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11/03/2008

An Ethics Committee is needed

We may be transparent, not corrupt and have no guanxi to worry about. But we still have serious flaws in terms of ethics and morality in the way we do business. Unless we are saying that in business, ruthlessness to make profit is the right way to go forward, then we should not even waste time listening to the victims of minibonds and notes. They did not do their homework and became suckers is their own fault. I am still puzzled that if their cries were not heard, if the people’s hero did not stand up to organize them to take on the financial institutions, will it still be business as usual? That ethics and morality can go into the longkangs? That the minibonds and notes and other toxic products will still be sold to the unwary? I have encountered many cases of unethical conducts in organizations. Some I have fought and dealt with. Some are still waiting for the right opportune moment to do battle. Many corporations stink of lowly creatures in their midst. What we may need now is an Ethics Committee to be appointed in big organizations, private or public, to deal with unscrupulous management who just care for the bottom line and their perks and bonuses. It is a sad call but a reflection of how far down we have gone in decency and respectability. And please, these committees must be made up of people that do not have any incestuous relationship with the management. They must be steadfast and with a conscience to do the job they are assigned to and not be beholden to the people who appoint them. To be real, this is just fat hope.

4 comments:

Mockingbird said...

Fat hope indeed.

Rich get richer. Poor get poorer. Gap between rich and poor will keep on increasing until the end of the world.

Anonymous said...

Ok, who should appoint whom to sit on the ethics committee of big organisations? The workers or the boss? Ok, brothers, uncles, nephews, nieces, grandfathers, grandmothers, in-laws etc all cannot be allowed to sit on the committee. Good friends or bootlickers can or not? Then what kind of difference will this make?



When

Matilah_Singapura said...

I'm afraid an ethics committee won't change a thing.

The free market is the best police: those who wantonly want to bet their hard-earned on fantasies and wishful-thinking will always do so — regardless of any "committee".

Decisions to buy are individual, personal decisions. No committee can ever prevent people from acting without regard for due diligence, believing every word someone else says — especially when it comes to making money — or acting out of sheer desperation (fear) because they "don't want to lose out" (kiasu).

Rational Kiasu is when people ask questions, lots of questions, and do due diligence slowly and methodologically, taking their own sweet time to arrive at a decision. This is in contrast to "jumping on the bandwagon" for fear of being "left out" type of Irrational Kiasuism.

See the distinction?

redbean said...

sad but you are right.

i love the BAC. they are doing a great job. read my post above on this.