High earnings, low ethics: pressure to generate steady profits has been intense and destructive. But if history repeats, our current cataclysm presages a moral rebirth.
Chief Executive (U.S.) › Nbr. 2002, July 2002
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High earnings, low ethics: pressure to generate steady profits has been intense and destructive. But if history repeats, our current cataclysm presages a moral rebirth.
By today's standards, David Rockefeller, America's corporate icon during the l960s and early '70s, was a poor businessman. The 87-year-old former chairman and CEO of Chase Manhattan Bank (now J.P. Morgan Chase & Co.) had been producing mediocre returns, at best. But Rockefeller and most leading businessmen of his day saw their responsibilities in terms broader than "maximizing shareholder value." Their perspective was to work for the well-being not only of their shareholders, but of th...
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