2002-07-06 / Editorial/Opinion

Credibility Matters

Credibility Matters

Over the last few months, credibility has become a topic of discussion for many in America. While Enron, WorldCom, Tyco, ImClone and other business juggernauts are collapsing, due to shady stock transactions and unscrupulous accounting practices, public confidence is waning, and people are losing their pensions and life savings in the process. Companies that have always had a history of steady profit, and enormous support from investors, now face the grim possibility that they could "tank" because people are pulling or transferring funds. Their credibility has been severely damaged because of greedy corporate heads, and the carnage is just beginning. No investor is going to throw support behind a corporation that operates as a warehouse for liars and thieves. Credibility also becomes an issue when a newspaper publisher poses with the highest elected official in the city of New York, and is then appointed by that same official to a distinguished post. It would be hard to believe that a publication could write news stories about the official in a fair and objective manner after this, and soon the readers would begin to question the integrity and validity of the paper. In another example, Catholic priests are speaking out against alleged sex abuse cover-ups within the hierarchy of the Catholic Church, and many devoted Catholics have left the church because of moral responsibility and the credibility issue. The picture seems bleak at this point, but we are confident that the public will regain its sense of security, strength and faith in America and her institutions.

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