Trust Digest 32 (December 11, 2013)

New Study Shows Transparency Isn't Just Good Ethics - It's Good Business

A new study released today shows the practical, not just ethical, value to an organization of management transparency. This study shows the positive role transparency can play in maintaining an engaged, motivated work force.

Key Words: Transparency

Trust Issues: Benevolent Concern, Communication, Values

Unraveling the Lies Madoff Told

Even after he confessed to orchestrating the biggest Ponzi scheme in history, Bernard L. Madoff insisted on two points: He acted alone, and his separate market-making operation was “legitimate, profitable and successful in all respects.” Those claims, from his 2009 guilty plea and other statements, have since been exposed as more lies from the con man.

Key Words: Fraud, Ponzi Scheme

Trust Issues: Accountability, Responsibility, Integrity, Ethics

Chinese don’t see United States as an enemy, study finds, but they distrust its government

While China’s anti-U.S. rhetoric gets a lot of attention, the country’s elites and public are in reality less antagonistic toward the United States, according to a study to be released. And while distrust on both sides is high, most Chinese see the United States as a competitor rather than an outright enemy, the report said.

Key Word: Distrust

Trust Issue: Values

How Responsible Is Business for Social Responsibility?

In the face of growing corporate power, engaging with corporations to create a climate of social responsibility has never been more critical. Networks such as Business for Social Responsibility (BSR) can play an important role in how civil society relates to and educates corporations to agree on norms and practices that could actually help create a more sustainable future. But when the exchange is used to help corporations merely polish their image without truly participating in good faith, it can do more harm than good.

Key Words: Business for Social Responsibility (BSR)

Trust Issues: Accountability, Responsibility

Private Equity And Social Responsibility: The Odd Courtship Between Private Finance And Public Causes

So-called socially responsible investing has been creeping quietly into the high-finance lexicon, and the private equity industry – initially slow to give it credence –  appears to be coming around. Unsurprisingly, considering the industry’s emphasis on the bottom line, some wonder if the new interest in ESG is mere lip service. But for whatever reason, environmental and social considerations are increasingly coming into play.

Key Words: Reputation, Environmental, Social And Corporate Governance (ESG)

Trust Issues: Accountability, Responsibility

Don't Ditch Your Ethics: Company Values Are the Key to Success

Badly behaving bosses have been in the news again lately, with the ex-chairman of the Co-operative Bank, Paul Flowers, making headlines for his caught-on-camera drug use. His actions have no doubt tarnished the reputation of a bank founded on ethical principles - but his behaviour is only part of the reason why commentators are questioning the morals of the entire organisation.

Key Words: Reputation, Scandal

Trust Issues: Integrity, Ethics, Values

In the Murky World of Bitcoin, Fraud Is Quicker Than the Law

The value of all the Bitcoins in existence is now more than $12 billion after a volatile surge increased the value by more than 1,000 percent over the last month. But the excitement over this rapid ascent has obscured the fraud, hacking and outright theft that have become an increasingly regular part of the virtual currency world undefined even for the most sophisticated, legitimate players undefined and the lack of any visible response from law enforcement agencies.

Key Words: Fraud, Hacking

Trust Issues: Integrity, Ethics

Restoring Reputation In The Banking Sector

In October 2010, a Gallup study revealed that Americans’ trust in banks had fallen to an all-time low of 18% undefined lower than its level at the height of the global financial collapse. Just three years later, Makovsky’s Wall Street Reputation Study found that a handful of banks undefined led by  Wells Fargo, J.P. Morgan and Citibank undefined had made major strides in improving their  reputations.

Key Words: Reputation, Trust

Trust Issues: Integrity, Ethics, Communication

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