Warren Buffet's Comment on Ethical Values & Organizational Reputation

Copying this from a Yahoo Report on Warren Buffet (Link) as i feel this story and following comments needs to be remembered by all working men and women, particularly in light of what is happening today in the financial world with Wall Street under the scanner for starting the financial crisis in 2008:

In 1987, Berkshire bought $700 million of convertible preferred stock in Salomon Inc. Four years later, Buffett became interim chairman to restore order after a Treasury auction bidding scandal. On Sept. 4, 1991, Buffett testified before a subcommittee of the House Committee on Energy and Commerce about Salomon. Excerpts got into a movie created by Buffett's daughter Susie and shown to Berkshire shareholders at each annual meeting.

In part, Buffett said the following:

"In the end, the spirit about compliance is as important, or more so, than words about compliance. I want the right words and I want the full range of internal controls. But I also have asked every Salomon employee to be his or her own compliance officer.

"After they first obey all rules, I then want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper, to be read by their spouses, children and friends, with the reporting done by an informed and critical reporter.

"If they follow this test, they need not fear my other message to them: Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm and I will be ruthless."

Lets remember the great man's words for our own good...