Remember the Old Boys’ Club…? The boring, cranky, devious one that controls the banks, the economy and most of our wealth creation and money supply from behind the scenes? The one where nearly every key position in government is occupied by an Old Boy? Yes, that one.
Well, there are still a few lifetime members of the OBC firmly entrenched in the Federal Reserve (Grandpa Ben), and the Treasury (Timmy G and Larrykins) who continue to give all our money away to their ever-popular clubby friends.
These are the same old boy club members who along with ex-Goldman partner and Treasury Secretary Robert Rubin gave the store away to the big banks in 1999 with the repeal of the Glass-Steagall Act. Ordinary banks like Citigroup could now legally play roulette with government guaranteed deposits. OB Robert Rubin thought it was such a great idea he took a job with Citibank only weeks after leaving the Treasury.
These same old boys, Summers, Greenspan, Geithner with OB Senator Phil Gramm (now a lobbyist for Swiss Bank UBS) the very next year pushed through the ill-fated Commodities Futures Modernization Act - otherwise known as Derivatives-Are-Born-Free Act. This little understood law overturned a century old rule that had prevented unregulated market bets since the Panic of 1907. Now all bets were off…
It's one thing to be environmentally conscious. It's another to encompass sustainability as a good business practice. And yet another to demand that employers discuss their corporate citizenship as part of the interview process and make it a part of your job search, especially considering the current job market.
Here In Good Company we have been busy keeping up with all the business schools who have recently been adding sustainability and CSR course content to their curricula. Whether that's MIT's Sloan School of Business, the recent announcement by University of California, Berkeley's Haas School of Business on the revamp of their MBA curriculum or Marlboro College Graduate School.
If you think it’s difficult getting the very most desirable candidates to join your team when you’re going to pay them, imagine convincing top talent to join your nonprofit board of directors when you’re going to ask them to give you money, fundraise from their company and friends, and give you expert guidance.
Yesterday, I discussed the PR perspective on corporate responsibility as presented by Edelman's Edelman's EVP for CSR-New York, Michael Holland. Here now is the final post on the CSR Forum organized by the Better Business Bureau, New York. The last panel of the day was represented by advertising, marketing and public relations giant Ogilvy's Global CEO Christopher Graves, and advertising columnist from the New York Times Stuart Elliot.
How is the public relations and advertising world handling all the buzz being created by corporate responsibility? This was the issue at hand at the BBB CSR Forum III: Good Business 2010 organized by the Better Business Bureau earlier this week. Yesterday I highlighted some of the key quotes from Ernst & Young CEO Jim Turley's keynote address.
It used to be that indifferent wealth building and outsized risk was sexy. For thirty years, the world of high rolling high finance was the object of admiration and envy. The chants of “Wall Street sucks” some ten thousand strong in front of City Hall last week signify that the days of glamour and greed are over. Inarticulate and ineffectual as that phrase might be, it reveals the increasing rage building against Wall Street titans. In the wake of the deepest financial crisis since the Great Depression, economic hardship has become too real for too many.
Oh the gender divide. How that riles us up. Recently, the ombudsman for National Public Radio (NPR), Alicia Shepard asked why there were significantly fewer women being used for sources, expertise and commentary on NPR. Although her methods were highly unscientific, she felt she was onto something.
Today, corporations have endorsed the case for environmental sustainability and the return on community investment is widely accepted. What’s the new frontier for CSR? I think it’s the largely unexplored territory between the environmental and community dimensions of CSR.
You certainly want to join the board of an organization where you find the mission meaningful. But be careful not to wind up in a situation that you will soon regret. You can save yourself and the nonprofit from a bad match by taking a few steps before committing to join a board.
Believe it or not, the downturn has had its benefits for some. According to a new survey conducted by Acre Resources, a recruitment firm that focuses on sustainability, corporate responsibility and the environment sectors, estimates that most professionals in the CSR field actually saw an improvement in their salaries and job security in 2009.
Take a look at your CSR program. You've got a green plan: check. Volunteer program: check. Philanthropy: check. But what is your company doing to invest in good leadership? Leadership for the sustainability and betterment of the communities where your employees and customers live and work, and leadership for the future of your company?
Recently, I hosted a group of graduate students from Syracuse University’s Maxwell School.I also spoke to a group of undergraduates at George Mason University.I was struck by the questions they asked me and their responses to the questions I asked of them.They wanted to know about the linkages between ethics and business performance; they asked about the risk management dimensions of social and environmental responsibility; and they hold crystal clear points of view on corporate reputation, respect for customers, and the value and impact of
There isn’t even democracy among bankers these days. Community and regional banks are being shuttered around the country by the FDIC to the tune of 218 since 2007. Any bank that levered more than its fair share of capital, suffered losses due to bad subprime, and generally managed their money poorly dies a quick painful death as it is swallowed up by the government “safe banking” machine.
Any bank that is except for the Supersized Big Bailout Six…
Funny thing about the planet - we often forget that it is much bigger than we are and often has a mind of its own. Take, for example, the chaos being created by the volcanic ash cloud over Europe this week.
The recent eruptions of Iceland's Eyjafjallajoekull volcano are disrupting business systems on a global scale. We have been reminded once again of nature's brute force and primordial beauty. The continuing volcanic ash cloud is having holistic and systematic repercussions. Starting with air travel disruption, the impact is now ricocheting across international business and global supply chains.
"BMW in Germany and Nissan and Japan have both temporarily shut down plants due to supply chain disruption. . . Kenya, which exports 1,000 tons a day of fresh goods, threw away 10 million flowers, mostly roses, since the eruption began April 14 . . . One Boeing 747 with 110 tons of fish destined for Europe sat on the tarmac in the Middle East, among some 2,000 tons of other disrupted shipments." Associated Press
What will happen if the volcano repeats it's last (1821) eruption cycle of on-and-off spewing of ash for 13 months?
What impact will it have on the long-term viability and sustainability of companies in the region and around the world?
Today's philanthropists struggle to balance crisis contributions with investments in longer term, lasting solutions. HealthRight International exemplifies a nonprofit that leverages relatively small resources for a significant and sustainable impact in underserved communities around the world. And business investors love it.
Within the community investment community there’s still too much thinking about the money that goes in and not enough about what’s coming out the other end in terms of social capital. In Canada, a good illustration is the recent debate about salaries for executives in non-profit organizations.
If you do, don’t bother calling me. Unfortunately, I’m just a beginner and wouldn’t be much use to a company that needs someone who really knows what they’re talking about. The good news for you, however, is that there now an extraordinary number of corporate responsibility experts, authorities, advisors, and consultants.
Most of the time when we meet someone, socially or professionally, one of the first questions that comes up is "What do you do, and where do you work?" The response to that question often defines us. I thought about that when I read "BRAND OR DIE," Nick Nanton's and JW Dicks' great new blogpost.