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Wall Street missed its moment during the Superbowl
By Lauren | February 10, 2010
So, how about those Saints? Regardless of which team you favored, this year’s game was terrific. It also broke records in another respect. This Superbowl was among the most-watched televised sporting events ever, and ads broadcast during the game have been all over the Internet ever since.
In other words, the Superbowl would have provided a terrific opportunity for Wall Street investment firms to deliver a long-overdue apology to the American people. Ever since the subprime mortgage meltdown that led to the recession, American consumers, pundits and Congress have been asking why financiers haven’t apologized for what they did to the worldwide economy. Some commentators excuse Wall Street’s continued silence by pointing out that an apology could be used against financial service firms in stockholder lawsuits. Besides, they say, there’s no one individual who could apologize on behalf of the entire financial services industry. That may be true. But what about the industry’s trade associations?
Nearly every industry, trade and profession in America has one or more associations, usually located in or near Washington, that are very active on their members’ behalf. Among other things, these associations lobby federal lawmakers, file “friend of the court” briefs to influence Supreme Court decisions, and create advertisements that encourage the general public to think well of their members. They have money and influence, and they can speak for their industries without compromising individuals.
So, just imagine how nice it would have been if, among ads featuring the Budweiser Clydesdales, talking babies and Betty White, there had been an ad from a financial services association that apologized for the greed and carelessness that drove the country into recession. No, it wouldn’t have fixed the economy, but it would have given the American people some assurance that Wall Street understands what it did wrong and intends to do better in the future. Yes, it would have cost money, but what are those lavish bonuses for? Unfortunately, Wall Street continues to demonstrate little or no interest in making peace with the American public. Guess we’ll just have to wait until next year.
Topics: Apologies, Business Ethics, Lauren Recommends, Professional Ethics, business communications, corporate responsibility, customer relations, ethics |