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USA Today Explains Why Wall Street CEOs Haven’t Apologized
By Lauren | October 22, 2008
USA Today’s Del Jones has published an article speculating about why Wall Street CEOs have failed to apologize for the financial crisis gripping the nation. Jones has several theories. First, there’s enough blame to go around between the government and Wall Street to allow CEOs to disclaim responsibility for the mess. Second, both CEOs and politicians operate in such competitive environments that they have to be tough and arrogant to survive - in other words, not inclined toward the introspection and remorse that can inspire effective apologies. Third, with criminal investigations pending and the threat of indictments looming, CEOs’ attorneys are counseling their clients to keep mum. Fourth, most of the financial CEOs who created the crisis have been replaced, so they may think they can quietly ride off into the sunset without saying they’re sorry.
Jones has put his finger on all the reasons why a CEO might not apologize, but none of them hold water.
The federal government had a hand in creating this mess (and apologies for its mistakes would be very welcome), but its errors don’t excuse Wall Street’s leading role in creating the crisis. As for the arrogance of CEOs, it’s high time they got over it - after all, if they’re so brilliant, how did we end up in this mess? Legal liability is a legitimate concern, but there are ways to develop and deliver an apology without destroying one’s case in court. And being replaced is not an excuse for withholding an apology, even when it should have been delivered before the CEO walked out the door. When it comes to apologies, better late than not at all.
The pundits are calling our current financial situation the biggest economic crisis since the Great Depression – even so, apologies have been delivered for far worse. The Prime Minister of Australia has apologized for the mistreatment of native aboriginals. The government of South Africa found a way for its citizens to apologize for their role in apartheid. The U.S. government has apologized for the internment of Japanese-American citizens in World War II, the abuse of native Americans and institutionalized racism directed against African-Americans.
If they could do it, so can Wall Street.
To read Del Jones’ article, go to http://money.aol.com/news/articles/_a/bbdp/why-ceos-dont-say-sorry-anymore/219451.
Topics: Apologies, Business Ethics, Social Ethics, business communications, corporate responsibility, ethics |
October 24th, 2008 at 12:54 pm
Lauren,
I think that you are right on the money here.
I agree that an apology is justified. Whilst I have no doubt that these men tried their best, the fact is that their firms have not achieved satisfactory outcomes under their supervision.
Given the extent of the their, along with the subsequent high performance expectations, as well as the impact which the crisis has had upon American taxpayers, apologies would be well justified.