Anti-corruption standards elsewhere

Jul 22, 2019 Editorial

It would be agreed widely, that corruption levels in this country continue at alarming and harmful levels. Alarming in that there is negligible improvement in both the perception and reality of corruption; and harmful because so much that could be done for the better of a poor society rarely comes to fruition. Rather, corruption proceeds make their way into private pockets and fatten the cheating and conspiring. As Guyana continues to struggle with this challenge, it might be enlightening to be aware of what standards apply in the advanced United States.
Public service is looked upon as pride and joy; a special calling at the senior levels, when summoned by the reigning political power. It is virtually unheard of for one called to say to ‘No’ to a sitting president. Just not done.
And just as that is almost never done, there is that satisfying, admiring state of almost never doing anything that betrays a leader; or makes him think twice through the surfacing of troubling conflicts; or casts doubts because of heavy interferences. Men and women called go out of their way to justify existence, to deliver, to be about character and country.
Those called to Washington move assets to blind trusts; real ones, not those in name and form only. They capitalize and lobby afterwards, sometimes questionably. But not while on the job. There have been Congressmen, who have fallen foul through the caprices of human nature but, mostly, the record has been of men and women serving with distinction and distinguishing nobility. Ethics Office have teeth; Ethics Officers are feared people. Politicians and public servants deliver on their mandate with honor. This is the way it should be; exemplary in deed and spirit.
On Wall Street, where there are enough relationships, deals, and opportunities to sink the Titanic many times over, professional men and women in this richest private sector on the planet know the policies, follow them, and deliver on them constantly. There are rules, regulations, manuals, and trainings to choke a large nation of camels. Still, humans are tempted; they fall. And when they fall, they are vilified and feel the vengeance of a sector tarnished, and a society injured by the excesses.
If ever there was an occasion for conflict (and collaboration) it would be where a Wall Street firm is engaged in a prospective lucrative investment banking deal with specific corporations, while its analysts cover those same companies.
The bankers could be near to closing the deal, while the analysts (usually CFAs) have to call the businesses as evaluated. Money could be lost. There are internal company policies, regulatory standards, and those of the CFA institute itself. Still, professionals fail and fall. Chinese Walls procedures are not followed, money is made, damage done. As always, it comes down to character.
It comes down to not merely the robustness of demands on paper, but the keenness and diligence of the watchdogs, who must make the provisions enshrined in ink come alive and have meaning. Independence. Fortitude. Character. Visions of serving, a sterling record, delivering in the crunch. And the willingness to pursue the powerful. Thus, heavyweight rainmakers (multimillion-dollar revenue generators) and earners are sent packing, are held up as sordid examples not to be imitated.
It is of photographs, fingerprints, and FBI checks; company and industry declaration requirements; and obtaining prior approval (rarely granted) for outside employment and outside business interests.
Where conflicts of interest are not present, they are imagined. Worst case scenario: the appearance, the possibilities, the nightmare of the wrong kind of attention in the Wall Street Journal.
Gift giving and gift taking are limited to a hundred dollars total from all sources annually. Must be declared and approved. All law enforcement interaction must be reported. There is more; this is enough.
For Guyana to get anywhere with anti-corruption it has to get real. The challenge for Guyanese is this: character.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News