That is, only one-fourth of the American people felt CEOs were credible. I’m sure that what happened at Enron, WorldCom and Tyco and in several other highly publicized cases had a lot to do with this.

Reputation is one of the few assets that your competition cannot undersell or destroy. You can’t put a price on a good reputation.

A good name is like a second inheritance. Life is for one generation; a good name is forever. A good name is more valuable than riches.

When I purchased an insolvent envelope company many years ago, I ran it under its previous name for a few years until I was sure I would be successful. Only then did I put the Mackay name on it. That’s how important I regard a company’s name and reputation.

It is imperative in any activity to protect one’s good name. And sometimes, of course, that is difficult.

A frontier judge in Texas had just sentenced a notorious outlaw who had been caught stealing horses. As was his custom, the judge asked the condemned man if he had any last words for the court.

In his reply the outlaw said, “Judge, I’ve heard from everybody in this town how fair you are. A man devoted to justice under the law. A family man of good character. A kind man who is always ready to give someone a second chance. Everybody thinks you’re wonderful.

“But I gotta be honest with you, judge. With this sentence, you done gone and ruined your reputation with me.”

Abraham Lincoln had a stellar reputation. When he was practicing law, a client asked him if a certain gentleman was a man of means.

“Well, I reckon he ought to be,” Lincoln said. “In fact, he’s about the meanest man in town.”

Lincoln also was responsible for this gem: “If I were to try to read, much less answer, all the attacks made on me, this shop might as well be closed for any other business. I do the very best I know how — the very best I can; and I mean to keep doing so until the end. If the end brings me out all right, what is said against me won’t amount to anything. If the end brings me out wrong, ten angels swearing I was right would make no difference.”

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Abraham Lincoln · Bernie Ebbers · Ceos · Family Man · Frontier Judge · Gentleman · Good Character · Good Reputation · Inheritance · Kind Man · Man Of Means · Meanest Man In Town · Outlaw · Prick · Reply · Second Chance · Stellar Reputation · Tyco · What Happened At Enron · Worldcom

The judge said that Seinfeld’s 32-day delay was “not insignificant” in the context of bankruptcy code rules that demand diligence on the part of counsel. In any case, she said that Seinfeld suffered little prejudice from the dismissal since it was unlikely that he would have prevailed on arguments that had been considered and rejected by three courts.

Seinfeld is represented by Irving Bizar of Ballon Stoll Bader & Nadler in Manhattan. Bizar declined to comment on the decision or on whether his client plans to appeal.

“This case has a long procedural history,” Cote wrote in Seinfeld v. WorldCom, 06 Civ. 13274. “Since 2002, Seinfeld has attempted to bring a shareholder derivative action against various former directors and officers of WorldCom … and WorldCom’s bank, Bank of America, alleging state law claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and waste.”

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Jerk Bosses I Have Known and Endured

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Amp · Bader · Ballon Stoll · Bank Of America · Bankruptcy Code · Bankruptcy Rules · Bizar · Breach Of Fiduciary Duty · Budget Hotel · Derivative Action · Diligence · Hung · Manhattan · Nadler · Prejudice · Procedural History · Seinfeld · Shareholder · St Boniface · Worldcom

Bernie Ebbers · Corner Grocery · Fraud · Innocent · Religious Christian · Worldcom