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International Herald Tribune
Claudia Parsons (Reuters)
Read the article here.
Excerpt:

NEW YORK: Most major U.S. companies have an ethics officer, but as investors survey the wreckage of a deepening financial crisis that has exposed behavior ranging from risky to downright illegal, one might ask, “What were they doing?”

From Bernard Madoff’s alleged $50 billion Ponzi scheme, to the subprime mortgage crisis, to lavish spending on the chief executive’s office at Merrill Lynch, the past year has seen a crisis of confidence in business that cost investors $6.9 trillion in U.S. stock market value last year.

“The rising market covered a lot of sins, and a falling market exposes one’s nakedness,” said Steve Priest, president of Ethical Leadership Group, a consulting firm that has worked with 50 of the biggest U.S. companies and firms in 40 other countries. “Investors don’t trust the companies they’re investing in. They don’t trust the financial statements, they don’t trust the audits, they don’t trust the bond rating agencies.”

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