Excessive secrecy added to Wall Street's woes, CNBC on-air editor Charles Gasparino told more than 100 PR executives yesterday at the Arthur W. Page Society Spring Seminar at the Jumeirah Essex House, New York.
Gasparino blamed both PR people and their bosses for the lack of information that has characterized what he referred to as "an economic storm of epic proportions."
Charles Gasparino |
Better PR could have averted some of the outrage and particularly the outrage directed at Wall Street, he said.
But he also noted that "Bankers and CEOs are paranoid about sharing information" and this makes life difficult for their PR people and hurts the reputations of their companies.
Journalists would be better able to capture the "human side" of the financial story if senior executives were more accessible to the press, he added.
PR Execs Questioned Gasparino
In a "role reversal," PR executives at the meeting peppered Gasparino with questions including whether cable TV journalists have become "too confrontational" in interviewing business and financial executives.
One Page member questioned whether excessive TV coverage of the crisis might be a factor in the erosion of confidence in the business world.
TV has a tendency to put up stories without the necessary research, said some attendees.
Maril MacDonald, Page president, introduced the speakers. She said the meeting is not only important because of what may be learned, but because it provides excellent networking opportunities."
Theme of the two-day meeting is "Influence in the Midst of Uncertainty."
Walker Calls for Personal Responsibility
David Walker, former U.S. comptroller general and head of the U.S. Government Accountability Office, said Americans will get through the current crisis but they will need to exercise "greater personal responsibility" to do so.
David Walker |
"We cannot do this without tough choices and tough love, and dramatic and fundamental changes in how Washington does business," he said.
He stressed the need for "thrift and savings, focusing on the future and maximizing opportunities." Everyone should not think they're entitled to everything," he added.
The U.S., he said, needs a strategic plan for such areas as fiscal policy, savings, healthcare and the infrastructure.
"We've strayed from the principles and values under which this country was based," said Walker, who was the keynote speaker.
Economic Crisis Is "Perfect Storm"
Vijay Vaitheeswaran, correspondent for The Economist, said the current economic crisis amounts to the "perfect storm."
Innovation, he said, is the only way for countries to navigate their way through this storm.
Vijay Vaitheeswaran |
Innovation is not the same as invention, he said. "Old technology in a new context can create tremendous value," he continued, saying that "Innovation is the only sustainable competitive advantage for the U.S."
Vaitheeswaran is an advisor to the World Economic Forum/Davos on clean energy innovation and author or co-author of Power to the People and ZOOM: The Global Race to Fuel the Car of the Future.
Juanita James, chief marketing and communications officer, Pitney Bowes, and Ron Kirkpatrick, national manager, executive/internal communications and social media, Toyota Motor Sales, USA, discussed the importance of keeping employees informed during the crisis which may involve deep staff cuts, shrinking budgets and salary cuts.
James said PB's website facilitates interaction between employees and management and that face-to-face meetings are also encouraged.
A weekly voice message called "Power Talk" is provided by senior executives. An online forum takes questions from employees. |