Change is in the Air!
Change is in the Air!
(3BLMedia/theCSRfeed) One Year after the Great Collapse of the Financial Markets- change is in the air and the U.S. legislative halls! Last week President Obama gave Wall Street a stern scolding and issued new mandates for a sweeping overhaul of American banking rules. The president called for, "the most comprehensive overhaul in the markets since the Great Depression..."
This fall, Congress will decide on radical changes in the financial regulatory system. Issues on the table include: a new Consumer Protection Agency, bank executive compensation, securities market oversight, trading transaction transparency, and derivative exchanges just to name a few!
Blogger Monika Mitchell is back from sabbatical and ready to give her provocative views on the Market Madness of the past year. What has changed in the financial industry since the fall of the investment banking giants? What still needs to be done? Stay tuned for today's Economy of Trust Blog and her informative and insightful assessment of Wall Street: One Year After the Fall.
Unregulated and unrestrained compensation for reckless bankers and finance professionals has been a hot point of debate for much of the past year. Banking chiefs who pulled in anywhere from $10m to $70m on phantom profits that evaporated along with housing values have been under the heated public glare. AIG execs loudly proclaimed their "hurt" feelings and errant journalists defended misunderstood millionaires by declaring the grave injustice of it all!
In Europe, overpaid and underwhelmed banking chiefs were hung in effigy. On the manicured lawns and well-groomed tennis courts of Connecticut, fat and fit bankers were threatened with physical harm. Brokers blamed homeowners for falling for their scams and homeowners spit on the financial graves of Fannie Mae, Freddie Mac, Indy Mac, Wachovia, Countrywide, and Washington Mutual. It was all too ugly for an enlightened America to endure.
One thing agreed upon inside and outside of the industry is that runaway comp without responsibility has been named as a fundamental cause for the meltdown...
Financial Crisis Inspires Doing Well by Doing Good
Nothing has put the mandate for doing well by doing good more front and center than the financial collapse one year ago. For three decades, Greed has been Good! Better than good, it was great!
It didn't matter how you made money anymore, just that you made it. You could beg, borrow, and steal to get to the top and it was all acceptable. It was simply "good" business...
Now a new kind of good business is breaking through to the other side. No longer a fringe idea for those outside of society, the Business of Good is one of the biggest industries in the New Economy.
Farming for Pay Dirt
A HUGE contributor to global climate change is deforestation of the rainforests. Brazil's tree-rich Amazon is a center of attention for international conservation groups and climate change activists.
Saving the Rainforest has been a familiar media cry for a decade or more. Yet forests continue to be destroyed by the hundreds of thousands of acres. The situation is similar to every other polluting business in the modern world. How can businesses continue to make money without destroying the environment? In Brazil, farmers deforest land to grow soybean, corn, and herd cattle. Adding to the dangerous levels of carbon is not their agenda, but an unfortunate result of simply trying to make a living.