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All messages are published
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The general topic of this message is Business/Commerce:
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Subject:
Create a Consumer Financial Protection Agency
To:
President Barack Obama
Sen. Frank Lautenberg
Sen. Robert Menendez
Rep. Leonard Lance
September 15, 2009
This is a no-brainer! Of course we should establish an agency to help keep us all working toward universally benefitial banking and credit.
There is more than ample proof that institutions [in general] seem to have forgotten WHY they are in business. Even during a time when it appears that our president is keen on moderating irresponsible 'run-away' lending and usary repayment terms, Banks appear to be doing their best to continue operating status quo. In fact, they even appear to be trying to get as much as they can out of everyone before any new legislation can be passed.
If we want to - not only survive our current financial dilemma - but to also secure an improved, more lasting and fair model, then something radical is absolutely necessary. First, to put the brakes on unfair and failed practices...correct them, then to establish new and improved OBJECTIVES AND GUIDELINES which can be agreed to, supported and monitored for a reasonable period of time - perhaps a five year period. This is to ensure that poor management and behavior can be corrected, and to implement performance improvement measures.
However, the plan should be planned like a project - by having a specific start and END date as well as a PRECISELY DEFINED SET OF OBJECTIVES and EXPECTATIONS that can be Managed, Measured, Reported and Positively Influenced. I don't believe we need another "FOREVER AGENCY", however I do believe we need an oversight group to be set up for a set period of time with the intent to correct currently failed and failing processes and procedures and to establish new, fair guidelines that benefit people in general (first), our country's financial backbone, stockholders and communities at-large (domestic and global). The Oversight Group should also have an advocacy group to assist people - while ensuring that banks continue to practice policies that follow and support established guidelines. The advocacy group can act as a conduit of communications between and about the banks and consumers reporting progress (regularly) toward new goals directly to the President. After a period of agreed-upon time (5 years, as an example), then we (the people) should be once-again polled and asked to decide whether the problems have been corrected or not... and is the Oversight Group needed any longer.
**NOTE: THE FOLLOWING IS PROVIDED TO ILLUSTRATE - WHAT HAS BEEN... AND CONTINUES TO BE - THE SINGLE-MOST IMPORTANT COMPONENT OF OUR CURRENT 'NATIONAL' PROBLEM FOR US TO ADDRESS. IF WE DO NOT ACKNOWLEDGE AND CORRECT THIS COMPONENT, WE WILL HAVE LIMITED SUCCESS AT BEST. IT IS IN MY OPINION THE "HALLMARK".
ACCOUNTABILITY
The most important ingredient to add to the objectives of this new Oversight Group, is to implement ACCOUNTABILITY principles. The reason why all our major institutions are behaving AUTONOMOUSLY ARROGANT, is because they can. Apparently, heads of corporations enjoy a sense of authority that has far too few conditions attached to it, anymore. This condition is a main reason why our country is floundering: "LEADERSHIP WITHOUT ACCOUNTABILITY".
CEOs used to actually have to produce real results that benefitted everyone from stockholders to consumers; communities to employees. I believe these are principles that FEDUCIARY RESPONSIBILITY used to comprise. Now it appears as though all they have to do is produce change [radical enough] to provide a temporary illusion of success or progress. They reward themselves and their respective directors and move on to the next company and repeat similar actions. In the process, they have nothing to lose since most of their compensation(s) have been secured (insured) in-advance. All to often [currently] the actual results and consequences of their behavior and actions are not known until after they have moved on to other companies. If you want proof, just look at the major companies like AT&T and IBM whose employees' pensions have been put in jeopardy and are being held for ransom. Look specifically at AT&T and see how C. Michael Armstrong singlehandedly reduced IT to a second rate company through irresponsible, self-serving behavior. He has caused as much misery to his employees and stockholders as Enron or any other similarly mis-managed corporation has. Instead of being accountable for extremely poor management and judgement, he was rewarded with millions of dollars.
How can we expect our banks or corporations to improve their behaviors and act responsible and accountable for the welfare of all individuals and components under LEADERSHIP, when it is easier and more profitable to look out for themselves.
A Personal Observation from:
Bert Scott
(908) 380-6757
North Plainfield , NJ
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