The race is on in Washington to reform corporate America.
Headlines, special reports and endless analysis on cable news channels have led many people to conclude that business is, in fact, evil, and fueled wholly by greed, which is unfortunate and certainly not the full story. Nonetheless, politicians are paying attention to this growing anti-business sentiment, and being politicians, looking for ways to capitalize.
Two words come to mind: Look out.
While changes in how public companies report financial information, how that information is audited and presented to government regulators and shareholders, and how executives and board members are held accountable, are needed, the past few weeks’ frenzy in Washington is likely to result in repeal and changes down the road.
The problems coming to light now developed over time. Rushing to pass new laws will not resolve the greater issues.
Short term, restoring investment confidence is vital, but it won’t happen in Washington. Business created this mess; business — all of us in it — needs to fix it.
The greed of a few should not taint — or destroy — the hard work and good intentions of many.