Wednesday, August 04, 2004
What's Your Ethical Suribachi?
I beat up on the financial services industry quite a bit. Because too often, it's proven itself to be an ethics-free zone: an industry which actually embraces as the norm conflicts which would be considered anathema in almost any other profession. An industry in which a single company can be fined billions of dollars for unethical sales practices multiple times, and yet continue to do business, and even thrive.
Which is why it's refreshing to come across this exerpt from an email sent by Schwab CE0 David Pottruck to every employee in his organization.
Awesome. The troops are hearing the law, they're hearing the standard, and they're hearing it straight from "The Six."
Pottruck's not leaving it to the compliance people. He's out ahead of the compliance people, and expects his crew to be, too.
You bosses, out there--when was the last time you cut through the levels of heierarchy, and made it crystal clear to everyone in the organization exactly where you stand?
Think such a practice might have helped General Karpinski? Think it might have helped Private Lynndie England?
Think it might have helped the Iraqi people and the U.S. alike?
You never know what you might have prevented, and what the consequences could have been had you not charged up ahead of your troops and planted your flag on the ethical Mount Suribachi.
Everyone's ethical Suribachi is different. For Karpinski, her ethical Suribachi was the dignity and well-being of detainees. Unfortunately, she didn't realize it until it was too late. For an investment company CEO, the ethical Suribachi may be trading violations or unethical sales practices.
No leader is worth a damn, though, unless he's got a Suribachi of his own, and he's willing to fall on his own sword for it. Unless he's willing to give it all up on a point of honor. And challenge others to do the same.
What's your Suribachi?
Splash, out
Jason
Which is why it's refreshing to come across this exerpt from an email sent by Schwab CE0 David Pottruck to every employee in his organization.
“The other issue we have been researching is late trading and we have found a limited number of trades that may have been entered or processed after the 4:00 pm deadline. Most of these trades were received on time but for one reason or another had an adjustment or substitution after the deadline in a manner that may have been contrary to company policy. We believe that our culture - with so much emphasis on client service - could have influenced our employees in doing these substitutions since none of our employees earn commission payments on these trades. But let's be absolutely clear, client service cannot be an excuse for not following industry regulations.
Our research is still a work in progress. In the millions of trades we have processed over 99.99% appear to be fine. Right now there are 18 problematic trades but that number will change as our research continues. Some might consider 18, 180, or even 1800 problem trades out of 33 million as a tolerable failure rate in a process combining people and technology. But in a firm where our ethics and our values are a huge reason why you work here, no failure rate, even .0001%, can be tolerated. We must strive to do better. We must strive for perfection.
Before we finish, I'd like to share with you the conclusions Chuck, the Executive Committee, and I have reached.
As a firm, our moral compass is strong and continues to guide us. But even among 16,000 employees, all of us must know and follow the rules. Client service is not an acceptable excuse for failing to follow industry regulations that are clear. Our oversight systems cannot be content with 99.99%. We need perfection.
This has been a daunting task... we are a firm with over $350 billion of mutual fund assets, thousands of employees, and millions of transactions to examine. We are grateful for the enormous effort extended by the research team. We are also grateful that every one of our employees is driven by our vision to be the most useful and ethical financial services firm in the world. This certainly includes a never-ending commitment to be within the letter, and especially the spirit, of the industry laws and regulations. That's the foundation as we strive each day to be worthy of our clients' trust.”
Awesome. The troops are hearing the law, they're hearing the standard, and they're hearing it straight from "The Six."
Pottruck's not leaving it to the compliance people. He's out ahead of the compliance people, and expects his crew to be, too.
You bosses, out there--when was the last time you cut through the levels of heierarchy, and made it crystal clear to everyone in the organization exactly where you stand?
Think such a practice might have helped General Karpinski? Think it might have helped Private Lynndie England?
Think it might have helped the Iraqi people and the U.S. alike?
You never know what you might have prevented, and what the consequences could have been had you not charged up ahead of your troops and planted your flag on the ethical Mount Suribachi.
Everyone's ethical Suribachi is different. For Karpinski, her ethical Suribachi was the dignity and well-being of detainees. Unfortunately, she didn't realize it until it was too late. For an investment company CEO, the ethical Suribachi may be trading violations or unethical sales practices.
No leader is worth a damn, though, unless he's got a Suribachi of his own, and he's willing to fall on his own sword for it. Unless he's willing to give it all up on a point of honor. And challenge others to do the same.
What's your Suribachi?
Splash, out
Jason
Comments:
Among these magnificent benefits is the chance to be able to promote your business, any business,
# posted by 
: 1:09 PM
: 1:09 PM
Nice Site. We have Free Houses on my site. Please take a look new orleans real estate
# posted by : 12:30 AM
: 12:30 AM
Free Ads and Marketing Lessons conveniently SENT straight to your Inbox Daily!
# posted by : 7:29 AM
: 7:29 AM
www.getipodsforfree.com has this cool thing where if you just sign up and do an offer, you can get a free ipod
# posted by : 12:37 PM
: 12:37 PM
adult adult adult dating.info online personals personals photo photo
adult adult adult dating.info online personals personals photo photo
adult adult adult dating.info online personals personals photo photo
# posted by : 2:47 PM
: 2:47 PM
So your interested in mature porn
There is a new Adult Press Release site out there to release adult porn related news!
Its called Porn Biz
Check it out mature porn
There is a new Adult Press Release site out there to release adult porn related news!
Its called Porn Biz
Check it out mature porn
# posted by : 1:26 AM
: 1:26 AM
I'm impressed - you have a brilliant blog here. As someone who appreciates good blogs, here's some info on: Dating Los Angeles No more wondering Dating Los Angeles
# posted by : 9:17 PM
: 9:17 PM
You sure have made a insightful blog here! Here's a solution that might be of interest: Alternative Dating No more wondering Alternative Dating
# posted by : 9:53 PM
: 9:53 PM
Hi there. Kinda busy, but looking for information on currency exchange. Nice blog, good info. Maybe visit my site if you're looking for currency exchange related material currency exchange. Thanks
# posted by : 6:41 PM
: 6:41 PM
Looking for more information on 1031 Exchange Rule ..If so here is a fantastic resource for everything related to tax deferred real estate investing and 1031 Exchange Rule with information, products, articles and more..Check it out here...www.1031university.com
# posted by : 10:53 AM
: 10:53 AM
Hi,
Thanks for the good info. I am researching blogs on needed income for retirement and stopped by.
Thanks again,
needed income for retirement
Thanks for the good info. I am researching blogs on needed income for retirement and stopped by.
Thanks again,
needed income for retirement
# posted by : 10:05 PM
: 10:05 PM
Merci pour me laisser signaler sur votre emplacement.Adieu, Suellen whole house air purifiers
# posted by : 5:26 PM
: 5:26 PM
Hi,
Nice blog. A friend of mine checked out your blog and told me to come here and hopefully find out more about start work at home business as I am looking into joining start work at home business. You can't do enough research before going with the best program. Thanks for the info. Have a great day :-)
Nice blog. A friend of mine checked out your blog and told me to come here and hopefully find out more about start work at home business as I am looking into joining start work at home business. You can't do enough research before going with the best program. Thanks for the info. Have a great day :-)
# posted by : 6:11 PM
: 6:11 PM
Are you interested in workplace wellness? I have been searching for workplace wellness information and came across your blog. Good stuff you have. Hope my search for workplace wellness is useful to you.
# posted by : 5:34 AM
: 5:34 AM
Thanks for all the great comments and insights..By the way, are you looking for more information on orange county web design ..If so here is a fantastic resource for everything related to web design and orange county web design with information, products, articles and more..Check it out here...http://www.cobbwebdesign.com
# posted by : 3:45 PM
: 3:45 PM
I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.
Take a look at Wallstreetwinnersonline.com
RickJ
the indexes easily.
Take a look at Wallstreetwinnersonline.com
RickJ
# posted by : 4:17 PM
: 4:17 PM
Your blog is very cool. I have a site http://top-personals.net related to totally free adult personals, take a look if you are looking for personals.
It is very interesting blog. I found a nice site similar to this topic and totally free adult personals.
It is very interesting blog. I found a nice site similar to this topic and totally free adult personals.
# posted by : 2:07 PM
: 2:07 PM
Although I don't think you can use fasting as a diet or weight loss program, I do feel that it can be a great start to a proper weight loss diet and exercise program. I think it is definitely something that everyone should do at least once a year.
Link to this site. weight loss by hypnosis
Link to this site. weight loss by hypnosis
# posted by : 11:01 AM
: 11:01 AM
Hello there Blogger, I’m out surfing for a good blog experience on mlm and found your great site. Although free people finder wasn’t exactly what I’m looking for it certainly got my attention and interest. I see now why I found your excellent blog-site when I was searching for mlm related web sites and I’m glad I found your site even though its not an exact match. Excellent Post, thank you for the read.
# posted by : 1:47 AM
: 1:47 AM
Hello Blogger, I’m just searching the web for the next big thing on based business from home work and noticed your great site. Although free people finder wasn’t actually what I was looking for it DID get my attention and interest. I see now why I found your great
website when I was searching for based business from home work related information and I’m thankful I found your blogsite even though its not an exact match. Excellent Post, thanks for the read (It’s a keeper).
website when I was searching for based business from home work related information and I’m thankful I found your blogsite even though its not an exact match. Excellent Post, thanks for the read (It’s a keeper).
# posted by : 10:25 AM
: 10:25 AM
It is great fun to read all these good blogs. Your's is very nice. I have been looking for information about sanuvox s300 hfx hepa filter uv air purifier and have not really found it anywhere but here: http://airpurifiers.find-it-first.biz
Has anyone else seen it elsewhere?
Has anyone else seen it elsewhere?
# posted by : 10:37 AM
: 10:37 AM
Hey what's up, just letting you know that someone from C.A. read your blog!
Regards,
Charles
richmond web hosting
Regards,
Charles
richmond web hosting
# posted by : 5:59 AM
: 5:59 AM
Hey!, Just browsing around for ideas for my new. (While we're at the same topic), I'm just getting started if you want to visit:
dxmerchant
Charles
dxmerchant
Charles
# posted by : 10:25 AM
: 10:25 AM
Hey how are you doing? just letting you know that someone from Central America read your blog!
Regards,
Charles
currency Training
Regards,
Charles
currency Training
# posted by : 1:46 PM
: 1:46 PM
Hello Blogger, I’m out surfing the web for the latest information on 888 biz and noticed your nice site. Although free people finder wasn’t exactly what I was looking for it certainly got my attention. Now I see why I found your page when I was looking for 888 biz related information and I’m thrilled I found your web site even though its not a perfect match. Great Post, thanks for your informative site.
# posted by : 12:04 AM
: 12:04 AM
This is a great opportunity. Just push a button 4 times per day and make $1,000's per month within one year.
# posted by : 3:46 AM
: 3:46 AM
Hey, just a quick hello from someone in Central America.
cheap web hosting service
Charles
cheap web hosting service
Charles
# posted by : 9:04 AM
: 9:04 AM
Hello,
I was just browsing around looking for info oncompiler ebook software when I landed on your site, we dont match but I enjoyed the visit, so thanks for the read.
If you get the time pop over and see my site you will get some software just for visiting
joe
compiler ebook software
I was just browsing around looking for info oncompiler ebook software when I landed on your site, we dont match but I enjoyed the visit, so thanks for the read.
If you get the time pop over and see my site you will get some software just for visiting
joe
compiler ebook software
# posted by : 3:01 AM
: 3:01 AM
Hello :)
I am able to read and find the information I require thank to Ur site... It is very good written and also very useful...
Regards,
business online start
I am able to read and find the information I require thank to Ur site... It is very good written and also very useful...
Regards,
business online start
# posted by : 4:12 AM
: 4:12 AM
Are you a Industrial Keyboards enthusiast? If so here is a fantastic resource for everything related to things that need batteries and Industrial Keyboards with information, products, articles and more..Check it out here...dampex.com
# posted by : 4:58 PM
: 4:58 PM
I really liked your blog because it's a great way to learn more about trading. You've nailed it with your post. I had been googling for stuff on top network marketing companies and while searching Blogspot I came across your post on your blog. I try to keep to Forex Trading but that's not always possible. It is reasonable because there is seldom a single solution in our business. With regrards to your post I realize I've got a few things to learn yet. Keep up the good work!
# posted by : 1:53 AM
: 1:53 AM
A fantastic blog. Keep it up. No better time than now to learn about Qualify for a home loan Bad Credit? http://thehomemortgageguide.com
Post a Comment
# posted by : 1:32 PM
: 1:32 PM
