Help Wanted: CEO of the FCIC
The Wall Street Journal recently published a fascinating front-page feature story detailing how federal regulators handle the takeover of a bank which is in danger of failing. In this case, it was the tiny First Integrity Bank, in the railroad town of Staples, Minnesota, population 3,200. About 75 federal officials and contractors from the Federal Deposit Insurance Corporation (FDIC) swooped into First Integrity late on a Friday afternoon and revoked the bank’s charter in anticipation of a friendly takeover by another bank. Secrecy was paramount, to prevent panic among the locals and a run on the bank. The regulators worked through the weekend. By Monday morning, the bank had been reopened with a new name, First International Bank & Trust. Depositors were assured their money was safe and went about their business, barely noticing or caring about the change.
"Say you’re sorry.”
It’s an order parents routinely give their children as a way of mending relationships damaged by a careless or thoughtless act. And centuries of experience demonstrate that the formula actually works.
Now, The New York Times reports, even the medical profession is finding advantage by leaning into our new 21st century world.
Companies can no longer talk themselves out of a problem they've behaved themselves into. In the past, the truth got to the public sooner or later, but bad news didn’t travel as fast or hurt as much as it does today. One thing is certain: the fearsome consequences of bad publicity have stimulated many activities in companies around ethical behavior.
By rapidly reducing that price in order to boost units sales, Apple may have weakened that trust. Suddenly, it seemed that Apple’s price points were designed only for short-term corporate gain.
Dov Seidman posted September 12, 2007 5:28 pm
I stumbled upon a conversation on “The Importance of Trust in the Web 2.0 Economy” happening on Stephen Smith’s blog, HD BizBlog. He, David Seah (of the Better Living Through New Media blog) and others have been discussing the growing role of trust in today’s marketplace. Their conversation prompted me to think about the biological factors in play when we consider how much or little we trust an individual or organization.
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