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To: John Koligman who wrote (170059)	7/1/2002 10:25:20 PM
From: stockman_scott	Respond to of 176387

CEOs: Back To Ethical Basics Commentary > The Monitor's View The Christian Science Monitor from the July 02, 2002 edition My, how Enron, WorldCom, and other business scandals have altered the national mood! "Could Capitalists Actually Bring Down Capitalism?" asks a New York Times story. The Monitor today also looks at the betrayal of capitalism by some chief executive officers (see story). Of course, free enterprise will survive this challenge, as it has so many others. Probably some needed reforms will be made in the system. Thoughtful business leaders are now pondering what has happened that so many executives have strayed from the straight and narrow. CEOs, like other human beings, are complex in their motivations. But it seems clear that several factors may have led them into ethical trouble. One is moral contagion. If an executive sees other executives cooking the books to please stock market analysts, it becomes easier to take the same path. Egos are involved. Ethical backbones aren't always strong enough to resist the temptations. Another problem is stock market options. They provide an incentive for CEOs and other executives to use bookkeeping tricks to pump up the value of their stocks unrealistically. Options have pushed executive compensation to unnatural heights in recent years. Greed must be restrained. The popular, supercapitalist view that shareholders are the only corporate stakeholder that counts has provided an excuse for excesses. Other stakeholders, employees, and community count only if it helps stock values. To a degree, CEOs must again see themselves as statesmen, balancing the needs of all the stakeholders. csmonitor.com

To: John Koligman who wrote (170059)	7/1/2002 11:24:58 PM
From: stockman_scott	Respond to of 176387

A good article complements of Barron's... A long, hard market lies ahead. How to find opportunity Message 17681425 <<...A crisis in confidence impends. One suspects that by the time the various congressional committees, the Justice Department, the Securities and Exchange Commission, state prosecutors and the financial media are done investigating the malfeasance, the New Era Bull Market will yield up a rogues gallery of malefactors as notorious as the desperados of the 'Thirties...>>