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By Dr. David E. McClean, lecturer in philosophy and business ethics, Rutgers University & Molloy College, and Principal, The DMA Consulting Group
Part of the problem was that only in an environment of crisis can the
self-regulators galvanize themselves to actions that they couldn't
otherwise take. We had Congress pressing us against any of these
[difficult reform] initiatives. We had Congress constantly bearing down
on the Commission: "Don't take steps which would hurt the firms,
don't take steps which would change the way business is being done." ... When Congress sees these scandals taking place ... [it becomes] the
latter-day Elmer [Gantry], protecting investors that [it] had abused so
badly before.
Arthur Levitt, former Chairman
of the Securities and Exchange Commission,
in a Frontline interview with Hedrick Smith
January 13, 2003
. . . There is a tide in the affairs of men,
Which, taken at the flood, leads on to fortune;
Omitted, all the voyage of their life
Is bound in shallows and in miseries.
On such a full sea are we now afloat,
And we must take the current when it serves,
Or lose our ventures.
Shakespeare’s Julius Caesar, Act 4, Scene 3
Introduction to the 50 Proposals
Among other things, I teach business ethics at the university level. I
have also been a consultant to Wall Street firms for some 20 years, and
have worked in various capacities on the Street since I graduated from
high school, in 1979. I know a few thi...................... To view our full article Click here
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