Global financial markets remain largely frozen because of distrust among bankers. Now comes the Edelman Trust Barometer released today [Jan 28, 09] at the Davos World Economic Forum.
The Financial Times today says that global business and economic leaders – the very ones gathering in Switzerland - “have never been less trusted to provide the answer to financial and social troubles they are supposed to be addressing.”
CEO’s and the information they provide to stakeholders lead the parade among the untrusted. Only 17% in the US are trusted; 29% in Europe.
Bankers come in next: 36% trust bankers in the US; 41% in Europe.
Business overall is similarly mauled. Among Euro businesses, only 36% are credible; 38% in the US.
The FT suggests that all of this lack of credibility stems from behavior by business, media and government. Specifically: Enron, Worldcom and Parmalat undermined the business sector; CBS’s Dan Rather and The New York Times’ Jayson Blair tarnished the media; and British and American handling of Iraq hurt government trustworthiness.
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