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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 Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. Site: news - Google News New Voices in Congress Will Change the Tone of the Democratic Majority - New York Times
MORE RESOURCES: Site: Yahoo! News Search Results for ethics Charges against Queens assemblyman amplifies calls for ethics reform (Rochester Democrat and Chronicle) In the wake of charges by a federal prosecutor that a Queens assemblyman solicited $500,000 in bribes from people trying to influence state government, reform groups Thursday renewed their calls for tougher state ethics laws. Ethics panel clears Gibbons (Reno Gazette-Journal) A Nevada Ethics Commission panel concluded Thursday that there's no evidence to support a claim by a state Democratic Party official that Republican Gov. Jim Gibbons pressured a county assessor to get an unwarranted property tax break. Charges against assemblyman spur call for tighter ethics laws (The Journal News) Following charges by a federal prosecutor that an assemblyman from Queens solicited $500,000 in bribes from people trying to influence state government, reform groups yesterday renewed their calls for tougher state ethics laws. Ethics complaint filed against Loux over salary hikes (Las Vegas Review-Journal) Assembly Minority Leader Heidi Gansert, R-Reno, filed an ethics complaint today against Nevada Nuclear Projects Agency chief Bob Loux. The complaint alleges that Loux improperly used his position to ?grant unwarranted privileges? to himself in violation of state ethics laws. House overrides ethics veto, 110-3 (Herald & Review) SPRINGFIELD - The Illinois House on Wednesday voted overwhelmingly to override Gov. Rod Blagojevich's veto of a major campaign ethics bill. The question of whether to outlaw so-called pay-to-play politics now rests with the state Senate. Ethics complaint filed in pay raise flap (The Fresno Bee) The head of Nevada's anti-nuclear dump agency was hit Thursday with an ethics complaint filed by a legislative leader irate that the official gave himself and other staffers pay increases far above authorized amounts. Read comments Judge tells ethics luncheon 'Ethics is hard work' (Midland Reporter-Telegram) By Mella McEwen Oil Editor Ethics was the topic of Thursday's luncheon during the West Texas Geological Society's annual Fall Symposium. Ethics committee meets in secret (The Auburn Citizen) ALBANY - The New York Assembly's ethics committee met behind closed doors in an unannounced session Thursday involving a disciplinary case. Members wouldn't say if it concerned a colleague now facing federal charges of taking $500,000 in illegal payments, another accused of an extramarital affair with a legislative employee or a third accused of sexually harassing a woman. Ligon cleared of state ethics complaint (The Woodlands Villager) Attorney Brett Ligon, who defeated incumbent District Attorney Michael McDougal for the Republican nomination in the April runoff election, has been cleared of any wrongdoing regarding a complaint filed against him with the Texas Ethics Commission shortly before the runoff. Pelosi taps Va. Rep. Bobby Scott for ethics panel (Richmond Times-Dispatch) NEWPORT NEWS -- Virginia Representative Bobby Scott has been appointed to the House Ethics Committee. The Newport News Democrat said yesterday he was appointed by House Speaker Nancy Pelosi to the committee, formally known as the House Committee on Standards of Official Conduct. He will succeed Representative Stephanie Tubbs Jones, the Ohio Democrat who died Aug. 20. Site: ethics - Google News Ethics Overhaul Sought in Massachusetts - New York Times
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