Goldman Sachs’ 2012 Problem with Culture
The Week in Ethics
Goldman Sachs’ 2012 Problem with Culture
The love-hate relationship with Wall Street is complicated. Great returns on investments are one side; examples of fraud, greed or throwing shareholders or clients “under the bus” on the other. The global meltdown’s post traumatic stress and after shocks continue; ongoing investigations try to determine blame. A firm’s culture and leadership are critical success factors […]
read more »Gordon Gekko, Trust, and Corporate Culture
The “Greed is good. Greed is right” mantra of film character Gordon Gekko in 1987’s Wall Street, has been upended by the actor who played him. The FBI is using Michael Douglas in a Public Service Announcement, launched in the last few days, to encourage viewers to report securities fraud and insider trading to the […]
read more »Benefit Corporations, A Path Away from Crises
How many crises would be averted – root causes eliminated or problems contained – if companies operated with a lens that included their impact on society as well as shareholder value? Lessons learned from the crises of BP, Toyota, Massey Energy, Goldman Sachs, and the 2008 global economic meltdown — among many others — have demonstrated […]
read more »Change and the Power of Thinking Differently
In 2011, complex issues like social justice, income inequity, unemployment, and corruption were taken to streets around the world in violent and nonviolent marches, riots, and acts of rebellion … leaders and institutions were denounced. The issues weren’t resolved by the stroke of midnight in what has been called the year of the Protester. What […]
read more »Culture Kills – The Legacy of Massey Energy
When former CEO Don Blankenship left Massey Energy a year ago taking $12 million in severance, a consulting contract for two years, and hefty retirement and pension packages, he also left refusing to participate in federal investigations into his mine’s deadly explosion. In April 2010, 29 miners died in Massey’s Upper Big Branch (UBB), the […]
read more »How PSU’s President Spanier and Coach Paterno Lost the Game
Update November 1, 2012: Criminal charges were filed today against former president Graham Spanier for perjury, criminal conspiracy, obstruction and endangering the welfare of children. Update January 23, 2012, Joe Paterno died January 22, 2012. See my column “After Paterno, Penn State’s Struggle to Rebuild Trust”in Business Ethics Magazine. Update December 3, 2011, In a New […]
read more »The Ethics of Good Bye: Steve Jobs’ Legacy
The text of Steve Jobs’ 2005 commencement address to Stanford graduates is about a commitment to a life well lived. At its core, it is about knowing yourself, having the courage to hold on in the journey of discovering what you love to do, and then doing nothing less than what you believe is your […]
read more »TOMS, Starting Something that Matters
When Social Responsibility is really a part of the character of the company — rather than one of the many things a company does that stakeholders expect — it becomes an organic part of the story of who the company is, what it stands for. Social Responsibility is second nature to companies that are aligned […]
read more »How US Air Dealt with a Hostile Work Environment
The captain of a US Air flight announced the plane was leaving its runway position and returning to the gate, promising more information as soon as possible. We later learned that an argument between two stewardesses in the galley had escalated and one of them called the purser to complain. Some passengers seated in the […]
read more »Leadership Lessons from OSU’s Football Scandal
Update: December 21, 2011: The NCAA Committee on Infractions ended its investigation of OSU 12/20/11 and cited OSU for “failure to monitor.” Sanctions include a one-year bowl ban and losing nine scholarships over the next three years. OSU Athletic Director responded, “We are surprised and disappointed with the NCAA’s decision.” OSU indicated it would not […]
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