Ethics, personal fiduciary responsibility, and faith. Can these (or do they) co-exist in the corporate profit driven world of today? A question difficult to answer.

What has been evident throughout this intense time in the United States is that a new direction (I hate the word paradigm) is needed. Since the election, there is a new "tone at the top" in Washington generated by President-elect Obama and his transition team.

He has defined this new direction in setting the new ethical leadership vision for the United States and its economic prosperity. He has inspired others with his regard for core values of respect and common decency to all. See Howard Schulz, Huffington Post, Nov 6, 2008 - "Yes, Business Can"

As this current market crisis grinds on, many pundits have spent considerable time and personal branding tools citing the reasons why and attributing blame. We cannot help but notice, with our attentions still riveted on this investment theatre (and it is a performance for most of the media-heads), that there are as many reasons for the falling security valuations and tightening credit lines as there are opinions.

Certainly, there is a general consensus among the more thoughtful cynics in the investment world that this global mess is partially caused by the lack of the fiduciary standards of care and ethical responsibility to clients, employees, peers and the general public. In plain English, it has been far too much of the Me/Us First focus and to heck with everyone else.

Ethical responsibility

Donald Trone, president of the Foundation for Fiduciaries Studies ( a non-profit organisation) and guest speaker at the conference on "Global Fiduciary Standards Of Excellence In Managing Investment Risk, has spent more than 25 years of his life's work on defining these most basic practices of ethics and fiduciary responsibility.

In media interviews, he emphasised that "there is a current connection when you look at all these financial scandals. In every case there's been a breach of fiduciary responsibility. The cost of these breaches of ethics in not putting clients and investors first since Enron has reached $2.5 trillion."

Mr. Trone stressed that the concept of 'fiduciary responsibility' or a set of professional guidelines, rules of conduct, and standard practices that govern a particular profession is an ethical stewardship. This type of stewardship - "where one person manages another's assets and affairs - is as old as the written word," he said, adding that the concept is found in the Bible and the Koran.

Defining the New Standards of Conduct

President-elect Obama ran an extraordinary political campaign, one without parallel in modern election history. He is now the steward of the country, its people, and their (and our) future. According to Bloomberg writer, J Salant, on November 12, 2008, Mr. Obama is wasting no time in implementing ideals.

The first message of change (for the better) emanating from the Obama Transition team is to control the old business as usual in power-influencing Washington brokers by barring lobbyists (special interest groups) from trying to influence the new administration with the strictest, the most far-reaching ethics rules of any transition team in history. Mr. Obama is determined to start with a clean slate and an ethical professional group of stewards.

Getting Past the White House Gate

Help Wanted! Job applicants, are you willing, able, and do you meet the high personal standards required to work for the Obama administration? Anyone with less-than-savoury reputations or closet skeletons need not apply. According to the New York Times article November 13, 2008 "For a Washington Job, Be Prepared to Tell All", The Obama Administration seven-page job questionnaire is the most extensive and invasive application ever.

The applicant had better be prepared to list all embarrassing or potentially compromising emails, Facebook pages, blogs, gun ownership, information on spouses, former spouses, liaisons, organisations and associations (in particular, memberships that have discriminated on any basis of race, sex, disability, ethnicity, religion or sexual orientation), domestic help (legal and illegal), children and other family relationships, loans over $10,000 and their terms, net worth statements and sources of income.

Applicants must report all businesses with which they or their family have been associated, or have more than five percent financial stakes. All gifts must be reported, taxes, liens, tax audits, lawsuits, legal charges, bankruptcies and arrests, and any other information that could potentially represent a conflict of interest or a possible source of embarrassment to you, your family, or the president-elect.

What role does Personal Faith have in politics and ethical business behaviour?

There have been many articles written in national publications centred around Mr. Obama's shared-with-the-public convictions. In a moving article on Faith with Cathleen Falsani written in 2004, Mr. Obama stated "I believe that there are many paths to the same place, and that is a belief that there is a higher power, a belief that we are connected as a people. That there are values that transcend race or culture, that move us forward, and there's an obligation for all of us individually as well as collectively to take responsibility to make those values lived."

And so, the biggest challenge, I think, is always maintaining your moral compass. Those are the conversations I'm having internally. I'm measuring my actions against that inner voice that for me at least is audible, is active, it tells me where I think I'm on track and where I think I'm off track.

It's interesting particularly now after this election, comes with it a lot of celebrity. And I always think of politics as having two sides. There's a vanity aspect to politics, and then there's a substantive part of politics.

Now you need some sizzle with the steak to be effective, but I think it's easy to get swept up in the vanity side of it, the desire to be liked and recognised and important. It's important for me throughout the day to measure and to take stock and to say, now, am I doing this because I think it's advantageous to me politically, or because I think it's the right thing to do?

Am I doing this to get my name in the papers or am I doing this because it's necessary to accomplish my motives (for the greater good).

We are fortunate to be in this interesting place and inspiring time.

President-elect Obama is implementing his message of change; a wish to see a new moral fibre of ethics and personal fiduciary responsibility in our leaders by encouraging and inspiring everyone in a spirit of true togetherness to do the right thing and make the right decisions, whether as an individual, a business, or a government. We implicitly feel that our lives will be better, and that this global economy will get back on track. He has provided hope.