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Forbearance is not humbug!
By Lauren | December 19, 2008
One hundred sixty-five years ago today, Charles Dickens published what may have been his most famous novel, A Christmas Carol. The story of how the “squeezing, wrenching, grasping, scraping, clutching, covetous” Ebenezer Scrooge is transformed into a kind-hearted philanthropist through the intervention of the spirits of Christmases Past, Present and Yet to Come is a holiday classic. As the world suffers the consequences of the current economic crisis, it’s an opportune time to focus on one Christmas Carol character: Scrooge’s deceased business partner, Jacob Marley.
Scrooge is understandably frightened when the wailing ghost of Marley, rattling the ponderous chain he forged in life through his unprincipled business practices, accosts him late at night on Christmas Eve. Trying to placate the horrifying apparition, Scrooge tells Marley that he was always a “good man of business.” Marley angrily rejects the attempted compliment, telling Scrooge, “Mankind was my business. The common welfare was my business; charity, mercy, forbearance, benevolence, were all my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business! ”
Forbearance is one of those old-fashioned words people don’t use much any more, but it’s a simple concept that we might be wise to take to heart: just because one can do something doesn’t mean one should. If the bankers who loaned mortgage money to people who couldn’t repay it had exercised forbearance, we wouldn’t have the subprime mortgage mess to clean up. If the folks who ran up huge credit card debts and borrowed away their home equity had exercised forbearance, we might not have the worldwide credit crunch. If Bernard Madoff had exercised forbearance, his alleged Ponzi scheme would never have been created, and a lot of investors would have been spared massive losses.
People who let profit come before principle forge heavy chains of their own, whether they admit it or not. Uncontrolled greed and arrogance do tremendous damage not only to the victims, but to the victimizers. If businesses paid a little less attention to the bottom line and a little more to the welfare of their customers and employees, the world would surely be a happier place.
Topics: Business Ethics, Personal Ethics, Professional Ethics, corporate responsibility, ethics |
December 21st, 2008 at 2:14 am
Great post! This is one of my personal hot topics. Here’s a pedestrian example. I have had several folks–friends, co-workers and family–comment regarding my choice to not subscribe to cable or satellite TV. Sure, I could easily afford to do so, but that’s not sufficient reason. Its all about choices. I could save that money and better use my time in ways that I value more.
You’re point about glaring examples of bad ethical choices that are severely affecting many peoples lives right now is well made.