Davos is a BIG Thing. At least to those who are invited to attend. Mukity mucks with big titles and possibly BIG egos are in attendance. It is the social event of the year, where appearance does matter. It is the American Idol of the business and financial community. With all that said, I’m surprised I have yet to be invited - maybe next year.
Today an article appeared in the The Wall Street Journal, it is titled, “DAVOS: Critical To Rebuild Trust In Institutions - WEF .” The article starts by stating:
Rebuilding trust in financial institutions is critically important for the whole financial system and for restoring institutions’ competitive advantage, according to a World Economic Forum report Tuesday.
The report, released on the eve of the World Economic Forum annual meeting, said the financial crisis severely dented trust in banks and other institutions and would take some time to restore.
“The general public has lost trust in financial institutions’ leadership, calling not just for resignations but sometimes for criminal prosecution and more often increased oversight of incentive structures,” the report says.
Financial institutions may find it difficult prioritizing actions to restore trust, against competing pressures from regulators, shareholders and customers, the report concedes.
But it says restoring that trust would help institutions get back on the track to competitive success.
Wow, in a 255 word article, Trust is mentioned 7-times. References included restore trust, dented trust, lost trust, issue of trust and trust meltdown. Upon reading this article, I now have a better idea who not to trust. First, I probably shouldn’t trust those in attendance at Davos (I guess I should be glad I didn’t receive an invitation - it wouldn’t have looked good on my resume. It sounds to me like they have some “issues relating to Trust.”) Second, I guess I shouldn’t trust those that I have trusted for a lifetime, that being financial institutions and bankers. And most definitely, I probably shouldn’t trust banking leaders - you know those that are receiving BIG bonuses for their hard work.
As we delve deeper into 2010, the phrase “who can we trust” will gain in importance. Every business will ask this question of their suppliers, their customers, their advisors, and most definitely, their financial institutions. Trust is a cornerstone of commerce and community. It is critically important that trust be elevated in 2010, because the World demands and expects it.
So who do you trust today?
Tags: Davos, dented trust, lost trust, trust, trust meltdown
It isn’t bankers’ big bonuses that people should be upset about, it’s that banks alone in society can make up legal tender that’s the genuine, barely understood, problem.