Never suffer a thought to be harbored in your mind which you would not avow openly. When tempted to do anything in secret, ask yourself if you would do it in public. If you would not, be sure it is wrong.
Letter from Thomas Jefferson to his grandson Francis Eppes, age 14, Monticello, May 21, 1816
Pick up the Wall Street Journal or the New York Times any given morning and look through sections A and C. The news is not especially encouraging: “AUCTION” BROKERS ARE CHARGED. Authorities Say Ex-Credit Suisse Employees Misled Investors. A federal grand jury in Brooklyn indicted two former Credit Suisse Group Brokers, alleging that they lied to investors about how $1 billion of their money was placed into short-term securities. The 12-page indictment describes how the brokers, Julian Tzolov and Eric Butler, allegedly misled corporate clients around the world, primarily through e-mails. The brokers made it appear as if the securities were backed by federally guaranteed students loans, when in fact they were tied to riskier mortgage products and other debt that earned the brokers higher commissions, according to the indictment.1 On other days, it’s likely to be a story like this: FORMER EXECUTIVE TO PAY $200 MILLION TO SETTLE S.E.C. FRAUD CHARGES. A former chief executive of the AremisSoft Corporation, a defunct software company, has agreed to pay $200 million to settle fraud accusations made by the Securities and Exchange Commission. That is about the amount of the unlawful profit that the commission said he made trading AremisSoft stock in 2000. The executive, Roys Poyiadjis, also agreed to a lifelong ban on running a public company. He did not admit or deny wrongdoing. The S.E.C. said the settlement, which it announced yesterday, was among the largest it has made with an individual.
Management Communication: A Case-Analysis Approach, Fourth Edition, by James S. O'Rourke, IV. Published by Prentice Hall. Copyright © 2010 by Pearson Education,