Finance

Read This To Your Mother…or Somebody’s Mother

/ Jack Marshall / 5 Comments

The Nigerian Prince wants to meet your mother.

As my sister and I try to unravel the details and records of my mother’s nearly 90 years, we both have concluded that she would have been an easy mark for scammers and frauds if she didn’t have two lawyer offspring reviewing her decisions. The number of elderly, mentally-failing Americans who lose their life’s savings to these predators is a national tragedy. They are particularly prominent on the internet. I was very frustrated with my mother’s resistance to e-mail and the Web…now I’m not sure it wasn’t too dangerous for her to navigate.

The F.B.I. has an excellent and informative web page that should be shown, read to, and explained to every senior in your life. From the introduction:

“Senior citizens are most likely to have a “nest egg,” to own their home, and/or to have excellent credit—all of which make them attractive to con artists...People who grew up in the 1930s, 1940s, and 1950s were generally raised to be polite and trusting. Con artists exploit these traits, knowing that it is difficult or impossible for these individuals to say “no” or just hang up the telephone. Older Americans are less likely to report a fraud because they don’t know who to report it to, are too ashamed at having been scammed, or don’t know they have been scammed. Elderly victims may not report crimes, for example, because they are concerned that relatives may think the victims no longer have the mental capacity to take care of their own financial affairs.”

The site goes on to describe how various scams work and how to spot them; indeed, you don’t need to be a senior to be vulnerable. The list is daunting: Continue reading →

Unethical Quote of the Week: CNBC Financial Analyst Larry Kudlow

/ Jack Marshall / 26 Comments

We've all been there, Larry. Still sounded awful, though.

“The human toll here looks to be much worse than the economic toll, and we can be grateful for that.”

—CNBC’s financial guru Larry Kudlow, discussing the economic implications of the Japanese earthquake and its aftermath—a legitimate topic—while giving an instructive demonstration of how tunnel-vision and focus on one objective above all else can disable an ethics alarm, momentarily, or even permanently.

The quote speaks for itself, but here are a few comments: Continue reading →

The Missing Ethics Alarm: Spending Other People’s Money

/ Jack Marshall / 4 Comments

How did I get HERE??

I confess: I honestly don’t understand this problem. From the first time I had an expense account, it never occurred to me to use it for my own pleasure. If I had to eat out on the road, I picked an inexpensive restaurant. I didn’t charge hotel room movies to my employer—he wasn’t sending me there to be entertained. I flew coach, and paid for any personal long-distance calls. Why? Because it wasn’t my money. I was a fundraiser for a non-profit, and I knew that whatever the donors were giving money for, it wasn’t for me.

It became apparent over the years that few of my colleagues or bosses saw it that way, when it came to their own expenses, and that elected officials and corporate officers not only readily use other people’s money extravagantly, but also that few people object when they do. The conduct is clearly irresponsible and unfair; I would call it dishonest. But those in high positions seem to regard it as their right. Continue reading →

ABC News Breaches Its Duty Not To Make The Public Stupid

/ Jack Marshall / 15 Comments

Give generously to save victims of ABC's "This Week."

On ABC’s Sunday public affairs show “This Week,” the usually admirable Jake Tapper breached the broadcast journalist’s duty not to promote logically flawed arguments that will make the public dumber than it already is.

Debating with his guests the merits of Wisconsin Governor Scott Walker’s efforts to severely reduce the collective bargaining rights of public unions, Tapper cited an intellectually dishonest New Republic article by Joseph McCartin which used data from the Bureau of Labor Statistics to make this statement: Continue reading →

Tip Ethics Are More Critical Than You Thought

/ Jack Marshall / 13 Comments

She needs that 20%

Here’s why you need to tip, and generously: Waiters and waitresses are screwed if you don’t. Continue reading →

Ethics Carnage in Wisconsin: The Ethics Grades So Far

/ Jack Marshall / 13 Comments

The battleground

The story to date: Wisconsin’s Republican Gov. Scott Walker announced a budget-repair measure to address  looming budget deficits (in a state with a balanced budget mandate in its constitution) by requiring state employees to contribute a larger proportion of their pensions and health care plans, and  restricting their long-standing  collective bargaining rights. Wisconsin’s deficit is projected at $30 million for the remainder of the 2011, with a shortfall of $1.5 billion projected for next year. In response to Walker’s announcement and the near certainty of his plan being passed by the Republican dominated state legislature, 14 Democratic legislators fled the state to prevent a quorum and block a vote, teachers left their classes to protest in Madison, where they were joined by thousands of pro-union protesters, many of whom were organized and bused in by Organizing for America, a White House operated political group.

Let’s try to separate the ethics wheat from the chaff—amazingly, there is actually some wheat–and get an early line on the heroes, dunces, villains, and the rest as the Wisconsin budget battle threatens to become a full-fledged Ethics Train Wreck. Continue reading →

Unethical Quote of the Week: President Obama

/ Jack Marshall / 29 Comments

“Some of what I’ve heard coming out of Wisconsin, where they’re just making it harder for public employees to collectively bargain generally, seems like more of an assault on unions. I think everybody’s got to make some adjustments, but I think it’s also important to recognize that public employees make enormous contributions to our states and our citizens.”

—-President Obama, commenting on Wisconsin’s budget balancing measures, which will include ending collective bargaining by some public employee unions.

"Ladies and gentlemen...The President of the United States!"

This an abuse of power. No doubt about it.

For all his vaunted intellect, the President has displayed a stunningly flat learning curve in acknowledging and respecting the limits of Presidential influence, otherwise known as “sticking your nose where it doesn’t belong” or “shooting of your mouth about something that is none of your damn business.” In less than three years in office, he has… Continue reading →

Integrity Failure: Speaker Boehner, When It Counts

/ Jack Marshall / 2 Comments

Speaker of the House John Boehner wants us to know that he, unlike President Obama, is serious about making the tough spending cuts necessary to bring the Federal deficit under control, no matter whose ox is gored. “We are reducing programs that are important programs that we care about,” he has said sternly, “and we’re doing what every family does when it sits around its kitchen table: we’re making the choices about what do we need for the future.” As for the president and Democrats, Boehner has argued that their approach “was very small on spending discipline and a lot of new spending so-called investments.”

“Borrowing and spending is not the way to prosperity. Today’s deficits mean tomorrow’s tax increases, and that costs jobs,” Boehner said, making it clear that he means business.

Then yesterday, when House Republican freshmen agreed with President Barack Obama and voted to cancel an expenditure of $450 million for an alternative engine for the Pentagon’s next-generation fighter plane, Boehner didn’t support them…. Continue reading →

Death by Ethics: John Paul Getty III

/ Jack Marshall / 11 Comments

The tragic life of J. Paul Getty III, grandson of the late oil tycoon who long held the title “The World’s Richest Man,” is testimony to the truth that wealth is no match for a family culture devoid of ethics.

Getty III, known to his friends as Paul, died last week at the age of 54. He had been confined to a wheelchair-bound for 30 years, after a drug overdose caused a stroke that left him paralyzed, mute and mostly blind. His father, J. Paul Getty II, who had little contact with his son after divorcing his mother when Paul was a child, refused to help him with any of his inherited billions, declaring that his son had earned his misfortune with his irresponsible ways. In truth, few sons have been given more reason to doubt their self-worth based on their callous treatment by their father figures. Continue reading →

Ethics Heads-Up: When the President Talks About “Investment in Infrastructure,” Pay Attention

/ Jack Marshall / 5 Comments

Yesterday, a massive water main rupture shut down part of the Washington area Beltway, tying up traffic and swamping cars. From the Associated Press story:

“At one point, water from the broken main shot eight or nine feet in the air, said Lyn Riggins, a spokeswoman for the Washington Suburban Sanitary Commission. There was significant damage to the office park, with chunks of asphalt strewn across the parking lot, building windows shattered and three cars filled with water.

“It looks like somewhere where you would go white water rafting,” Riggins said.”

Advance reports discussing President Obama’s State of the Union message tonight note that he will be talking about, among other things, investing the nation’s resources on infrastructure renewal: roads, sewers, bridges and more. Already, Republican budget hawks and the conservative talk shows are mocking this as simply a euphemism for more “out of control spending.”

Addressing this country’s dangerously decrepit infrastructure will be expensive all right, but it is definitely an investment, and not undertaking it immediately is irresponsible, short-sighted, dangerous and foolish. For a quick refresher on why the neglect of U.S. infrastructure has been a scandalous breach of duty  of duty by generations of U.S. leadership, read this.