In 2008, the routine gambles of Wall Street almost brought down global capitalism and yet, so far, nothing fundamentally has changed. Restoring long-term confidence in the financial services industry requires more than individual banks changing their behavior or even governments intervening with new rules. The industry needs a new modus operandi, where all of the key players (banks, insurers, investment brokers, rating agencies and regulators) adopt the three facets of collaboration: integrity, transparency, and embracing the commons.
- Integrity. Trust is the expectation that the other party will act with integrity — be honest, considerate, and abide by its commitments.
- Transparency. One of the reasons companies have to have integrity is that they operate in an unprecedented, hyper-transparent world.
- Embracing the Commons. Wall Street reform requires restructuring of the industry. Wall Street companies need to overcome their obsession with proprietary ownership of their intellectual property and learn to share certain information.