February 25, 2009
Refresher Course on Integrity

When I was about thirteen, dad walked into my room and handed me a picture of a poem with a gold plastic frame. He said, “I want you to memorize this and I want you to hang it on your wall.” I never did get the whole thing memorized, but it did have enough impact on my life that I never forgot the opening stanza and I will never forget the assignment. The fifth stanza is occupying my thoughts this week. We are hearing a lot about bailouts, losses, toxic assets, layoffs, stimulus plans, accountability, etc. Like many of you, I’m weary of it all.
Somewhere the notion of losing became foreign to us. We have schools that won’t fail students who fail. Our kids play on sports teams that protect them from losing by refusing to keep score. Pro athletes get no cut, guaranteed contracts. During the mortgage fiasco, people got NINJA (No Income, No Job, no Assets) loans—and no accountability.
Life is hard. There are winners and losers. And most of the time we all experience moments of both heart crushing losses and thrilling victories. Risk and loss are part of life experience. I don’t care to hear people whine about their losses. It is part of our being here. Risk gives life flavor and texture. The danger can be thrilling and devastating. It can lead to tremendous loss and unimagined gain. To fail to risk is to fail to live. Kipling said . . .
If you can make one heap of all your winnings,
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings,
And never breathe a word about your loss;
People in business should be required to face their losses with integrity. If you don’t want losses, be wiser. Return to the reality that in business a certain amount of risk is required. It’s true in life as well. I don’t know what to call people who want to be insulated from every loss. Sissy seems to be too nice, but some of the more pejorative words might be inappropriate (you may insert your term of choice here.)
I’d like to see just one of those C.E.O. types stand before Congress and say, “We loaned money to people who did not have the ability to pay it back. We will eat the loss and change the policies that led to this.” (Yes, I know the government forced some of that. Here again, integrity died on the alter of political expediency.) “We took a chance on product or resource development that did not pay off. We will take the loss and improve our research.” As Kipling said it, they need to take their losses, start again at their beginnings. In regard to their hard times and losses, I think they need to shut up and go to work.
telemicus out


