Thursday, August 25, 2011

Customers - the forgotten element in business

"In this new era, Goldman's first duty was to its own bottom line, 
which accrued to the shareholders.  Clients were a means to that end, 
not an end in and of themselves."
- "All the Devils Are Here: The Hidden History of the Financial Crisis", Bethany McLean and Joe Nocera, p 157

The business mottos "customers first" and "the customer is always 
right" have become "shareholders first" and "the shareholders are always right."