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Personal Reflections on the Present and the Future |
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Of major concern in the past few months has been the continued economic decline not only here in the United States, but around the world, as well. The stock market has not been this bearish in a very long time. The banking community has not seen such devastation since 1929. How did this happen? I would like to share my personal beliefs that the present financial difficulties are the result of powerful human failings. Perhaps the most obvious reason for the present state of affairs is greed. Have we compromised our American ethic of achievement through hard, honest work for the illusory reward of instant gratification without forethought of its repercussions? The concept of, “I want it now whatever the cost or whomever it costs” seems to have out-distanced all else. This myopic behavior has had dire consequences for our economy. Greed typically also signals a loss of ethical behavior. The failures and forced sales of major financial institutions in this country are the detritus of the false ethic of “getting the deal done” regardless of the consequences. Has the idea of searching for and doing the right thing become an alien concept? Does self-interest trump common sense? What are we to do as witnesses to the giving of multi-million dollar separation packages to corporate officers who have driven their corporations into the ground? Is it right to reward incompetence and failure? Do we reward these mistakes at the deprivation of the interest of shareholders and depositors? Where is our sense of decency or responsibility to each other? It is clear that we need to recommit to ethical practices in our business endeavors. We have the basic logic of what is right and wrong; we can no longer tolerate destructive practices by looking the other way or expecting someone else to address them. I believe that history is an apt teacher, and we need look no further than the 1929 stock market crash for some understanding of our current situation. A significant contributor to the 1929 crash and subsequent depression was the result of selling “phantom” stocks, worthless paper. Now, in 2008, “phantom” credit fuels our crisis. When we forget the lessons of history, we are forced to relearn them at considerable cost to ourselves. Living and working in the New York City area, the home of Wall Street, I am reminded each day of the consequences of failing to adhere to ethical business practices. Despite our difficulties however, I believe that our nation remains strong and continues to be resilient. The surety industry prides itself, and rightfully so, on providing principled service to those who receive or benefit from surety credit. As NASBP members, we commit ourselves at all times to strive toward principled, professional conduct in our business affairs. That is why each year we sign a statement committing ourselves to be knowledgeable about and to strive to adhere to the NASBP Code. As my term as President moves along, I am happy to say that the four NASBP Regional Meetings were extremely successful. Both Florence and I are most appreciative of the new and reaffirmed friendships that we have made at NASBP and industry meetings across America. The Mid Year Board Meeting will soon be upon us, and it is the NASBP Leadership’s intention to work diligently towards improving our organization and making us better and stronger. NASBP has undertaken a strategic planning process to prepare NASBP to meet the challenges and opportunities of the future, making sure that NASBP at all times, will be a responsible, forthright, and valued steward of your time and resources. I hope to see you soon, and I wish you the happiest of Thanksgivings.
William F. Maroney |
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