More than just trust
Toronto Star
thestar.com
On every U.S. dollar are the words "In God we
trust."
But God doesn't run the U.S. economy.
Washington and America's corporate elite do.
And with a new revelation almost every day of
crooked accounting practices, trust in the leadership of U.S. business has
reached an all-time low.
When these revelations first came to light with the Enron scandal, U.S.
President George W. BUSH found himself on the hot seat, too. Enron and its
CEO Kenneth Lay had been major contributors to his political campaigns.
Seeking to distance himself from the Enron affair, Bush called for a new
ethical standard for business leaders. With each scandal, he has championed
that cause with more enthusiasm.
"In order to keep the job base increasing in America, there must be trust," he
said after the WorldCom collapse. "Some have violated the trust. They haven't
assumed their responsibility. I expect there to be responsibility at all levels in
our society. And I intend to fully enforce the law when people cheat on the
balance sheets of corporate America."
But is the issue of trust simply a matter of accurate financial reporting as Bush
maintains? His only standard of proper corporate behaviour is the responsibility
"to be above board at all times, to be frank and honest with all numbers."
While honest reporting is certainly important, Americans think good corporate
citizenship has to go deeper.
A Washington Post-ABC News poll found that they believe the recent
accounting scandals reflect more fundamental problems with the way
American corporations do business.
To earn the trust of the American people, U.S. corporations will have to do
more than provide their shareholders with reliable numbers. They will also
have to start showing more respect for their employees, their customers and
the environment. |
