It's been a tough year for the Securities Industry and Financial
Markets Association. Two of its members — Lehman Brothers and Bear
Stearns — lost billions and are no more, leaving the industry feeling,
well, insecure.Now SIFMA is trying to rebound, says VP Howard Sprow, by "discussing
how technology can better help us get out of this." We hope he's not
talking about the same algorithmic models that got them — and us —
into trouble in the first place. —Abha Bhattarai
I can't help woondering—would our crumbling financial giants like Lehman Brothers and Merrill Lynch be in such trouble if they'd followed common-sense ethical principles?
In my award-winning sixth book, Principled Profit: Marketing That Puts People First, I suggest a number of reasons to say no to a sale, focused on core ideas of honesty, integrity, and quality. In other words, successful businesses have standards both for how they behave and for whom they choose to do business with.
Good news for people looking to pin at least some of the blame on somebody for the subprime mortgage meltdown. With last Thursday's indictment of two former Bear Stearns hedge fund managers, the American Public can point their collective fingers squarely at Ralph Cioffi and Matthew Tannin, who are charged with mail and wire fraud as well as conspiracy (the white-collar crime Trifecta).