Monday, January 14, 2008

You're Ugly, Your Mother Dresses You Funny, and You Waste Money

by Ken Houghton

The Old Firm comes off poorly in a non-financial matter as well:
Even before the report gets much press, it's already having an impact. For example, Ceres gave the investment banker Bear Stearns a zero rating since the company did not respond to requests for information or have any material in its annual report.

"So far as we can tell, they have no policy, no board members responsible for climate change, and no metrics," says Lubber.

Yet the investment bank is proud of its new "Energy Star-labeled" building, says Monica Orbe, a spokeswoman for the bank. "I know it's very energy efficient," she says, "because when I don't move for three minutes, the lights go off."

Bear Stearns intends to participate in the survey in the future, Ms. Orbe says. [emphasis mine]

Most people at Bear who don't move for three minutes find the lights going out, all right. Just never heard anyone treat it as a badge of honor before.

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