Hardly a day goes by without yet another twist or turn in the credit crisis that has engulfed the U.S. financial system for more than a year. Bear Stearns, one of the country's largest underwriters of mortgage bonds, has been swallowed up. Venerable institutions such as AIG, Wachovia, Lehman Brothers, Merrill Lynch and Citigroup have brought new CEOs on board. Media reports suggest that the world's biggest financial institutions have absorbed more than $300 billion in asset write-downs and credit losses even as home foreclosures are at record high levels and Wall Street has laid off thousands of employees. While much of the discussion about the crisis has focused on its causes and the need for regulatory reform, former Wharton dean Russell Palmer, author of a new book, Ultimate Leadership, writes in this opinion piece that the situation offers an opportunity to learn crucial lessons about leadership.
While much of the discussion about the crisis has focused on its causes and the need for regulatory reform, I have a different perspective: I believe the situation offers an opportunity to learn crucial lessons about leadership, and if these are heeded, the U.S. will end up with a financial system that is stronger than ever.
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