Comments on: New Financial Regulations Will Challenge PR

By: Sean

Sean — Thu, 18 Jun 2009 21:16:48 +0000

Smithwill — point of clarification: regulators don’t craft legislation, they are responsible for taking legislation and creating the specific rules, policies, processes and procedures that enact the legislation. The Obama Administration reconstruction of the regulatory environment changes the matrix of accountability, potentially in a positive way. That remains to be seen. The roots of the financial crisis are long and complicated; I don’t see how anyone can center blame on any one factor. Greed by people who bought houses they couldn’t afford, mortgage bankers looking to write as many loans as possible, governmental oversight compromised by competing goals and policy, investment banks creating new products to mitigate risk and isolate banks from poor or at least facile decisions… There are just so many factors to consider. The point now, I believe, is to be sure that as PR people (as Leo’s comment says above) we’re leading our organizations toward a strong ethical position on how to talk about the new world. Thanks for your comment.

By: Smithwill

Smithwill — Thu, 18 Jun 2009 20:46:47 +0000

Fire all the regulators for it was they who were paid to craft legislation that made the bank/Wall Street looting possible and for looking the other way whilst the fleecing took place.

By: Leo Bottary

Leo Bottary — Thu, 18 Jun 2009 18:43:16 +0000

Great post Sean! I think the job of PR people is to lead rather than wait. Firms will take a position and live by it only if that position represents who they are, otherwise proposed internal changes will have all the teeth of a New Year’s resolution. I hope your advocacy for transparency, openness and honest prevails. It’s not only the right thing to do, but will serve as a competitive advantage in the long run.