Tonight:
5°c
To varying degrees we all join a cult when we go to work. Even if we do not have to worship our bosses, we habitually wear an eager, smiley face and applaud their ideas as strategies of genius.
After 25 years in the London workplace I can say with confidence that if you erupt into derisive laughter when they are talking or become so infuriated by their rank stupidity that you are overcome with an overwhelming desire to smack them, you will be fired.
Not the smallest of the casualties of the crash is the authority of managers. Think about it. The most powerful elected managers on the planet — the presidents and prime ministers — failed to see it coming. Their private-sector counterparts in the banks and hedge funds, the most lavishly paid managers on the planet, were just as clueless.
The most interesting people I am interviewing at the moment are the bankers and traders who tried to warn City institutions that they were going wrong. Without exception they were treated as heretics who must be purged.
One contact, who worked high up at RBS, told me this week how he warned his superiors that the bank did not have the technical back-up for its highly complicated trading positions. “I was taken aside by my boss and told that my attitude needed improvement',” he said.
He went on to describe how two of his colleagues produced a report which showed how the bank did not realise the risks it was running. The report was quickly buried and “the authors disappeared before they could raise a stink”.
He is utterly disillusioned, and you can see how that disillusion has spread when you look at the near-universal contempt for Gordon Brown. Even if the PM talks sense, as he does on occasion, a jaundiced public won't give him a hearing.
The worst side of recessions is that they breed cynicism as people realise that the security they thought they had worked hard to achieve was an illusion. Even the inspirational Barack Obama will crash into a wall of disbelief when his honeymoon is over.
The best side may be that we will become more self-confident, more willing to raise objections and point out obvious flaws. We British like to pretend we are a freeborn, plain-speaking people, who do not tolerate nonsense. Maybe now is the time to turn our national myth into reality.
Reader views (3)
No. The lesson learned is that if he had toed the line, he would still have his job, perks, and pension. So he should not have blown the whistle (and got ignored, ostracised and sacked). This leads to us realising the system is badly arranged...
- Jules_London, london, 17/02/2009 17:15
Report abuse
My boss, a CEO, once said to me, paternally: "You know, it isn't enough to be right - your job isn't done until you've persuaded people you're right". So I'd say the 'whistleblowers' are just as responsible, for having narked people instead. A few may have got it right, in some companies, and that is why it isn't worse than it is (just imagine!)
- Steve, London, England, 17/02/2009 15:07
Report abuse
It only goes to show the power of combining ambition, greed, over-education, and stupidity. Now if we can see the effect this has on the private sector, just imagine the hidden effects this has had on the public sector!
- Jamal Akhbar, Edinburgh, 17/02/2009 12:44
Report abuse
