July 13, 2024

Economix: Proclaiming Integrity

“Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.” — Walter Bagehot, “Lombard Street,” published in 1873.



Notions on high and low finance.

Bagehot’s observations about credit could also apply to integrity. If you have to proclaim you have it . . .

A few quotes from today’s reports out of London:

“We think it’s important to absolutely establish our integrity in the eyes of the public.” –Rupert Murdoch, chairman and chief executive of News Corporation, in an interview with The Wall Street Journal.

I am “very satisfied with my own integrity.” — Sir Paul Stephenson, London metropolitan police commissioner.

“I have believed that the right and responsible action has been to lead us through the heat of the crisis. However my desire to remain on the bridge has made me a focal point of the debate. This is now detracting attention from all our honest endeavors to fix the problems of the past.” — Rebekah Brooks, in her letter of resignation from News International.

Article source: http://feeds.nytimes.com/click.phdo?i=dc2a2d9e7a3dc33db697929613054d17

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