Egoship. I doubt that I coined the term, but I did think of it independently. It’s been popping into my head for a number of years now as I read stories of astronomical pay packages for business leaders.

It didn’t take a business guru to start noticing that along with those salaries seemed to come an ermine cloak, although some were sable and others only mink, and the egos that went with them.

And considering what’s happening, things aren’t changing as much as you’d think—or like.

“Six top money managers of Harvard University’s endowment, which has lost $8.1 billion since the summer, earned $26.9 million in compensation in its most recent fiscal year.”

“Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.”

“Six financial firms that received billions in bailout dollars still own and operate fleets of jets to carry executives to company events and sometimes personal trips, according to an Associated Press review.”

“The highest-ranking executives four firms have agreed under pressure to go without their bonuses, including John A. Thain, who initially wanted a bonus this year since he joined Merrill Lynch as chief executive after its ill-fated mortgage bets were made. And four former executives at one hard-hit bank, UBS of Switzerland, recently volunteered to return some of the bonuses they were paid before the financial crisis. But few think others on Wall Street will follow that lead.”

Of course not. Wall Street egoships aren’t going to give back anything, they had to be forced to forgo what they did. Why should they take a hit for the trouble they caused? It would be almost un-American.

And as Michelle Singletary said today, “Who in their right mind thinks a chief executive earning a $1 a year is actually making a sacrifice?”

Of course, Wall Street sticking to its ways as much as possible should have been expected. The great thing about egoship is that it knows it can do no wrong, so it never needs to apologize or take responsibility.

And if the reformers show up at its door egoship knows exactly what to do:

• Say all the right things;
• make impressive, empty gestures;
• be patient until they forget and go away; and then
• return to business as usual.

Are we going to forget this time? You tell me.

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Another Saturday and another collection of useful links for you.

Just remember to disregard anything you find that suggests that the skills and attitudes discussed are only for the anointed few and not for all of you to use as appropriate.

First up is a new site from the Washington Post and Harvard Business called The Intelligent Leader. It has some great content, including a diverse group of video interview opinions and commentary on leadership.

Next is something I’ve never heard of, which means I’m more out of the loop than I often think I am or the organization really is a bit obscure. It’s called the Foundation for Enterprise Development (FED) and says that it’s dedicated to “Fostering Science, Technology and Free Enterprise.” What I found interesting is that it has excellent information and links to studies on the effects of enterprise employee ownership.

Third is McKinsey; I frequently referred to articles and studies they’ve done. The couple of minutes required for free registration pays big dividends in the quality and quantity of information that’s available. Additionally, you can customize the kind of information that you want delivered by email. Although it’s a year old, this survey the role that CEOs believe that they should play as public leaders vs. the role they do play—a lot more talk than walk.

Lastly, is another offering from Harvard Business School that many of you already know. It’s the Working Knowledge newsletter, and you can customize it for your interests. One of my favorite researchers there is Jim Heskett, who poses thought provoking topics that draw  fascinating responses from his readers. Here are two of my favorites, the first is “Is There Too Little “Know Why” In Business?” and the second is “Why Don’t Managers Think Deeply?”

So grab a cup of coffee, settle down and dig through the links and, whatever you do, don’t skip the comments to see what other people think—then take away the best of the intel for your own use.

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The level of accountability finger-pointing in the fiscal world accelerated steeply with the crash of the giant, 20 year-old Ponzi scheme orchestrated by Bernard Madoff. Financial experts are seeking to lay the blame/responsibility for this current financial crisis on regulators, but, as with derivatives, there were warning signs that could—should—have been read by the financially savvy.

Unlike other Wall Street wizards, it is almost certain that Madoff will be jailed, but most will walk away to plum new jobs far richer than they were and accelerate their status as role models to our youth.

Excuses will be made for them; those embarrassed by association will seek to bury their deeds in oblivion, and in a few short years people will forget.

And it gets more blatant with each passing year; witness Illinois Governor Rod Blagojevich alleged effort to sell Obama’s Senate seat.

Danny Schechter discusses the acceleration in a fascinating Media Channel column.

“The latest cases are staggering in their audacity in a corporate culture where an illegal act becomes a crime only when you get caught.”

In a recent TV show, the lead character comments, “It’s counter-productive to raise children in a world without consequences,” yet that is what we’re doing.

Kids see that lack of consequences in politics, business, athletics and religion throughout the media and much closer to home in their own lives.

Little by little those charged with educating kids are eliminating accountability, often at the instigation of the parents. If kids complain that a teacher is too tough the solution is to fire the teacher, rather than doing their job as a parent by setting boundaries and standards and then making sure kids are held accountable.

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Image credit: flickr

I’ve never been a big believer in the cult of individual leadership, a subject brilliantly discussed at Managing Leadership.The current economic meltdown is brought to you by the same folks who have been lauded for years for their extraordinary leadership.

Nor do I believe that leadership is positional; true leadership is found at all levels—it comes forward and makes itself felt when need arises.

Of course, that rarely happens, since most organizations subscribe to the tenets of individual and positional leadership.

CEOs are praised for their brilliant leadership during good times and condemned for not producing the same results in economic downturns.

Worse, their results are compared to predecessor’s performance during heady economic expansion—an environment in which it takes far less skill to produce profits.

It’s said that leadership requires vision and all these leaders had visions—unfortunately. They had visions of being the biggest, baddest, richest corporation in their field—and they were lauded for that vision.

It will be interesting to watch leadership gurus roll out the disclaimers and disavow the same folks who they’ve held up as examples of how to lead.

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Image credit: izzyplante  CC license

Post from Leadership Turn

As long-term readers know, I’ve changed both the tagline and design of Leadership Turn since I took it over last year—unfortunately, I couldn’t change the name. I say that because neither I, nor anyone I’ve discussed it with, can figure out what it’s supposed to mean. But that’s OK, the world of blog names runs the gamut and mine happens to lean to the esoteric side of the scale.

Currently, the tagline is “Leaders DO—and it’s your turn.” I came up with that when I moved the blog away from classic leadership content and more to a discussion of leadership in action—or out of it as the case may be—but I still think it’s a dumb tagline.

Being a strong believer in the “ask/hire people smarter than yourself” school of thought I asked Eric Eggertson of CommonSensePR; here are his suggestions,

• Keys to earning trust and building relationships
• Earning trust, building relationships
• Making things happen
• The road to achievement
• From inspiration to results
• Being a catalyst
• Harnessing team potential
• Seize the future
• Inspire and achieve
• Managing attitude and effort

I came up with

• Seize the initiative

Now I’m asking for your help. Please click ‘comments‘ and vote for your favorite OR offer up something else.

(Argh, I’m going to be really embarrassed if no one votes!)

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