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Corporate psychos ‘drove global crisis’

Tue, 27 Mar 2012

Staff Writer

New research from psychopathy expert Robert Hare in Canada shows that about 4% of senior managers globally now display psychopathic tendencies, up from the 1% norm in the general population.

PSYCHOPATHS are flourishing at the top of the corporate ladder and will prevent early solutions to the global financial crisis, new research shows.

Clive Boddy, professor at the business school at Nottingham Trent University in the UK, said recently his research confirmed that "corporate psychopaths" at the helm of financial institutions were to blame for the crisis as they "lack a conscience, have few emotions and display an inability to have any feelings, sympathy or empathy for other people".

Liza van Wyk, CEO of management training company AstroTech, said yesterday the recent high-profile resignation of Goldman Sachs trader Greg Smith confirmed Mr Boddy’s theory.

Mr Smith, who expressed disgust with management practices that were contemptuous of clients, was an example of "how traumatic such bosses can be for their staff", Ms van Wyk said.

Mr Smith, who expressed disgust with management practices that were contemptuous of clients, was an example of "how traumatic such bosses can be for their staff", Ms van Wyk said.

New research from psychopathy expert Robert Hare in Canada found about 4% of senior managers globally now display psychopathic tendencies, up from the 1% norm in the general population.

"We may have some of the worst legions of managers and political leaders ever, and that is why stewardship out of this crisis is lagging," Ms van Wyk said.

"There are deficiencies in emotional intelligence, sound people-management skills, and empathy in the workplace.

"Many of the multibillion-rand losses of money by money market traders and corporate bosses have been performed by psychopaths. They don’t care. It’s a game.

"The good news is companies know it. They keep getting hit by fraud, poor earnings, sluggish growth and unhappy workforces.

"They know that they have to change and so we see considerable interest in courses like those in people management, emotional intelligence and other core management skills programmes."

A November PricewaterhouseCoopers report showed a 13% rise in workplace crime since 2009.

 

Source:
www.businessday.co.za - Corporate psychos ‘drove global crisis’