Business Services Industry
Deal with ethical lapse before it gets larger.(Opinions: Editorial)(Editorial)(Brief article)
Business Insurance, October, 2006
WHEN WARREN BUFFETT speaks on investment matters, people listen. When he speaks on business ethics, managers ought to listen, and listen closely. The chairman of Berkshire Hathaway Inc. recently sent a letter regarding business ethics to his senior managers. In it, he said that "the five most dangerous words in business may be `Everyone else is doing it.''' While he was referring to such practices as backdating stock options, Mr.
Buffett's warning can certainly be taken to include other business practices as well. He noted that given the company's size, the odds are that "somebody is doing something today at Berkshire that you and I would be unhappy about if we knew of it.'' In fact, Berkshire, Mr. Buffett wrote, should be "jumping on anything immediately...
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