greed

Now We Know: 22.5% of Business Execs Don’t Know What Ethics Is

/ Jack Marshall / 3 Comments

The Potter Factor: is 20% too much?

David Sokol was widely believed to be the anointed successor to billionaire Warren Buffett at the helm of Berkshire Hathaway Inc. until he resigned unexpectedly, following shocking revelations about his personal stock trading. Clever Sokol! He purchased ten million dollars worth of shares in Lubrizol Corp., a chemical company, then persuaded his boss, Buffett, to acquire it. Buffett agreed, the purchase swelled the values of the stock, and Sokol then sold his shares at a hefty profit, about 3 million dollars.

Sokol lost his job over the transaction, which has tarnished Buffett’s reputation, but he got his money. He appears to have found a neat little loophole in the insider trading prohibitions, which make it illegal for an individual to profit from investments made with the assistance of information that is not generally known. If Sokol knew that Buffett was going to purchase Lurizol and bought the stock to profit from it, he could be headed to jail. Because he made the purchase before he and Buffett discussed the deal, however, he’s only heading to the bank. Galling as it is, most authorities agree that he broke no laws.  Continue reading →

Ethics Hero: Fox

/ Jack Marshall / 7 Comments

Now if you want to see a mad prophet on TV, you'll have to watch "Network." Thank you Rupert, Roger, Fox!

The Fox network, in ending its relationship with Glenn Beck after the expiration of his current contract as it announced yesterday, placed principle over profit. In today’s culture particularly, that is always a welcome development, an ethical one, and deserving of praise.

I can comfortably assign Fox Ethics Hero status and discount the braying from partisan Beck-haters like Media Matters, the shamelessly one-sided “media watchdog” that has declared “war” on Fox because it dares to deliver news from a generally conservative perspective. Beck was not brought down by their attacks, or by the boycotts against him by various interest groups. His show was still one of the most watched current events programs on cable, and Fox was still making money on it. The demise of Glenn Beck’s Fox show was not an example of successful suppression of conservative opinion by the Left. Continue reading →

Ethics Hero Emeritus: Dorothy Young, Houdini’s Assistant

/ Jack Marshall / 3 Comments

Dorothy Young knew how to keep a secret.

Dorothy Young, who died March 24 at the age of 103, was the last in a series of scantily clad magician’s assistants for Harry Houdini, the greatest escape artist who ever lived and America’s iconic magician. She remained active in show business for many years after Houdini’s death in 1926. Young appeared several times on Broadway, including the  “New Faces of 1936.” Later, she was half the team of “Dorothy and Gilbert,”a touring nightclub dance act that specialized in a dramatic combination of rumba and bolero—the “rumbolero.”

Young married Gilbert, who was Gilbert Kiamie, heir to a silk underwear fortune. She wrote a novel about her career, “Dancing on a Dime,” that inspired a 1940 Hollywood musical of the same name. Young eventually became a successful painter, and in 2003 gave New Jersey’s Drew University $13 million to endow an arts center.

Why is she an Ethics Hero? Continue reading →

Outrageous Corporate Conduct 2011: Transocean’s Unconscionable Bonuses

/ Jack Marshall / 11 Comments

"Sure, but other than THAT: great night at the theater, right?"

I believe that much of the time the corporate sector is unfairly treated by the media, politicians, and the public. Part of this conviction arises from my experience working at the U.S. Chamber of Commerce, directly under its current president when he was a rising young Turk. I dealt with corporate executives every day, and got to see the challenges of big business from their side. Most of the time, they struck me as genuinely concerned about workers, communities, fairness, while believing, of course, that an unfettered private sector was in the economic interest of everyone.

Increasingly, however, I see corporate behavior that is so arrogant, so transparently greedy, so contemptuous of the public’s intelligence, so blatantly, obnoxiously wrong that I wonder if it was all a dream. There was AIG, accepting billions from American taxpayers to save it from the consequences of its own fiduciary crimes, immediately spending some of it on lush retreats and parties for its executives. There were the leaders of Goldman Sachs, telling gape-jawed U.S. Senators that, no, they didn’t see anything unethical about selling their trusted clients investment products so awful that the company made money betting on their failure. There are the U.S. banks, hoarding their money and refusing to refinance mortgages that were unconscionable to begin with,  preferring to make the nation’s economic problems worse by foreclosing on families’ homes rather than making a good faith effort to undo a human and social catastrophe that was substantially of their own making.

Now comes the news that Transocean Ltd., owner of the Deepwater Horizon oil rig, has announced that it is giving millions of dollars in bonuses to its executives after “the best year in safety performance in our company’s history.”  Which seems perfectly reasonable, unless you want to make a big deal over that one little Gulf oil spill incident last April…you know, the one that began when a Transocean oil rig exploded, killing eleven people including nine Transocean employees. Continue reading →

Comment of the Day: “The Barefoot Contessa and the Compassion Bullies…”

/ Jack Marshall / 2 Comments

Today’s Comment of the Day needs some background. The first comment regarding yesterday’s controversial post “The Barefoot Contessa and the Compassion Bullies…”, asserting the right of a celebrity to decline a sick child’s request, was by reader Nancy Simpson, who wrote…

“Obviously we have different beliefs about what constitutes “ethics”. The first duty of all persons in a civilized society is to care for the children. My ethics say that for the optimum function of society, we care for children unless what they ask for will cause physical or emotional harm to them.

“Short of confinement in a leprosy ward, this woman has no excuse for her unkindness to a child. If the “too busy” excuse is true, then she is just greedy. No law against being greedy, is there? She has no duty to be concerned with anything other than her money.

“The other place we have ethical differences is that it against my ethics to criticize control and blame a sick child’s mother. Talk about hit below the belt. Shame on you.

“Celebrities are not mandated to give back–they may bite the hand that feeds them any time they like. And I decide who gets my hard earned money, and it will not be her or Food Network.

“I don’t pay people who hurt children.’

I was, I admit, rather severe with Nancy, writing in response…

“No, Nancy, you are completely wrong. Obviously we do have a different understanding or ethics, because you have very little and you also didn’t really read or think about the post. If a stranger walks in your home and demands that you care for her child, are you ethically required to do it? What gives “Make A Wish” or Enzo, his mother or anyone the right to finger this one woman because he happens to watch her show and put her in the position of either having to make a major effort to please him—not cure him, not actually make him well, but just give him a good time—at the threat of being condemned by self-righteous uninvolved bystanders like you? Ridiculous.

“Maybe she had a brother with the same disease and spent years in therapy trying to conquer the depression his death caused…and the prospect of getting close with Enzo risks her long term mental health. Does her refusal pass your approval process then, or is she obligated to harm herself because a stranger’s child has a “wish”? How can you judge her actions when you have no idea what motivates her? Granting these things is usually a PR bonanza….I doubt her motivations are crass at all.

“Maybe she is especially emotional around sick children. You have no basis to criticize her. She is not Enzo’s slave, she is not his doctor, she is not his plaything. She has a right to say “no.” There is a difference between exemplary ethics, and ethics. It would be great if she decided to grant his request, but it is not unethical not to. I know—you don’t understand. Well, you can revel in your ignorance without telling me that I don’t understand.

“I DO have basis to criticize Enzo’s mother, and I hereby throw your silly “shame!” through your window.

“She set out to harm a woman who owed her nothing. She sicced the internet on someone for pure revenge. I sympathize with her, but her actions were unarguably wrong. If you think certain classes of people like “mothers of sick children” get special passes to act badly and harm others, go start a Cindy Sheehan fan club—you don’t have a clue what ethics are.

‘You know what rationalizations and excuses are, however.”

Now, today, new reader Yao added a very provocative Comment of the Day: Continue reading →

Sunday Ethics Blast: An Overly-helpful Teacher, A Hands-on Youth Counselor, A Poverty Program Slacker and a Redeemed Ethicist

/ Jack Marshall / 1 Comment

Here are some quick links and observations to get your ethical juices going this Sunday… Continue reading →

CBS: Ethics Corrupter

/ Jack Marshall / 26 Comments

Rehire Charlie Sheen?! What could CBS be thinking?

Barry Bonds goes on trial for perjury today. He is one of our society’s prime corrupters. Bonds cheated, lied, broke the law and helped drag major league baseball’s integrity  into the depths, all with the objectives of breaking records by players better and more honest than he, and becoming rich and famous. He accomplished all of these things, with no appreciable negative consequences; as of now, his career and life carry the lesson that cheating works, and anyone who lets things like rules, laws, or ethics stand in the way of success is a fool. Perhaps the trial will change that. I can dream.

Now CBS has stepped up to be a prime corporate ethics corrupter. Reportedly, it is negotiating with Charlie Sheen to get him back on the air, either in his now defunct show “Two and a Half Men,” or in something else. Continue reading →

Unethical Crime Victim of the Month: Kamofie & Co.

/ Jack Marshall / 17 Comments

Next time, Lindsay, pick a classier store to rob.

Lindsay Lohan, in addition to having stunningly bad judgment, multiple addictions, lousy parents, sycophantic friends, and an army of paid enablers, also has rotten luck. When she walked out of a jewelry store wearing a $2,500 necklace, she picked an ethically dubious enterprise, Kamofie & Co., that may have  grossly over-priced the necklace, turning the shoplifting into grand theft. But that’s just the beginning.

Lohan, who is on probation and facing jail time for the incident, was caught on a surveillance tape in January as she strolled out of the store, with the unpurchased jewelry around her neck. Some establishments, recognizing the alleged thief as someone who is famous, troubled, and in need of some kindness, would have privately contacted the actress, accepted her (probably) false excuse that the act was inadvertent, and allowed her to return the item with involving the police.

Not Kamofie, however, which apparently saw the incident as an opportunity to make itself a household word. Continue reading →

Wait…This Is MY Fault????

/ Jack Marshall / 16 Comments

We should be ashamed of ourselves.

I have complained, more than once, about the naked greed and obvious incompetence displayed by the airlines charging $25 or more to passengers who check luggage. The results of this reverse incentive are that people carry on too many, and too large bags, boarding takes longer, and flights are delayed. Passengers talk about the idiocy of the policy all the time. So do the airline attendants. Anyone can see how dumb the policy is. The smart approach would be to charge for anything carried on other than a handbag or briefcase, and make checked luggage free. Boarding would be faster and there wouldn’t be passengers using the sneaky (but effective!) trick of carrying a piece of luggage through security only to check it at the gate at no charge when the airline personnel makes the routine plea for passengers to free up luggage bin space by doing so. Continue reading →

It’s About Time! Dept.: Charlie Sheen, Ethics Uber-Dunce, Gets What He Deserves

/ Jack Marshall / 10 Comments

Charlie Sheen, The Amazing Human Ethics Train Wreck

Up until yesterday, the message CBS and Warner Bros. had been sending to the culture by its handling of the ongoing Charlie Sheen embarrassment was this: you can break laws, try to strangle your wife, publicly betray multiple spouses, neglect your children, dive drunk, use illegal drugs, generally behave like a spoiled, anti-social ass without showing  any remorse or contrition, and corporations will still pay you a million dollars a week and tell America you are a terrific guy as long as you keep making  them big profits. Continue reading →