They say that profitability hides a multitude of sins. Yes, they have only recently started saying that; right after the economy crumbled. It can also be said that profitability hides a multitude of integrity gaps.
I have said many times that one of the most important qualities of a good leader is integrity. It can certainly be debated that the troubles with the current state of leadership in our country is rooted in a lack of integrity. Consider the newsworthy events over the last year or two that involved CEOs and elected officials. Those who were at the helm of our government and our corporations and institutions saw their reputations and credibility self-destruct.
Consider the following:
- We have seen issues with tainted lettuce, pet food, beef, peanut butter, and toys. City Mayors, state Governors, and US senators involved in ethics problems ranging from inappropriate campaign procedures to bribery and prostitution.
- The CEOs of the Big Three automakers flew to Washington in their separate Big Three luxury jets to beg for bailout money. This was a telling example of the entitlement that has pervaded this country's leaders. In the midst of all that, union leaders from the United Auto Workers vowed there would be no givebacks even while their ship was sinking. Many decades of poor practices now costing us dearly.
- We have seen record levels of pillaging and plundering by Somali pirates this year. But then again, we've also seen record levels of pillaging by the executives at Bear Stearns, Fannie-Mae, Freddie-Mac, Lehman Brothers, Wachovia, Merrill Lynch, Washington Mutual, and AIG. At least the Somali pirates ran a profitable enterprise and improved the economies of a few Somali villages. In contrast, the leaders of these fallen organizations were major contributors to the downfall of the global economy. Sadly, the incompetence of those leaders did not prevent them from collecting large bonuses or golden parachutes.
- The world record for pillaging and plundering must go to Bernie Madoff of course. And I tend to wonder if our leaders at the Securities and Exchange Commission and the Financial Ratings agencies who oversaw (overlooked) Madoff's dealings should share in that world record. Rather than stepping up for accountability, all of the overseers ran for cover.
- The leaders at the Securities and Exchange Commission, the Federal Reserve, the Treasure Department, and the Financial Ratings agencies, and all members of Congress and the Cabinet are falling all over themselves avoiding responsibility for the sub-prime mortgage mess, and for the Madoff mess as well. Not a single soul stepped up to assume accountability.
Many of our country's highly placed and trusted leaders fell short on integrity in a big way. The harm is deep enough that the American financial system and economy will be impacted forever. The same cannot be said for our political system, as that will probably continue in its current status quo. The public trust is not always a priority for our elected leaders unfortunately.
Yes, a booming economy indeed hides many sins. However, the boom is now behind us and now the sins are exposed and out in the open. The arrogance, entitlement, selfishness, and greed in the corporate and government cultures underscore the integrity issues. An ever widening integrity gap in our country undermines the public trust and the public morale. These times of crisis are when the real leaders step up and provide hope and optimism. We are in a desperate state for leaders with integrity, humility, and a selfless commitment to the greater good. The great leaders are out there. Please show yourselves.
No comments:
Post a Comment