By Jack Keogh, Nov. 24, 08
In a recent article in our newsletter, my colleague Vincent Higgins wrote: “I believe that trust is the most important element in today’s world of business, at the personal, institutional and global level. Why a financial crisis on Wall Street and Main Street? I believe we are living a crisis of trust”. Meanwhile, Victor Davis Hanson a classicist and historian at the Hoover Institution, Stanford University – http://victorhanson.com – , writes: “After the junk bond meltdown, the S&L debacle, and now the financial panic, in just a few years the financial community destroyed the ancient wisdom: deal in personal trust; your word is your bond; avoid extremes; treat the money you invest for others as something sacred; don’t take any more perks than you would wish others to take; don’t borrow what you couldn’t suddenly pay back; imagine the worse case financial scenario and expect it very may well happen; the wealthier you become the more humble you should act”…
