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Business Ethics
There is much talk today about ethics in business - as there should be, but there should be more than talk; there should be a high moral code for all executives who are responsible to both their customers and their shareholders. I have been the president and CEO of one publicly owned company and also was president of another that was responsible to customers who traded equities. This carries a high responsibility to all concerned. You have to be more than worried if you do something wrong because you will go to jail. You must have the desire to try to always do your best for everyone who works for you as well as all the customers or investors that deal with your company. Ethics is supposed to be either black or white, right or wrong, but today it is many shades of grey. If any company does shady business you can be sure it starts at the top and filters down because the president is the one who sets the example for the actions of the entire company. This is as true for actions of our elected officials as it is for corporations or individuals. We have had some pretty sorry examples of that in Washington. Each time there is a new scandal the public seems less disturbed. The recent disclosure that mutual funds have been allowing hedge funds and other large traders to take positions after the closing bell is a brutal example. Maybe investors are not aware that someone is writing checks on their account. This is stolen money that is no different than a guy with a gun holding up a 7-11 store. Yes, the one difference is that the mutual funds have allowed millions of dollars to be siphoned off from those to whom they owed a fiduciary relationship. The fund manager is a crook and deserves jail time. He just took the money with a click of the computer keyboard and that was his weapon. White collar crime deserves the same punishment as the guy with a gun. When you give a brokerage company, a mutual fund or any financial institution your money you expect, in fact, you demand, that they treat you fairly within the rules of the industry. When you are short-changed you should not accept it. Because of the huge amounts of money available and accessible to people in the financial industry it is easy to understand how they can be tempted into criminal actions. That is why all publicly traded companies are required to have their books audited annually. Lately we have seen that even these audits are tainted. Investors rely upon the numbers set before them in order to make decisions about owning stock in a company. If the information is dishonest a proper decision cannot be made. Today we are seeing another type of corporate officer being created. He is called the Governance Officer. It is his job to see that the company maintains high ethical standards. I applaud this action and hope he cannot be seduced by big bucks. Al Thomas' book, "If It Doesn't Go Up, Don't BuyIt!" has helped thousands of people make moneyand keep their profits with his simple 2-stepmethod. Read the first chapter athttp://www.mutualfundmagic.com and discover why he's the man that Wall Streetdoes not want you to know. Copyright 2005 al@mutualfundstrategy.com; 1-888-345-7870
Latest News:Site: Yahoo! News Search Results for news [News] 5 O'Clock Shadow News you can't leave work without: Asamoah makes a deal News of record News of record reports for Chelan and Douglas counties Newport News police seek help on wave of thefts from cars NEWPORT NEWS A rash of summer-night car break-ins and vandalism has police asking the public for help, and warning them to lock their vehicles. Newport News hit with rash of car break-ins NEWPORT NEWS -- Police are asking for help in solving a large number of car break-ins and vandalism cases in Newport News. According to police, 134 cases were reported in the area between J. Clyde Morris Blvd. and Oyster Point Road since June 1. Most of the incidents were between J. Clyde Morris and Middle Ground Blvd. and happened during the early evening hours. Police say many thefts happened ... NEWS ALERTS: Sign up to get breaking news on your mobile phone Get breaking local news as it happens. Enter your phone number: Standard Messaging Rates or other charges apply. To Opt-out text STOP to 4INFO (44636). For more information text HELP to 4INFO (44636). Contact your carrier for more details. Powered by 4INFO. Newport News police search for suspects in string of car thefts Newport News detectives are seeking assistance from the Community, in solving a large number of cases involving damage to, and larcenies from, cars. News in brief Here are a selection of brief news items from this week?s paper edition, and possibly a few news briefs that didn?t make it in the paper. Newport News townhouse damaged by fire NEWPORT NEWS A townhouse in the 1000 block of Willow Green Drive was damaged by fire this morning, fire officials said. One of the residents had minor burns to his hand, a Fire Department news release says. An off-duty city firefighter/medic helped evacuate the adjoining homes. News of the Past who has deep genealogical roots to Winston County, provides news from past editions of the Winston County Journal. The Winston County Board of Supervisors posted a notice of the new "Dog Law" which was passed in the July term. News Wrap: Afghan Passenger Bus Bombing Kills at Least 25 Listen to the Audio In other news Wednesday, a roadside bomb killed at least 25 passengers and wounded 20 others when it hit a bus in southern Afghanistan. Also, due to furloughs, California state workers will be forced to take an extra three unpaid days off every month until the Legislature adopts a budget. HARI SREENIVASAN: A bus packed with passengers hit a roadside bomb in Southern ... Site: news - Google News Arizona News Round Up - San Francisco Chronicle (blog)
MORE RESOURCES: Site: Yahoo! News Search Results for ethics Ethics panel charges Rangel with conduct discrediting the House The House ethics committee on Thursday accused veteran Rep. Charles Rangel of 13 violations of House rules involving alleged financial wrongdoing and harming the credibility of Congress. Ethics panel reviews tentative Rangel deal: source A House of Representatives ethics panel on Thursday began reviewing a "tentative agreement" to settle charges against Democratic Representative Charles Rangel, a congressional source said on Thursday. Ethics Panel Outlines 13 Charges Against Congressman Rangel House ethics investigators outlined 13 ?very serious? allegations of wrongdoing against New York Representative Charles Rangel, including soliciting donations from companies with business before Congress. Ethics Panel Outlines 13 Charges Against Rangel U.S. House ethics investigators outlined 13 allegations of wrongdoing against New York Democrat Charles Rangel, including soliciting donations from companies with business before Congress. Ethics committee outlines 13 charges against Rep. Charles Rangel WASHINGTON - Ethics committee outlines 13 charges against Rep. Charles Rangel. Deep cuts, regardless of outcome - With the state facing an estimated $6 billion deficit, the major candidates need a budget-balancing recipe. Ethics panel accuses Rangel of 13 violations House investigators on Thursday alleged 13 violations of congressional ethics and federal law by veteran New York Rep. Charles Rangel. Ethics panel brings 13 counts against embattled Rep. Rangel Members of the House ethics panel say attempts to reach a settlement have not been successful. Read more... Ethics Panel Outlines Rangel Charges Although lawyers for Rep. Charles Rangel (D-New York) and lawyers for the House ethics panel have struck a tentative deal to settle ethics charges, the House panel went forward with a hearing that outlines the accusations against the 20-term Democrat from Harlem and committee members have not agreed to the deal, the AP reported. Ethics Panel Finds No Conflict in Hart Votes BOISE, Idaho (AP) -- A legislative ethics panel says a state lawmaker embroiled in legal fights over unpaid income taxes did not act inappropriately when he voted on new tax rules without first declaring a conflict of interest. House ethics panel reviews tentative Rangel deal: source A U.S. House of Representatives ethics panel is reviewing a tentative agreement to settle charges against Representative Charles Rangel, a congressional source said on Thursday. Site: ethics - Google News House charges Rep. Charles Rangel with ethics violations - Los Angeles Times
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