Tuesday, November 17, 2009

Indicator of Character and Theft Potential

A few of our shinning stars of corporate America with perfect credit reports


Setting aside the fact that compelling a job applicant to give up their right to privacy when seeking employment should be illegal, proponents of the use of credit reports for employment screening purposes say that a credit report is A) a good judge of character B) a good indicator of theft potential and C) a solid performance indicator

First, to reiterate, H.R. 3149 has provisions within the bill that would continue the use of credit report evaluation by potential employers for positions that have direct financial responsibilities and significant unchecked access to corporate funds. Secondly, with the laborous approval chains, checks and balances within companies and corporations, such "direct financial responsibilities and significant unchecked access to corporate funds" is less than 1% of all employees in America.

As an indicator of "character, theft potential and job performance" let's take a look at just a sampling of individuals during the past decade or so that have actually been convicted of multi-million/billion dollar "thefts" within their corporations. Logically we can safely assume that none of the following individuals had ever made even one late payment to any creditor and we can also safely assume that all had a 100% perfect credit score when they began "stealing" billions upon billons of dollars from their stock holders and corporations. This is just the short list of a few of the most high profile corporate "crooks" of the past decade or so:

Walter Forbes, Cendant Corporation Chairman of the Board
Bernard Ebbers, WorldCom CEO
Joseph Nacchio, Quest Communications Intl. CEO
Dennis Kozlowski, Tyco Intl. CEO
Kenneth Lay, Enron CEO
Bernard Madoff, Madoff Investment Securities LLC

In addition to the list above of actual convicted corporate "crooks" their exists an extremely long list of those with perfect credit ratings that turned out to at the very least, NOT to be good employees of the company (the same charge being levied against American workers with bad credit reports). These individuals however, while being very poor performers for their company, were rewarded with millions upon millions of dollars in salary while employed and huge golden parachutes when they left the company that they plundered . . . many of those corporations (including the first 3 on the following list) requiring a bailout by taxpayers just to stay afloat.

Lehman Brothers CEO, Richard Fuld
Bank of America CEO, Ken Lewis
General Motors CEO, Rick Wagoner

Clearly, we can see from the above review that those at the top of the food chain with perfect credit reports have the access, means and credability to "steal" millions, if not billions, of dollars from their corporations, while those American workers at the bottom of the food chain with the access to possibly steal a pencil or paper clip can't even get hired because of hiring discrimination based upon their credit reports. These workers instead are deemed "guilty until proven innocent" of having poor character, being poor performers on the job and being thieves (even though their criminal background check says "not true"). The American worker gets no golden parachute, no taxpayer bailouts and is getting no attention from our representatives in Congress.

This is immoral and a violation of the Bill of Rights as guaranteed the Constitution. Contact every member of the Financial Services Committee http://financialservices.house.gov/members.html TODAY and DEMAND they start earning their pay by responding to "we the people" by passing H.R. 3149: The Equal Employment for All Act out of committee and bring it to a vote in the House NOW!
Some that we missed . . .
Who is the thief?

1 comment:

  1. I totally agree that credit reports are not good indicators for good character. Credit scores can be very misleading in a lot of ways. No one but your financial institutions should have access to these scores. These should only be used to help judge the risk of a prospective loan applicant.