Dr. Khotso Mokhele, ArcelorMittal South Africa Chair provided a keynote yesterday providing his personal insights into the current economic crisis, including thought-provoking challenges to the audience. His comments included challenges as to whether the current circumstances indicate there may be flaws to maintaining a free market economic system.
His subtly controversial comments alluded to the flaws specific to the economic benefits of the few "Wall Street" and executive management personalities when companies do well and the significant broad population negative impact to the many when companies do poorly.
His talk was successful in it's soft controversy. It had people talking. However, what it didn't address was the not to be neglected transparency the free market system includes. As financial, operational and technology control professionals we internal auditors know there are many market economies which don't include the level of financial transparency that ultimately exposed the weaknesses and teaching tools the free market system is currently experiencing.
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