Stay tuned next month as Rob's successor is revealed! TNNW continues to expand into a worldwide phenomenon! We wanted to welcome our latest subscribers who have joined us this past month from AL, AZ, CA, CT, FL, GA, ID, IN, IL, LA, MA, MN, NC, NH, NM, NJ, NY, OH, OK, PA, SD and TX in the U.S. as well as Canada, The Netherlands, Israel, Saudi Arabia and the United Kingdom. WELCOME ONE AND ALL!!! As always, I look forward to Networking with you... - Adam
This week we wish a fond farewell to Rob Peters, our Financial Services Editor. Although with us for a short time, Rob brought a unique view of Financial Services and the Relationship Economy. We wish Rob all the best as he submits his last article this month. WE WILL MISS YOU ROB!!!
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Saturday, July 26, 2008
TNNW, July, 2008, Week 4: Mr. Peters Has Left the Building
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Trust in the Connected Financial World
By Rob Peters
Financial Services Editor
As I write this article, IndyMac Bank, a large and active mortgage specialist was seized by federal regulators, in the third-largest bank failure in
Today maybe more than ever, we as individuals, business professionals, and corporations must keep commitments to our families, customers, partners, employers. And even government regulators.
With all the turmoil in the banking industry, it has become very clear a new approach is required to continue the flows of capital across the
In this interconnected world, when “commitments” are not kept they have a tsunami effect on financial services and economies across the globe (that we have seen the last 12 months).
Fannie-Mae and Freddie Mac, the two stockholder-owned, government-sponsored mortgage companies, whose functioning is critical to efficient functioning of the
Banks selling complex mortgage loans to individuals who clearly do not understand the “fine print”. - - WHERE IS THE TRUST?
Investment Banks selling Collateralized Debt Obligations (CDO) to Investors who clearly did not understand the risk of these pools of capital. - - WHERE IS THE TRUST?
A laissez-faire government environment which created a long-term environment of “cheap” money created this mortgage “bubble”. -- WHERE IS THE TRUST?
And YES, even Individuals who took on 0% down-payment adjustable-rate-mortgages that they did not understand and probably new that that they would be faced with a problem in the future, but chose to grab the dream of home ownership NOW. -- WHERE IS THE TRUST?
I propose a new path to take for the future.
We as individuals, corporations, financial services firms, and government agencies need to develop and follow a code of behavior in this interconnected relationship capitalistic world.
The choices and actions we make effect our community, country, the world, and future generations not even born yet.
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The Emergence of The Relationship Economy
The Emergence of the Relationship Economy features TNNWC Founder, Adam J. Kovitz as a contributing author and contains some of his early work on The Laws of Relationship Capital. The book is available in hardcopy and e-book formats. With a forward written by Doc Searls (of Cluetrain Manifesto fame), it is considered a "must read" for anyone responsible for the strategic direction of their business. If you would like to purchase your own copy, please click the image above.
