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Not all is Tarnished by the Economy By Danny J. Stevens

10-dollarsIt is during economic times like these, that companies get the opportunity to reel things in, redefine things that are not working and prepare and position themselves for better times ahead. It is easy to get bogged down in the negative news and the corruption, yet when you look at the numbers the corrupt businesses are just a handful. Granted we don’t see the news about all the businesses such as; the sole proprietors, the LLC’s and smaller corporations or privately owned corporations, yet if what we are seeing is a true sampling of what is happening in the business world, then we should be excited to see that the numbers are likely very low.

The question remains does all the regulation prevent problems from happening or is it creating costly and unnecessary reporting? Views on the housing problems are related to issues that happened back in the 1980’s with the Savings and Loan Scandal. The SEC was established in the 1930’s and it has been nearly 30 years. Re-work the regulations; add more laws and you have a system which will still have issues being managed.

What has happened with AIG and other such companies is that they follow the letter of the law but not necessarily the intent of the law (maybe even the intent as well). What they needed to follow was a set of ethics! Ethics would be difficult to regulate. In the insurance industry each agent across the U.S. must take ethics courses as part of the continuing education requirements. Now that would be a positive move by the SEC and other regulatory bodies. Have the officers of the corporation yearly submit they have taken a set number of credit hours in ethics training. This would be an excellent idea for all leaders in any form of business.

2 Responses to “Not all is Tarnished by the Economy”

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