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Rebuilding Trust

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The US government has just dissolved the ‘super committee’ set up for finding a way out of the deficit. They couldn’t reach a bipartisan agreement on spending cuts and so have quit, highlighting just how divided the country is. Meanwhile, in the UK, reforms seem to be the order of the day, and political and business leaders are weighing in on tackling the country’s financial quagmire.

Lib Dem business secretary Vince Cable has been in the press, as has the head of the enormously profitable pharmaceutical company, GlaxoSmithCline, deriding grossly indulgent executive pay, after the disclosure that the head of Barclays has had pay increases “up nearly 5,000% in 30 years – while average wages have increased just threefold,” The Guardian newspaper reports. It seems the ‘Occupy Wall Street’ sentiment is being firmly felt across the globe.

The UK’s High Pay Commission was set up to investigate the reasons behind the huge inequalities in British society – the leaks over the last year concerning Barclays’ Bob Diamond, and what he earns, has been seen as fairly repugnant in this current austerity climate. And quite right – how much is enough? The committee called for “greater transparency in the setting of executive pay and says employees should sit on remuneration committees.” Cable then went on to say that “There is widespread consensus, not just among the public but in the business community, that this is unacceptable and is undermining the credibility of our markets-based system.” This is something the American government is grappling with – laying blame on the business community is seen as biting the hand that feeds. But, someone has to pay the bill, and unconscionable capitalism doesn’t really work – it’s just that the cold war specter of being called a ‘commie’ still strikes fear in both the Democrats and Republicans. What no one in Washington seems too concerned with is rebuilding trust, beyond just rhetoric. The mud slinging continues and nothing gets done, surely that’s not what we’re voting for?

 
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William R. Feins , freelance journalist from London, UK; he received his B.A. degree in Economics and his Masters in Sociology. William has always been interested in the mechanics of business and the inspiration of original thinkers, and firmly believes that the former can’t succeed without the latter. In his spare time, he enjoys the ridiculous spectacle of watching table tennis on a big screen (preferably at a pub) and reading weighty tomes about World War II.

10 COMMENTS

  1. It is an intersting article covering the existing senario of US and UK. I think just by dissolving the committesswon’t be the solution to the existing situation prevailing there. Mud slinging on each other will not solve the poblem. Rebuilding the trust is the main thing one should concentrate to fight the crisis! Thanks!

     
  2. the cries of the people is really felt all over the world. The spectrum of supporters and folks out there who wants change are are huge. But some still think its useless. They say tax cuts to the wealthy has not made economic problems go away but in fact exasperates it.

     
  3. This issues got to be resolve. It’s really a big and never ending topic when it’s about trust. And to rebuild it in just one day. It is not that easy, I know.

     
  4. In times like this, we have to surrender our full trust with the Lord so that we may act and decide according to His will… Financial issues are important but let’s focus on the brighter side and work for the good of everybody.

     
  5. I hope everything would do well when it comes to the financial issue not just of a single person but with regards with the whole country and maybe the whole world. I hope the people in authority would have the proper guidance so they would do what is best for the country. Prayers would be powerful

     
  6. Yes rebuilding trust, beyond just rhetoric is the most important thing they’ve seemed to have forgotten. Without this, their labor will be in vain. They’ve been busy doing this and that and busy blaming this and that as well but they’ve forgotten the most important factor to save this economy which is rebuilding trust first and foremost.

     
  7. Non-stop pointing of whose to blame will not work to make up for the loss.I think it will be better if business community and the government will helped each other than blame each other.Issues will never be solve if they will keep behaviors like that.

     
  8. The high difference in the salary and pay for employee rises many questions. The government has to find way to resolve such issues. Blaming the private businesses may not be a good idea as it won’t solve anything.

     
  9. With such a thing going on, I do not see any room for anyone to be putting the blame on anybody else. The fact is, there is a serious problem, and we need serious people to solve them. If this is the way these people are handling things, I may very well expect the worse to come in the near future.

     
  10. The trust is the base. It is not so easy for everybody to trust the government. So the government shall think more about the people. Do more and speak less will be highly appreciated.

     

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