On Wednesday December 7th, for one night only, we hosted Ron Suskind, Pulitzer Prize-winning journalist and best-selling author, in conversation with former Treasury Secretary Paul O’Neill and Jesse LaGreca, Occupy Wall Street activist and blogger at The Daily Kos. They discussed the fall and bailout of Wall Street, the perils of speaking truth to power, and the tough choices ahead for America. The event took place at Alliance Francaise, and was streamed live on FORA.
LaGreca, O’Neill, Suskind: The Rise and Fall of Wall St. from Culture Project on FORA.tv
The evening’s discussion was rich, and I was particularly enamored by Paul O’Neill. He talked about the need to create a solid, transparent, systems based on values and principles. We need to restore the relationship in which both parties are accountable for the success and failures of the transaction, and will directly and immediately feel the consequences. There needs to be equal distribution of consequence, to avoid dodging of responsibility. In the current financial system, risk and return are separated, which de-couples the real vaue, and creates incentives to take unnecessary risk by all parties.
The discussion focused on the need to build an architecture, which is fair, and believes in the worth of each human being. The organization should give its people the tools and encouragement to be productive doing something they find meaningful. Everyone should be treated equitably, with dignity and respect, every day. The revenue model and the cost structure need to be known by all parties, so that all incentives are aligned. The point is to create value for all stakeholders, and base compensation on success.
The well-being and potential of every organization depends on the health of its people. To create more value to society and economy, we need to take care of our people, and do no harm. As a solution we propose: know your goals, know your values, be accountable.
The evening ended with a quote from Dr. Martin Luther King The arc of the moral universe is long, but it bends towards justice.
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