State: How were so many smart people deceived by Bernie Madoff?
Liss:
Greed and stupidity. People with vast amounts of money believe the
likes of Madoff. If you are a very wealthy person and you see someone
getting 9 to 12 percent returns, and you know he’s been the president
of what became NASDAQ, and he has a very high reputation, and then he
creates as a veneer this incredible deceit, and you’re getting
statements that look very legitimate, you can see how the greed set in.
State: As a business journalist, who are your most reliable sources of information?
Liss:
The most reliable sources for me are members of the academic community
who have had corporate or business or investment experience. Academics
are people who have no ax to grind. They are not beholden to any one
cause. Interviewing stock brokers and investment analysts can give the
audience a biased view. I’m not interested in getting opinions from
people who have vested interests. It’s not that they are not
knowledgeable, but they have a point of view that can be very
one-sided. By the way, I think the Robinson College faculty are some of
the best sources that there are. They can speak to the average viewer,
the viewer of commercial television, and make them understand. Ken
Bernhardt, Conrad Ciccotello, and Rajeev Dhawan are three great
examples.
State: Do you ever go with an anonymous source?
Liss:
Yes. But only if I can get a second source to back it up. For example,
I was recently told about something that was going to happen at a bank
– by the president of the bank. Even though I knew him to be a reliable
source, I still would not go with that story until I could talk to the
person affected and verify the information.
State: If you were teaching a class at the business school, what would you tell students?
Liss:
First I would tell students that they must do their due diligence and
their homework. Read texts written by the most respected economists in
the world – Samuelson, Warren Buffet, Galbraith. Students need to read
the writings of these people so they understand the historical context.
They also need to look very carefully at the numbers. Saying 500,000
people are unemployed – what does that mean? You’ve got to go behind
those numbers and find out where those jobs have disappeared. The same
holds true in real estate and other areas. Always look to see what’s on
the other side of the coin.
State: In addition to the economy, what do you see as the major issues facing business today?
Liss:
I think the major issue is customer service. I think customer service
in business today is less than dismal. A lot of it has to do with
improper training, outsourcing, and companies cutting back. Another
area is technical service, where people have to call to receive
assistance with technology. Hold times are extremely long and often you
have to pay for the help.
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