Amazon.com
“Many executives now feel the only way to meet profitability and performance standards, quarter to quarter, is to breach established ethical codes and norms. This is why the end of ethics has overtaken us. This is why governance, risk management, and business virtue are no longer much of a priority for corporations and their top leaders. Sadly, resorting to economic vice is now viewed as a necessity for survival.”
Amazon.com
“Today’s corporate culture and CEOs increasingly encourage nearly any behavior that produces short-term results, supposedly satisfying shareholders and boosting the stock price in the process. This short-termism is the very root of the problem, causing the end of ethics as we know it. It is a mania and a mantra. Leaders focus on results now, without regards to the consequences and any lingering ethical qualms. CEOs ignore “how they got here” and, instead, focus on short-term performance and reward, concentrating solely on this quarter, not the next ten.”
Amazon.com
“Business and personal ethics are no longer an integral part of global corporate cultures. The reality is that ethics has been dumbed down to mean compliance. Compliance is generally seen as a “back office,” ineffectual division of a corporation or investment bank. Managers simply don’t want to know of ethical dilemmas or failures. The new normal is to simply know just enough to stay out of courtrooms and, potentially, jail. Best practices, doing the right thing, or building lasting bonds of trust have become reduced to an idealistic goal, not the actual reality.”
Amazon.com
“Main Street” expects its CEOs, Fortune 500 companies, and private equity firms to hit “home runs” on a daily basis. Unfortunately, no matter how much quantitative acumen and market awareness an investment manager may retain, no Wall Street all-star can consistently hit the ball over the fence for investors and shareholders. Sometimes, they strike out. Inevitable losses are part and parcel of a capitalist economy. However, to appease investors and shareholders, executives have turned to the proverbial performance-enhancing drugs: what we will call economic vice. Economic vice produces artificial home runs for shareholders and creates unrealistic market expectations.”