The recent events in Wall Street and its impact on the economy are attributed by many to lack of government oversight, corporate governance and transparency.

However, greed undoubtedly also played a major role in provoking the present global economic crisis.

Kevin Rudd, the Prime Minister of Australia, in a speech to corporate executives said the credit crisis highlights a lack of values among corporations and executives "We've seen the triumph of greed over integrity," he said.

What is greed? It could be defined as the never-satisfied and out of control urge to acquire and posses more then one will ever need. It seems however, that whatever definition we have we always apply it to others and not to ourselves.

We all want to improve our lives, by increasing our income and wealth. It is human nature. That is often how most people measure progress.

Where is the line between a legitimate aspiration for growth and greed?

It is only possible to answer that question on a personal basis.

In a search for the answer, we might want to consider another value that is not measurable by money, and that is the value of gratitude.

Gratitude can have a direct impact in the way we conduct our lives and business. Professor Charles D. Kerns, PhD of the Graziadio School of Business and Management at Pepperdine University says that:

"Effectively applied in the workplace, gratitude may positively impact such factors as job satisfaction, loyalty, and citizenship behavior, while reducing employee turnover and increasing organizational profitability and productivity."

The genuine feeling of gratitude can have a direct impact on health, reducing stress and increasing life span. In an article published by the Journal of Personality and Social Psychology, the authors, (Danner, Snowden and Friessen) believe that:

"...the practice of gratitude may hold promise for reducing stress and consequent related healthcare costs, which in an organizational setting could bring great dividends."

In the present time of uncertainty, counting our blessings may be exactly what we need to face future challenges and crisis.

As John Milton once said:

"Gratitude bestows reverence, allowing us to encounter everyday epiphanies, those transcendent moments of awe that change forever how we experience life and the world."

We all take risks because life is made up of uncertainties. Most decisions we make involve some degree of risk. Very little can be accomplished unless we take some risks.

This is true in the business world as well. Corporations take risks.

What is the difference between a gamble and a calculated and acceptable risk?

In the present financial debacle, it seems that the Government, Congress, and Wall Street took unacceptable risks in the subprime market that ultimately led to the situation we are in today. Those same unacceptable risks were also taken by other financial institutions and Governments in Europe as well. Iceland according the Herald Tribune is officially bankrupt!

Risk assessment is an important component in any corporate ethics program. Many Fortune 500 companies have such a program and a designate risk and compliance officer.
The Federal Sentencing Guidelines specify that corporations should design an ethics program that included identifying risk.

There are a number of consulting firms, such as Global Compliance, the Ethical Leadership Group and Daylight Forensic & Advisory LLC that advise their clients on developing effective risk assessments.

All too often the Government reacts to scandals instead of anticipating them. The defense industry bribery scandals, in the 1970s led to the Foreign Corrupt Practices Act.
The savings and loans scandals of the 1980s led to the Financial Institutions Reform, Recovery, and Enforcement Act, the corporate scandals of Enron, Tyco and WorldCom in the early 2000s led to the Sarbanes Oxley Act. We can surely expect new regulations and control in the mortgage and finance industry.

How can we make sure that risks we take in the decisions we make are acceptable?

I suggest that we ask ourselves the following questions:

A. What have been the consequences to similar decisions in the past?

Few people know that there have been in our history previous national mortgages debacles that led the country to similar financial crisis.

B. What is the motive of our action?

The financial benefits of the sub-prime mortgages were considerable for the real-estate brokers, the lenders and investors. If personal benefit is the only motivation, then we should reconsider our decision.

C. What are the possible negative consequences of the decision we are about to make?

I think it is fair to say that if the participants in the sub-prime scheme knew of the consequences we are facing today, they would not have engaged in it.

We should not be afraid of taking risk but just be more careful.

As Louisa May Alcott once said:

"I am not afraid of storms, for I am learning to sail my ship."