Malcolm S. Salter [Archive.org URL]

If you look at a lot of the fraud cases, before fraud there was terminal incompetence. When we teach the governance and ethics course [at HBS], the point I make is that you can have great values, but if you don’t have the competence [to implement them], forget it. You need both character and competence. If you don’t have the competence, you’re going to get yourself in real deep trouble.

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