Tag Archive for ‘The Wall Street Journal’
News organizations generally cultivate a reputation for demanding transparency. But now many of the U.S.’s biggest media companies – which own dozens of newspapers and TV news operations – are flexing their muscle in Washington in a fight against a government initiative to increase transparency of political spending.
Years after the financial crisis, there have still been no prosecutions of top executives at the major players in the financial crisis. Why’s that? Well, according to a now-departed Justice Department official who used to be in charge of investigating such matters, the Justice Department has decided that holding top Wall Street executives criminally accountable is too difficult a task.
Yet another scandal is bubbling up at Rupert Murdoch’s News Corp. The Murdoch-owned Dow Jones announced that the publisher of The Wall Street Journal’s European edition was resigning, without mentioning why. The next day, The Wall Street Journal reported that the top European exec stepped down after an internal ethics investigation found he had pressured reporters to write two positive stories about a Dutch firm with which the paper had an agreement that helped boost circulation figures.
Five U.S. senators are calling for an investigation into a system that gives surgeons a financial stake in the devices they use on their patients. The inquiry comes after a Wall Street Journal investigation of Dr. Vishal James Makker, a surgeon with a questionable track record for performing multiple spinal operations on his patients.
Does a commitment to corporate responsibility provide cover for bad corporate behavior? Stories about companies behaving badly make commitments to CR look hollow at best. Neil Smith argues it is not just commitments that matter, but the corporate culture set by the person at the top of the organization and internal subcultures determined by the employees and managers which are important.
The bill, which passed the Senate by a vote of 59-39, requires directors to win by majority vote in uncontested elections, gives the SEC authority to grant shareholders proxy access to nominate directors and gives shareholders the right to a nonbinding vote on executive pay. The measure must be reconciled with a House bill.
Fixing the problem and ensuring that something like it doesn’t happen again will require an all-out effort by Toyota, from assembly line to the boardroom. Even then, there are no guarantees. Maintaining a good corporate reputation in the 21st century is tricky business indeed.