In an earlier post, I discussed what leadership is, and is not.
I found it ironic that while Chase Card Services CEO Gordon Smith was delivering a lecture on leadership at the Thunderbird School, the rest of Chase’s employees were busy stuffing change in terms notices in envelopes, and mailing them to account holders (who were mislead by a deceptive promotion that promised a “fixed APR until the balance is paid in full“).
About the only way I’d want to ever see Mr. Smith addressing my students, would be if he were to come to my university and deliver a formal apology. Living up to promotional claims, now that is leadership, Mr. Smith. Accounting for taxpayers’ bail out money, is leadership, Mr. Smith. Apologizing to Congress on behalf of Chase Card Services for previously delivering disingenuous testimony (stating that Chase treated customers “fairly” by providing “opt outs”) is leadership, Mr. Smith. Making a profit through the ethical delivery of products and services, and competing by “doing the right thing” to build an enduring, positive brand image, is leadership, Mr. Smith. Practicing what you preach, is leadership, Mr. Smith.
As it relates to leadership, I am very proud of the current Master of Entrepreneurship Degree Program students I presently teach. They are destined to become future entrepreneurs, and they already grasp what “Entrepreneurial Leadership” is (and what it is not). These are individuals who I believe are this nation’s best hope for normalcy, followed hopefully, by prosperity (as we continue to languish in a time of tremendous economic adversity).
The present Cohort (a group that progresses through a series of courses together, building social capital, along with increasing skills, knowledge, and abilities along the way – including an appreciation for ethics), has recently worked to gather to produce a podcast CD. The CD has been/will be distributed in both physical and electronic formats (you may also freely share this; download the jpg image below, and link it to the file on a site, if you have one, or simply forward the link to the file without the image). For those who may be interested, click on the image below to access the electronic version:
Do keep in mind that small businesses, especially entrepreneurial bootstrappers, have often relied on credit cards as a source of capital. I’ve posted a little remark like this one on other sites, and in some cases received responses that could be best characterized as personal attacks about why I shouldn’t be a teacher (as though I were telling students to use credit cards, but that’s not what I said; I said: small businesses do use credit cards, not that I advised them — or students — to do so). Now that you are on my site, please read my papers and look at my own testimony before jumping to any conclusions. It would not take more than two or three clicks to understand that I loathe credit card companies’ abusive treatment of account holders who may use business or personal credit cards, or both.
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on Jan 31st, 2009 at 11:57 am
I used credit cards for business capital. I even had a Chase card.
When my business cash flow began to decrease with the failing economy, I had trouble paying my vendors. One vendor had my Chase card on file from a transaction a year before and charged $5,000 against it. Unfortunately, at the time I had only $500 remaining credit. So I was $4500 over my limit and was at 29.98 percent.
I informed Chase that this charge was not authorized, but they refused to reverse it claiming the contract allowed for this to ensure businesses such as mine were not embarrassed or inconvenienced by charges that exceeded the limit.
Okay, so what’s the limit for?
on Jan 31st, 2009 at 12:19 pm
Hi Joanne,
Nice to hear from you again. I think your story clearly is suggestive of the reason credit card companies set limits: so account holders can be “rate-jacked,” and whacked with fees, thereby increasing PROFITS for the card issuers. Also, Chase clearly did not want to be “inconvenienced” by stepping in to resolve the matter of the unauthorized charge. (I am pretty sure you were asking a rhetorical question, but just in case other site visitors have yet to figure this out, or are considering credit cards for any purpose, business, or personal…they should think twice; no make that dozens of times if necessary, so that they might come to the right conclusion: don’t do it!)
By the way, I have updated the “Donate” page, which contains an anchor regarding ways to get involved and lend a hand with this site. As stated is stated on the “Donate” page, however, I am not actually seeking donations, because that would send the wrong message; but, that does not mean I can’t use all of the help I can get, in other ways. In particular, as it pertains to you, I appreciate your continued comments, but I would also like to have you consider becoming a regular author, or a guest author (you are doing the same amount of work, anyway, writing comments). There are some “big things,” afoot, and if you contact me I can discuss them with you, privately (by phone, Skype, etc.). Use the contact form if you might consider pursuing the proposition above, and send me options in terms of ways to reach you (I’ll send you mine in reply).
on Feb 1st, 2009 at 5:16 pm
I will contact you, Bob.
on Apr 8th, 2009 at 12:11 pm
[...] on the part of the credit card industry. Not only do credit card companies lack ethical leadership, they act like they are being run by complete [...]
on May 1st, 2009 at 11:50 am
[...] reflects yet another change. I presume new testimony, if it was delivered honestly (apparently not among the list of needed leadership competencies to be a Chase executive), would [...]