And I thought that all who lived in or about Carlton would be in denial tonight given the club's fadeout against St Kilda!!!!
That said, I'm upstairs looking out towards Warrandyte and the hills, enjoying Channel 9's coverage of the golf in the background.
Tonight, for some reason, I have spent more time on-line than I have in recent weeks. Must be something in the air, or it could be Adelaide's great victory over the Doggies!!!
Anyway, you know my views (or have read many of my threads) concerning accountability, and hauling those who have transgressed, to account.
I am concerned though with the extent to which the ordinary folk out there could get hurt in the coming days if they are blindsided media salivating over the next story.
Early last year, I recall the media calling the economy down towards the "next recession that we would have to have". Thankfully, it did not occur although the contractionary climate in telco CAPEX activity is still mindnumbing to some.
Now, the media are calling the markets down to the next depression. Why? Because it sells papers, and makes for content.
As you have suggested, there is a pretty hefty price to be paid "for the loss of integrity of Western Business Management". But, I fear that that price will be paid for in terms of: 1) increased regulation; 2) increased scrutiny; and 3) the virtual outlawing of legitimate risk taking within an appropriate business setting.
Even the Victorian Government's suggestion of outlawing hawkish behaviour at property auctions leaves open the prospect of increased contestability, and cancellation of sales' contracts in the future. As a lawyer, that should be great for my colleagues in the profession. As a senior business executive, however, that would be sad, and an indictment on the proper regulation of business and commercial activity (ie: instead of setting the proper boundaries, such an approach would be tantamount to catering for the mediocre and the sub-optimal).
One of the reasons though why I have been posting at length tonight has ben to present a sobering assessment of things at hand and to offer a balancing view for others to consider.
Any collapse of the proportions that some have speculated about would be devestating to so many. That is why it should not, and cannot, be permitted to occur.
But, as you have said, "its time".
Its time for accountability to be demonstrated and for proper and legitimate regulation of business to occur. Governments of all calibres must stand up to this task and implement the necessary reforms that will return accountability, honesty and openness of business practices to the Boardroom, and elsewhere. Most immediately, however, the effective continuance of unregulated executive bonuses must be challenged and reversed such that management is held accountable for the costs, as well as for the outcomes.
Tomorrow will be a down day for the markets locally, but by mid-week, I expect to see a return to stability. If not, then we will all need to re-assess where things are going.
