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February 27, 2022 By Richard Bowen

Brigham Young University Students Understand the Importance of Ethics in Business

Image of Bowen speaking to a group of students at Brigham Young University.
Richard M. Bowen speaks about ethics in business to students at Brigham Young University.

It was my great honor to speak again at the Marriott School of Management at Brigham Young University last week. I last spoke at that wonderful university three years ago, before the pandemic, when I saw how totally committed BYU is to ensuring that all of their students have a good foundation in ethics and integrity. In fact, unlike many universities, BYU teaches ethics classes in all disciplines.

Mark Zimbelman, the Mary and Ellis Professor of Accounting, organizes the accounting ethics talks and has done extensive research in the prevention and detection of fraud. Professor Zimbelman said that at BYU they reinforce their ethics and integrity curriculum by having their students hear real whistleblower stories and learn the lessons coming from them regarding breakdowns of ethics and the significant costs associated with unethical behavior.

Prior to my talk, the core accounting students were assigned to watch the PBS documentary “The Whistleblower” about Sherry Hunt and her futile attempts to address identified serious mortgage underwriting breakdowns at Citigroup before I was promoted to Business Chief Underwriter and became her boss.

While at BYU, I told the students about my issuing warnings for eighteen months and ultimately sending a detailed warning about the underwriting issues and large unrecognized losses to Robert Rubin, the newly-elected Chairman of the Board, and the other executives the day before a scheduled meeting of the board of directors. And that, after I was told not to come back to the bank, I went to the Securities and Exchange Commission three months before the bank bailouts and gave nationally televised testimony to the Financial Crisis Inquiry Commission, with both the SEC and the FCIC going to great lengths to cover up my testimony.

While sharing my experiences was important, we also talked about how the students can identify whether or not a corporate culture is an ethical culture, and discussed some in-depth research conducted by the highly respected Ethics and Compliance Initiative which definitively shows that ethical management and corporate cultures truly want and respect employee feedback. And the employees know this and thus readily report misconduct they observe. This is contrasted with less than ethical corporate cultures where employees reporting misconduct become subject to retaliation, thus implicitly telling the employees that misconduct is condoned by management.

Some of the students’ feedback on my talk has yet again affirmed my resolve to continue sharing business ethics and what happens when we stray from, or don’t have any, corporate ethical codes.

Here is some of the BYU student feedback about my talk:

I learned the importance of persistence and sticking to your moral standards. I also learned the importance of asking questions when you are asked to do something that makes you feel uncomfortable. It’s ok to push back and seek an explanation when you are put in a tough situation.

I was really surprised to learn about the great lengths that were taken by many parties involved to keep his story from being heard. This showed me that there really is great opposition when we are trying to do the right thing and made me hope that I would have the courage and endurance needed were I to be faced with a similar situation.

I came away committed to coming up with my own ‘Quick Test’ that I can use to determine the ethicality of difficult dilemmas that I face.

I learned how dangerous it is to allow myself to be a bystander of unethical or fraudulent actions. I need to be committed to not associating myself with such things or standing up and fighting for them to change so that I don’t put myself in danger of the consequences that might come.

BYU is certainly the model for other universities to follow in their instilling in students a solid understanding and appreciation for business ethics and integrity which will continue with the students throughout their careers. And, prayerfully, our country will benefit from a greater number of graduates committed to ethical behavior entering the workforce and thus having a positive impact on corporate behavior.

The Importance of Corporate Culture
Increasing corruption: U.S. falls out of the top 25 countries on the CPI

Tagged With: BYU, ethical leadership, Speaking

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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.

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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

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  • Americans Who Tell the Truth, Speaking Truth to Youth Video Series
  • Ethics in the Last and Next Financial Crisis
  • Speaking on Resisting Corporate Corruption
  • The Importance of Corporate Culture
  • Brigham Young University Students Understand the Importance of Ethics in Business

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

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