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In the News: Christopher Michaelson on the Importance of Trust in Business

Christopher Michaelson, professor of principled leadership at the University of St. Thomas Opus College of Business, recently spoke with the Star Tribune about the importance of a strong rule of law and commitment to trustworthy business practices in the U.S., following former President Donald Trump’s civil fraud trial, which resulted in a $355 million fine.

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From the story:

At least three potential victims come to mind, said Christopher Michaelson, the Opus distinguished professor of principled leadership at the University of St. Thomas’ Opus College of Business.

“One would be the banks who are lending at lower rates as a result of these (financial) misstatements,” Michaelson told an editorial writer. “Another victim would be society at large, insofar as when we have an inequitable system that can be sort of gamed by the powerful or the knowledgeable, then the rest of us are likelier to get less favorable terms for submitting accurate information when others are getting favorable terms by submitting unfair information.” The third, added Michaelson: “Competitors who are doing business honestly.

“The idea that it’s a victimless crime,” Michaelson said, “is maybe founded on the idea that these are big, abstract, ambiguous entities – big banks, big society, big competitors – but they’re victims nonetheless.”