't it evil to pursue a personal interest? I had no personal interest in it whatever. Isn't it evil to work for a profit? I did not work for a profit - I took a loss. Doesn't everyone agree that the purpose and justification of an industrial enterprise are not production, but the livelihood of its employees? The San Sebastian Mines were the most eminently successful venture in industrial history: they produced no copper, but they provided a livelihood for thousands of men who could not have achieved in a lifetime, the equivalent of what they got for one day's work, which they could not do. Isn't it generally agreed that an owner is a parasite and an exploiter, that it is the employees who do all the work and make the product possible? I did not exploit anyone. I did not burden the San Sebastian Mines with my useless presence; I left them in the hands of the men who count. I did not pass judgment on the value of that property. I turned it over to a mining specialist. He was not a very good specialist, but he needed a job very badly. Isn't it generally conceded that when you hire a man for a job, it is his need that counts, not his ability? Doesn't everyone believe that in order to get the goods, all you have to do is need them? I have carried out every moral precept of our age. I expected gratitude and a citation of honor. I do not understand why I am being damned."

It's also to recall what prompted the investments in the first place:

They spoke about the future importance of the trade with mexico, about the rich stream of freight, about the large revenues assured to the exclusive carrier of an inexhaustible suply of copper. They proved it by citing Francisco d'Anconia's past achievements. They didn't mention any mineralogical facts about the San Sebastian Mines. Few were available; the information which d'Anconia had released were not very specific; but they did not seem to need facts.

"I'm entitled to an explanation! You owe your stockholders an account of the whole disgraceful affair! Why did you pick a worthless mine? Why did you waste all those millions? What sort of rotten swindle was it?"
Francisco stood looking at him in polite astonishment. "Why, James," he said, "I thought you would approve of it."
"Approve?!"
"I thought you would consider the San Sebastian Mines as the practical realization of an ideal of the highest moral order. Remembering that you and I have disagreed so often in the past, I thought you would be gratified to see me acting in accordance with your principles."
"What are you talking about?"
Francisco shook his head regretfully. "I don't know why you should call my behavior rotten. I thought you would recognize it as an honest effort to practice what the whole world is preaching. Doesn't everyone believe that it is evil to be selfish? I was totally selfless in regard to the San Sebastian project. Isn't it evil to pursue a personal interest? I had no personal interest in it whatever. Isn't it evil to work for a profit? I did not work for a profit - I took a loss. Doesn't everyone agree that the purpose and justification of an industrial enterprise are not production, but the livelihood of its employees? The San Sebastian Mines were the most eminently successful venture in industrial history: they produced no copper, but they provided a livelihood for thousands of men who could not have achieved in a lifetime, the equivalent of what they got for one day's work, which they could not do. Isn't it generally agreed that an owner is a parasite and an exploiter, that it is the employees who do all the work and make the product possible? I did not exploit anyone. I did not burden the San Sebastian Mines with my useless presence; I left them in the hands of the men who count. I did not pass judgment on the value of that property. I turned it over to a mining specialist. He was not a very good specialist, but he needed a job very badly. Isn't it generally conceded that when you hire a man for a job, it is his need that counts, not his ability? Doesn't everyone believe that in order to get the goods, all you have to do is need them? I have carried out every moral precept of our age. I expected gratitude and a citation of honor. I do not understand why I am being damned."

There you have it: the San Sebastian Mines was one more example of the outcome of following the Looter morality literally.

It's also important to recall what prompted the investments in the first place:

They spoke about the future importance of the trade with Mexico, about the rich stream of freight, about the large revenues assured to the exclusive carrier of an inexhaustible supply of copper. They proved it by citing Francisco d'Anconia's past achievements. They didn't mention any mineralogical facts about the San Sebastian Mines. Few were available; the information which d'Anconia had released were not very specific; but they did not seem to need facts.