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ES2002 Business Communication: Course Introduction

Recent financial crisis as a communication problem

“in many ways the current situation does seem to be a series of communication failures.

Managers who had inside information about the problems failed to persuade others to take

appropriate action. Executives failed to convey the bad news to shareholders and boards but

instead reconfigured it as good news. Corporate directors and government regulators

failed to listen carefully to alternative or minority viewpoints (Labaton, 2008). Investors failed to

ask probing questions rather than accepting at face value what they were told. Bankers, realtors,

and brokers failed to explain information clearly and fairly, especially technical or

legal information being communicated to nonexpert audiences. Consumers failed to read

contracts and mortgage documents carefully and to question passages that were not clear. No

one, it seemed, could imagine the worst-case scenario. All these actions are forms of

communication: to persuade, convey, reconfigure, listen, ask, explain, read, question, and

imagine. The people involved either couldn’t or wouldn’t communicate what was necessary.

Jameson, 2010, p, 502-503

“Economic crises and financial disasters”

ES2002 Business Communication: Course Introduction

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