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Salomon's New Warren-Ty Statement
 

Ethics in business quote by Warren E. Buffett.
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Salomon's New Warren-ty Statement

"An atmosphere encouraging exemplary behavior is probably even more important than rules, necessary though these are. During my tenure as Chairman, I will consider myself the firm's chief compliance officer and I have asked all 9,000 of Salomon's employees to assist me in that effort. I have also urged them to be guided by a test that goes beyond rules: Contemplating any business act, an employee should ask himself whether he would be willing to see it immediately described by an informed and critical reporter on the front page of his local paper, there to be read by his spouse, children and friends. At Salomon we simply want no part of any activities that pass legal tests but that we, as citizens, would find offensive."

-- From "A Report by the Chairman on the Company's Standing and Outlook," a two-page advertisement written by Warren E. Buffett, interim chairman of scandal-plagued Salomon Inc. The ad appeared in the Financial Times on October 30, 1991.

Last updated: Jan 1, 1992




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