Richard Bowen

  • Home
  • About
  • Speaking
  • Videos
  • Media/Press
  • Testimonials
  • Blog
  • Contact
  • +1-214-604-5492

January 31, 2019 By Richard Bowen

Brigham Young University: Practicing What They Preach

Image: Bowen speaking at BYU
Richard M. Bowen speaks on business ethics at BYU.

It is always a privilege to be invited to speak at a University to accounting and business students and their faculty. This last week I had that honor- of presenting to Brigham Young University’s Marriott School of Management and Wheatley Institution, to these groups on ethics and how important integrity is in the business world. Unlike most other universities, BYU is somewhat distinct in that they teach ethics courses in all disciplines.

Ethics and integrity in leadership is highly respected by the University and sets the foundation for all their work. Three years ago, the University started inviting a nationally known whistleblower to speak with their students about real-life stories revolving around ethics and ethical behavior. I followed Sherron Watkins of Enron and Cynthia Cooper of WorldCom.

Image: Steve Glover, Charles Wheatley, Mark Zimbelman and Brad Agle
(Left to right) Steve Glover, Ph.D., Charles Wheatley, Wheatley Institution, Richard M. Bowen, Speaker, Mark Zimbelman, Ph.D., and Brad Agle, Ph.D.

I was invited to speak by Mark Zimbelman, the Mary and Ellis Professor of Accounting, whose teaching and research interests are in auditing and the prevention and detection of fraud, and Brad Agle, a Fellow at the Wheatley Institution and the George W. Romney endowed professor at the Romney Institute of Public Management.

They specifically wanted to hear about my challenges at Citigroup and understand the relationship to breakdowns of ethics and the lessons to be learned from this. I started off the lecture, immediately after the playing of the 60 Minutes clip I am featured on, with the disturbing fact that a large part of the financial crisis could have been prevented if the large banks had merely followed their own written ethics policies and listened to their employees. All companies can learn from this.

Unfortunately, greed often trumps ethics at the highest rank of an organization, as we so clearly saw in company after company in the last ten plus years. Witness former Enron CEO Kenneth Lay, in his first primetime interview after pleading not guilty to criminal counts on CNN’s Larry King Live, who actually said, “I lived my life in a certain way to make sure that I would never violate any law – certainly any criminal laws – and always maintained that most important to me was my character, were my values.”

Amazing! As I talked about, today we do not always witness the highest integrity at the top of a firm; as many situations are a do as I say, not as I do, and too often greed trumps ethics. I reminded the students that if they saw something that made them uncomfortable, that they knew wasn’t right, they needed to speak up. Sometimes the consequences would not be pleasant, one could lose one’s job, as I did.

And I told them about Helen Sharkey and her experience. My message reinforced hers. Newly hired by Dynegy, an up-and-coming energy trading company in Houston, Ms. Sharkey saw what she perceived as wrongdoing, and did not speak up as a result of her newness to the role she was in. Because of her failure to speak up and her junior level position she was targeted by prosecutors and became complicit in securities fraud and Ms. Sharkey spent twenty-eight days in a maximum security prison, just two months after giving birth to twin boys. Her bosses got off scot-free.

I warned the audience that yes speaking up has a price. It could be the loss of a job and being blackballed in your profession; yet not speaking up has penalties as well – as Ms. Sharkey’s experience could speak to. And if they didn’t speak up and still saw wrongdoing, then it was time to polish up their resume and leave the company for one with higher ethical values.

Ironic what Former Tyco International CEO Dennis Kozlowski said at a commencement speech at Saint Anselm College, “You will be confronted with questions every day that test your morals . . . Think carefully and, for your sake, do the right thing, not the easy thing,” (He was indicted for tax evasion 17 days later.)

Image: Richard M. Bowen
Richard M. Bowen speaks on business ethics at BYU.

At Citigroup, we had an “ethics czar.” Citigroup supposedly had implemented a stringent code of ethics, we all received annual ethics training, and still, our code of ethics was just lip service. Everyone knew that that wasn’t how things really worked, so why bother following the code?

At Brigham Young University they want to assure their students aren’t paying lip service to a code and are instead actually living the code. The University teaches ethics as a foundation for ethical living in every area of one’s life. The Wheatley Institution at Brigham Young University, named for Jack and Mary Lois Wheatley, enhances the reputation and scholarship of BYU by seeking creative and powerful ideas which lead toward practical and constructive solutions to real societal issues. The Institution broadly disseminates those motivating ideas and policy recommendations to the wider world, and is guided in all its work by enduring, bedrock values.

How about in your organization? Is it a do as I say, not as I do organization? How accountable are your managers and the C-Suite? I expressed my concerns about the downward ethics spiral and direction we seem to be headed in, in our country.

These students got it. Studies show integrity is the most important character strength for the performance of top-level executives. Someday many of these students are going to be in the C-Suite. As student Daniel Gorham said, “Many thoughts were racing through my mind as you were speaking, and you helped us feel the anxiety and stress that must’ve been felt during that hardship. I think it helped us all to establish a stronger set of morals so when those situations arise, we won’t be caught off guard and will remember to act with integrity.”

 

Should the Big Banks Be Nervous?
SERVANT LEADERSHIP in action.

Tagged With: business ethics, Citigroup, ethical leadership, Ethics, Financial Crisis, Leadership, whistleblowing

Ethics on your mind? Subscribe to my ezine to get my latest article delivered right to your inbox. Click Here to Subscribe

Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

Related Posts

  • Transparency, Integrity and the Institute of Banking Irish StyleTransparency, Integrity and the Institute of Banking Irish Style
  • Ethics: Speak Up, Lose Your Job!Ethics: Speak Up, Lose Your Job!
  • Let’s Get Real!Let’s Get Real!
  • On my honor… the Compliance or Ethics DebateOn my honor… the Compliance or Ethics Debate

What People Are Saying About Richard M. Bowen

William D. Cohan"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author
2017-06-30T10:08:59-05:00
"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author
https://richardmbowen.com/testimonials/2556/

Eileen McDonnell"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
2015-02-13T19:51:19-06:00
"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
https://richardmbowen.com/testimonials/711/

Ben Stein"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator
2015-02-13T19:50:26-06:00
"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator
https://richardmbowen.com/testimonials/712/

Jim Farrell"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
2014-12-28T19:48:17-06:00
"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
https://richardmbowen.com/testimonials/532/

Dennis McCuistion"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program
2014-12-28T19:48:06-06:00
"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program
https://richardmbowen.com/testimonials/533/

Betty Garrett"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International
2014-12-28T19:47:50-06:00
"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International
https://richardmbowen.com/testimonials/531/

fred-timmons"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's
2014-12-28T19:47:22-06:00
"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's
https://richardmbowen.com/testimonials/530/

Presentation Topics

Playing for High Stakes: The Principles and Practice of Ethical Leadership

Dark Citi: The Story of a Whistleblower

Want to Hire Richard?

Watch Richard

See What Clients are Saying

About Richard

Recent Posts

  • Warmest thoughts and best wishes for a wonderful and safe holiday
  • Thanksgiving 2020
  • Pausing For A While
  • The world is in crisis
  • Relationships Count

Categories

  • Business Ethics
  • Congress
  • Corporate Debt
  • Corruption
  • Ethical Leadership
  • Financial Crime
  • Financial Crisis
  • Financial Crisis of 2008
  • Holiday
  • International
  • Mortgage Lending
  • Mortgage Meltdown
  • Relationships
  • Texas Politics
  • The Fed
  • Too Big To Fail
  • Uncategorized
  • Updates
  • Wall Street
  • Whistle Blowers

About Richard

Now an ethical leadership speaker, Richard Bowen was Citigroup's Business Chief Underwriter during the housing bubble.

Read more

Connect with Richard

  Facebook   Twitter   Linked   Google Plus   YouTube

Contact Us

Phone: +1-214-604-5492

Email: Richard@RichardMBowen.com

Contact Richard
Google+

Copyright 2019© 2021 · Richard M. Bowen | ALL RIGHTS RESERVED.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

SAVE & ACCEPT
X
Sign up to receive my blog posts via email!
Subscribe >>