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Archive for June, 2009
« Previous EntriesMadoff’s statement was not an apology!
Tuesday, June 30th, 2009Today, U.S. District Judge Denny Chin sentenced disgraced financier Bernard Madoff to one hundred fifty years in prison for running the largest Ponzi scheme in history. According to press reports, Madoff scammed his investors out of more than $60 billion, using the money to treat his family to an extravagantly lavish lifestyle. At [...]
To stay out of court, prevention is the best medicine!
Friday, June 26th, 2009This week, I’m kicking off a new Friday series of tips and suggestions that businesses can use to keep themselves out of lawsuits. It’s no secret that U.S. courts are jammed to the rafters with litigants these days. And the costs to all of us are staggering. Companies don’t just eat their [...]
Is a 12-year sentence enough for Madoff?
Wednesday, June 24th, 2009The Associated Press reported today that Bernard Madoff’s lawyer, Ira Sorkin, has asked the judge who will sentence Madoff to limit his jail time to a mere twelve years. Sorkin contends that sentencing the 71-year-old Madoff to only a dozen years in prison would be appropriate, given that Madoff surrendered voluntarily, accepted responsibility for [...]
How can we improve financial firms’ disclosures?
Monday, June 22nd, 2009My friend Sam was in a foul mood a few days ago. He brought me the annual report published by a respected mutual fund in which his aging mother was heavily invested. “Look at this!” he fumed. “Over two hundred pages long, and it doesn’t say anything useful. Just think how [...]
Business apology tip #12 - Learn from your apologies
Friday, June 19th, 2009I’m going to conclude my Friday series of tips on effective business apologies with a tip that can make a huge difference to the future success of your business. After you’ve made your apology and resolved things with your unhappy customer or client, take some time to learn from your apology. Was the [...]
For great customer service, try AIDET
Thursday, June 18th, 2009This week, I had the pleasure of speaking to a group of health care professionals at INOVA Alexandria Hospital about how to make effective apologies in the wake of medical error. While preparing for the presentation, I spent some time looking at a system developed by the Studer Group to help medical staff build [...]
To foster strong business ethics, put your money where your mouth is!
Tuesday, June 16th, 2009It’s my privilege to be a member of the Society for Corporate Compliance and Ethics, a non-profit organization that trains and supports certified compliance and ethics professionals. (Yes, I’m one of them.) SCCE provides reams of great materials on business ethics and, from time to time, conducts surveys to see how well companies [...]
Business apology Tip #11: Circle back
Friday, June 12th, 2009Once you’ve apologized to your unhappy customer or client and made amends, you may be tempted to sit back, rest on your laurels, and presume that all’s well with your relationship. Don’t do it! For any of several reasons, your unhappy customer may harbor some lingering resentment. She may not be terribly [...]
For great customer service, check out … the U.S. Postal Service
Wednesday, June 10th, 2009Of all the government agencies that have taken a hit in the popular press, nobody gets a tougher rap than the U.S. Postal Service. We all know the stereotype: retired-in-place employees who move at a geriatric snail’s pace and whose sole delight in life is to fold, spindle, mutilate and lose any hapless piece [...]
When times are tough, it’s time to sing!
Tuesday, June 9th, 2009It’s rare for me to recommend books on this blog that aren’t geared specifically toward business, but these aren’t ordinary times and God Wants to Hear You Sing isn’t an ordinary book. My new friend Ruthie Jacobsen, who co-authored the book with Rodney Griffin, contacted me recently and asked if I’d help launch God [...]
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