Has the GOA Turned the Corner?

One would think so by reading the following interview (which I publish in its entirety).

Source: Order of St. Andrew the Apostle

The National Herald reports on ‘Mike Psaros in the Process of Transforming the Greek Orthodox Church in America’

New York, NY

In the February 10-16, 2018 weekly edition of The National Herald, a Greek-American publication, Theodore Kalmoukos, Religion Editor, interviewed Archon Michael Psaros who addressed the recent progress made within the Greek Orthodox Archdiocse of America. The interview in its entirety is published below.

Mike Psaros in the Process of Transforming the Greek Orthodox Church in America

By Theodore Kalmoukos

Michael Psaros, a prominent businessman with expertise in how to rehabilitate troubled organizations is in the process of transforming the Greek Orthodox Church in America, whose dire financial situation brought it to the brink of bankruptcy.

With his keen acumen, he spotted the numerous flaws in the Archdiocese’s managerial infrastructure, including a virtual absence of internal controls.

As Archdiocesan Council Treasurer and a man of deep faith and great love for the Church and the Greek-American community, he alerted Archbishop Demetrios, whom he respects a great deal, informing him that unless specific measures are taken, the Archdiocese’s well-being will remain in visible danger.

In an exclusive interview with The National Herald, Psaros is open, honest and transparent in explaining the progress that has been made during the past six months and a transformation that appears visible. A son of the All Saints parish of Weirton, WV, Psaros could very well go down in history as the one who transformed the Orthodox Church in America.

The complete interview follows:

TNH: What is the financial condition of the Archdiocese today?

PSAROS: By the Grace of God, the Greek Orthodox Archdiocese of America (the “Archdiocese”) announced, pursuant to a press release dated January 26, 2018, that it completed an ambitious restructuring process that greatly advanced the financial stability of the Archdiocese.

The Archdiocese is now projected to achieve a balanced budget and generate additional funds that will be applied to retire its financial obligations.

The financial stability of the Archdiocese was achieved without any additional burden placed on its parishes. This is critical. Parish contribution levels in 2018 were maintained at the 2017 levels, resulting in a $1.6 million of savings to our parishes.

The Archdiocese is fundamentally transformed from an administrative and financial perspective. This transformation was achieved in a period of only six months. A significant number of decisive actions were implemented by the Archdiocese that are very impactful individually, but transformative, collectively.

My firm is one of the world’s most successful turnaround investment firms. This is my profession for almost three decades — this is what I do. However, even I am surprised with the speed and effectiveness of the changes. Everyone knows that change is difficult, and that it is difficult for people and organizations to change. Even though the Holy Archdiocese is a canonical, hierarchical, traditional, ecclesiastical institution, it successfully managed through a period of extreme change as well as any organization I have observed.

The Executive Committee, the Officers and Committee Chairs of theArchdiocese arenow focused on the future and only the future. While it is exceedingly disappointing and unfortunate that the Archdiocese experienced a period of financial extremis in its recent past, it can never be allowed to happen again in the future.

Everything is new:

The Archdiocese is now led by new senior lay leadership at the most senior level, led by Archon George Tsandikos, Vice Chairman, Ms. Cathy Walsh, Secretary, and me, serving as Treasurer.

The Archdiocese is now under new management and has a critical new organizational structure. His Grace, Bishop Andonios, Chancellor, assumed key administrative responsibilities after the resignation of the former Director of Administration in September 2017. Father Soterios Baroody was appointed as Chief Financial Officer (“CFO”) of the Archdiocese in April 2017. Prior to his appointment, the Archdiocese did not have the position of CFO, and, in addition, prior the creation of the CFO, the former Executive Director of Administration had control of Administration and Finance. There has now been a clear separation of these functions.

Please note that the Archdiocese former Executive Director of Administration resigned, and the former Director of Finance was terminated. In addition, the former Chairman of the Finance Committee was relieved of his position.

Archon Lazaros Kircos was appointed as the newChairman of the Archdiocese Finance Committee in October 2017. Under Archon Kircos’ leadership, the Finance Committee has taken its expanded role, not only responsibility for the success of the Archdiocese Total Commitment Program, but also its proper role in leading and monitoring those of areas involving budgets, expenditures, finance, treasury, and long term strategic planning. Chairman Archon Kircos has already made numerous critical contributions, especially in the development of the 2018 Budget.

Ms. Elaine Allen was appointed as the new Chairperson of the Archdiocesan Council’s Standing Independent Audit Committee, accompanied by a new group of very qualified and credentialed (emphasis on qualified and credentialed) financial and legal professionals who serve as members of the Committee. Ms. Allen, Chairperson of the Audit Committee, has already made an enormous impact on the operations of the Archdiocese. From a personal perspective, she is one of the most impressive professionals I have ever observed at work after almost 30 years on Wall Street. We are so blessed to have her working on behalf of the Archdiocese. The responsibilities of the Audit Committee include assessing the reliability and accuracy of financial reporting; selecting external auditors; meeting with those auditors to review audit plans and results; reviewing internal controls and developing any necessary remediation plans; and monitoring compliance with applicable laws and regulations pertaining to financial controls.

Please note, so I do not have to repeat myself after every reference to specific actions below, that the Officers and Committee Chairs, only act under the direction of, and with the blessings of, His Eminence, Archbishop Demetrios, Geron of America.

The Leadership Team is committed that the Archdiocese will become a world-class, not-for profit institution from an accountability, transparency perspective.

From a very personal perspective, this Leadership Team is working tirelessly, continuously, methodically, analytically and professionally to address the Archdiocese’s administrative and financial challenges. We are all volunteers, with our own careers, families and numerous other obligations, but we have devoted everything to the Church over the past year.

How did the Archdiocese achieve financial stability?

The Archdiocese achieved stability primarily by (Step 1) establishing new leadership as already discussed, accompanied by critical organizational changes, (Step 2) establishing newinternal controls, policies and procedures governing spending, and (Step 3) significantly reducing its operating cash cost structure by reducing expenses resulting in a new cost structure.

Step 2: Implement internal controls, policies and procedures governing spending

Establishing internal controls, policies and procedures governing expenditures was critical to achieving financial stability. In Spring 2017, the Archdiocese started the process of improving internal controls by management directive. For example, it began to implement policies and procedures governing travel and expense accounts, general and administrative expenditures, staff cell phones, and credit card usage. Further,new vendor management protocols and controls were implemented. While these actions were very effective, they were not enough.

The Officers are determined to create a world-class ecclesiastical not-for-profit institution from a governance and controls perspective. In furtherance of this objective, the Archdiocese retained Grant Thornton to conduct a thorough, independent review and analysis of the operations of the Archdiocese finance function, and to provide an in-depth, third party view of areas where the finance function and the Archdiocese can become more efficient, effective and transparent.

The Archdiocese Council, including its Executive, Audit, Legal and Finance Committees, received the Executive Summary of the Grant Thornton Operations Review in January 2018. The Operations Review makes recommendations on best practices that can be implemented, and will act as a critical guide for the Archdiocese regarding internal controls, practices and procedures.

Step 3: Material Reduction in Operating Cash Costs

The Archdiocese reduced approximately $8 million or approximately 25% of annual operating cash expenditures, thereby eliminating its former structural operating deficit. Approximately $6.5 million, of the $8.0 million in expenditure reductions were implemented in August-September 2017, with the balance in January 2018.As a result, the Archdiocesenow has a budget where receipts exceed disbursements, and extra funds can be used to repay prior financial obligations. The cost reductions, which are permanent and structural, were achieved primarily by reducing Archdiocesan staff levels, reducing general administrative costs, and implementing new vendor management protocols and controls.

Speaking personally, please allow me to make two observations.

First, I ask you, humbly and respectfully, to consider the magnitude of the cost and spending reductions that occurred,and reflect on how quickly and decisively the Archdiocese acted. Substantially all of the $8 million in cost cuts involved people and payroll. Reducing such a significant number of loyal, dedicated, committed and faithful employees was very difficult. This action effected many families, and these reductions were only made after very thoughtful considerations. In addition, a large number of non-employee professionals on payroll, from outside vendors and contractors, were also eliminated.

Second, I ask you again, how many families, companies, or organizations could cut 25% of their total operating expenditures at all, or in such a short period of time?

When did you start, and how long did it take you?

We are now one year into our work, the actual transformation of the Archdiocese has taken place over the past six months. The condition precedent was the creation of the CFO position first in April 2017. Once in his position as CFO, Father Soterios Baroody worked very hard between April and July2017 to first understand, and then present,the true and accurate financial status of the Archdiocese to His Eminence, His Grace and the Officers in late Summer 2017.We reacted immediately.

What is the budget for 2018?

The Executive Committee approved a budget that reflects the true financial position of the Archdiocese. As Treasurer, I will work with the Finance Committee of the Archdiocese to monitor variances in the new budget relative to actual performance. This budget process is a first and critical step in establishing a solid foundation for the Archdiocese finances.

The 2018 Budget will be posted on the Archdiocese website in the near future.

What else needs to be done?

There are three critical tasks before us (1) documenting, implementing, communicating and enforcing the recommendations of the Grant Thornton Operations report. This will make the changes structural and permanent, (2) satisfy certain financial obligations and liabilities, and (3) establish a plan to restart the construction of St. Nicholas National Shrine.

The Archdiocese has disclosed that it is regrettably encumbered by certain legacy obligations resulting from its former financial problems. The Archdiocese has retained professionals to determine the quantum and nature of these liabilities. Further, very regrettably, the Archdiocese also disclosed that certain custodial and restricted accounts were used to fund operations. The Archdiocese is prioritizing the expeditious return of funds to the custodial and restricted accounts.This may be accomplished either by (1) funds generated through operations (funds have already been returned in this way), or (2) perhaps, by borrowing from a third party bank or financial institution to immediately refund these obligations. Thispotential third party loan would be repaid over time. Having not made the decision at this time, obviously the quantum of the potential loan has not been determined. You should note, that while the Archdiocese has collateral (land and buildings) available for a loan, that fact alone is not sufficient. The only reason the Archdiocese is in a position to consider the option of obtaining a loan is because it achieved financial stability and is generating funds available for debt service.

The Archdiocese currently has no third party debt, but has had debt in the past which it repaid.

Do you think a full disclosure can be given at the Clergy Laity Congress in Boston in July?

Since October 2017, the Archdiocese has released a constant stream of press releases. It has informed the Faithful of key events happening in very real time. The Officers have given speeches, held talks, and addressed Metropolis Clergy Laity meetings. Consistent with this practice, the Archdiocese will continue to provide full disclosure in Boston and beyond.

In what condition did you find the finances of the Archdiocese when you assumed office?

I spoke very directly with His Eminence, Archbishop Demetrios. Please understand for someone raised like me, with respect/sevasmo, this was very difficult. To his eternal credit, he asked for the truth and asked me to be blunt. My response was clear and direct: he had been let down in the worst way possible. The Archdiocese was not well run by the lay people in whom he put his trust. In my professional opinion, everything was broken and needed to be fixed. And if anyone disagrees with my characterization, please explain to me how the Archdiocese ended up withstructural operating deficits (now solved), significant lack of internal controls governing expenditures and other matters (now solved), an Audit Committee constituted by individuals not qualified to serve on an Audit Committee (now solved), various conflicts of interest from an organizational perspective (now solved), and funds that must be replaced in custodial and restricted accounts (a problem to be solved). The list is much longer. I could continue, but I will stop. To his eternal credit, his Eminence, Archbishop Demetrios, asked us to proceed expeditiously with our work. He issued this instruction with confidence and conviction.

What kind of an Archdiocese will the new Archbishop find?

He will find today an Archdiocese that has achieved financial stability, and as discussed above, having already made great progress towards having proper and professional governance and controls. Sometime in the immediate future, he will find an Archdiocese that has not only achieved financial stability, but which has either partially, or entirely, dealt with its financial obligations.

Have the Parishes been supportive?

The strong stewardship by its Parishes is extraordinary.In January 2018, the Finance Committee reports that for 2017, the Archdiocese Total Commitment receipts from its parishes across the country met 100% of the budgeted Total commitment for the sixth consecutive year.

I do not deal in headlines, I deal in reality. I am a financial person. I look at the numbers. Math is objective. Math tells the truth.The truth is the financial support of the Parishes has been, is and continues to be extremely strong. Further, many Parishes from all over the country are taking advantage of the financial incentives involved with pre-paying their respective assessments.

The Archdiocese is deeply indebted to the parishes, and is grateful to God for them.

When do you think a full and comprehensive report will be sent out with numbers including St. Nicholas?

The Archdiocese is committed to the rebuilding of Saint Nicholas National Shrine and the fundraising efforts to support this important project.

PricewaterhouseCoopers LLP (PwC) and BakerHostetler LLP have been retained to conduct an independent investigation of the rebuilding of Saint Nicholas. These firms are reporting to an independent committee. This is a very difficult task that must be, and will be, done right. At this time, we do not know the expected completion date of PwC’s work.

I’ll leave it for you, the readers to decide if this indicates a new, above-board strategy of transparency or if it’s the same-old/same-old. In the spirit of Christian charity (and the impending Great Fast), I’ll withhold comment. You all however are free to parse it, analyze it, and comment to your heart’s content.

As for the graphic which accompanies this blog-post, that’s Fr Alex Karloutsos standing at the sight of the as-yet-to-be-completed St Nicholas Shrine.


  1. I’m anxious to read the interview especially since Karloutsos is mentioned but, why do I need to open a gmail app to do so. Is there another format link to make this interview available?

  2. The provided link doesn’t work (its trying to login to an email), but I was not impressed by the newest issue of GOARCH’s “Praxis” magazine that I received yesterday. It was cover-to-cover feminist tripe.

    The dubious “metoo” campaign was mentioned in the first pages. (Yeah it’s great, wait till you get a woman with an axe to grind who starts leveling false accusations against clergy. If “metoo” accomplishes anything, I hope it is a reduction in egalitarian conduct in the workplace and in public. Unrelated adult men and women ought to have a cordial distance in their conduct, and the time for overly-familiar conduct is blessedly coming to an end. Mike Pence is leading the way.)

    They were full-bore in support of the female diaconate, and the justification was to “empower women” or somesuch. Not a word about, you know, serving widows or baptizing women (the limited things the female diaconate was actually used for). No, it was all about how great it would be if women could commune at the altar.

    They even suggested creating new ordained offices to include more women in the ranks of minor clergy. And that the idea of an ascension up the ranks of clergy should not be a goal in the modern world. (Despite that explicitly being a part of the tonsuring prayer for a reader.)

    You want to kill young men’s interest in the priesthood? Start letting women and girls in the altar. If you don’t believe it, ask the Roman Catholics, who in many dioceses are scraping by with a handful (or less) of ordinations each year.

    Who doesn’t believe women are the lifeblood of a parish? Who doesn’t realize it’s usually the women who are stepping up to do everything from Sunday school to making baclava for the festivals? Why is it always about an ordained office, which even the Theotokos did not seek?

  3. Greatly Saddened says

    Please excuse me, did I perhaps miss it? Was there an apology issued by His Eminence Archbishop Demetrios or for that matter, from anyone else from the Archdiocese pertaining to the once again financial mismanagement at the Archdiocese? A good start would perhaps been by showing some humility. Just because it seems this financial crisis is on the road to so called revovery, does not exonerate the parties who may have been responsible this time for the Archdiocese’s demise.

    It has been evident for years the Archdiocese has failed as a religious as well as a professional run institution. It seems they have been answering to themselves alone. Why is it that the so called “Faithful” were never informed of the financial problems at the Archdiocese? Presentations were made at the Clergy-Laity Congresses as if financially, all is well in “Disneyland!”

    To let 25% of the employees go is a quick fix at the expense of people. One need not hire top consultants to figure this one out.

    As usual, the Archdiocese will again sweep this one under the carpet. Once again, allowing those who are responsible for this crisis to not be held liable. It is a disgrace and a shame. Fool me once, shame on YOU. Fool me twice, shame on ME!

    Say what you will and for whatever reasons they did it for. The truth remains, if it wasn’t for Theodoros Kalmoukos from The National Herald, we probably would have never known of this financial mess and many other things at the Archdiocese. I commend him for his reporting. Let this be another warning to the Archdiocese, you can run but you cannot hide!

    If we waited for the disclosure from the Archdiocese, we would still be waiting. This institution who has been responsible to look after our stewardship funds has once again, failed us miserably. At least they are consistent. They seem to have driven any so called “Holiness” right out the window.

    Personally speaking, unless the parties who created this financial crisis are identified and held responsible, I have little if any trust in things changing for the better. In the end, I hope I am wrong. Actually, I pray to God I am wrong! God bless.

  4. Greatly Saddened says

    Furthermore, the lack of ethics, honesty and humility in this so called religious institution is nothing but tragic.

    No one seems to take responsibility seriously at this continually failing three ring circus. They expect the so called “Faithful” to take them seriously.

    They just go from one crisis to another without learning from their previous mistakes. Let the so called “Faithful” support their individual parish and let the Archdiocese, along with the Ecumenical Patriarchate find their own ways to fund themselves.

    This Ecumenical Patriarch has done excessive damage to this Archdiocese. Beginning with the forced resignation of His Eminence of blessed memory, Archbishop Iakovos. The Ecumenical Patriarch’ s Godmother’s brother. To the appointment and forced resignation of His Eminence Archbishop Spyridon. To the passing of the new Charter which has given less say to the laity. To the elevation of the Bishops to the status of Metropolitans, hereby making the role of Archbishop merely a title rather than one of responsibility, where they now report directly to the Ecumenical Patriarch. To the shameful acceptance of Saint Irene Chrysovalantou Monastery, for a seemingly rather hefty donation to Istanbul, which seemed to be run by a couple of crooks and sexual deviants. These two were never held criminally nor personally responsible. They got to retire in Greece. How is anyone in their right mind supposed to believe anything after all this and much, much more.

    The so called “Faithful” has the power to change things and perhaps one day they will have had enough of this Byzantine BS and finally get serious in regard to the direction of this hopeless religious institution, which has and continues to bring shame to our Lord and Savior Jesus Christ and His Church.

    As the saying goes … “money corrupts” and this saying seems to be alive and well, beginning at the top from the Ecumenical Patriarchate, to the Archdiocese, to the Metropolises. These same institutions have the nerve to associate themselves with our Lord and Savior Jesus Christ. What an insult!

    The lay organizations are just as guilty for looking the other way and rubber stamping the Hierarchs decisions. It is one filthy swap and cesspool.

    What will it take to finally say … “enough is enough?” I sure wish I knew.

  5. Gail Sheppard says

    Question: Where was this Archdiocesan Council Treasurer before? Under a rock? If he is so good, why didn’t he see it coming?

    I am jaded at this point so take this with a grain of salt, but I could envision a scenario where this guy orchestrated all this so he could come in and save the day. Someone started all these fires at once. It was someone in the know and someone with something to gain.

    • George Michalopulos says

      As usual, Gail, you’ve got me thinking. After reading GS’s post below, more thinking.

      In the past I would have said that the chaos we’re seeing in the GOA is due to the sheer incompetence brought on by mediocre men thrust into positions of authority. And I’m not talking about simply thrusting a mitre onto the head of the only graduate from Holy Cross with middling grades who chose not to marry (and for him it was an easy choice) but about vain titles given to savvy businessmen who “made it” and are now wanting to wash away their sins. It’s a two-fer: mediocre ecclesiastics + cunning businessmen. Add to that Byzantine nostalgia and payouts to victims and other hush-money and voila!, you get the GOA in its present death spiral.

      However, as much as I like this thesis (which is well-developed I might add), it may be wrong. Oh sure, the GOA was an accident waiting to happen but your suspicion makes me wonder if there really was a saboteur lurking in the wings waiting to light the fire at the appropriate time. I’m more inclined to believe you now.

      The question is, who is the saboteur?

      • Alitheia1875 says

        Who’s “the only graduate of HC with middling grades who chose not to marry….”?

        • George Michalopulos says

          Rhetorical. It’s a trope that I’ve picked up from married priests. As in “yeah, Stavros Trehagerevopoulos was a middling student but because we all got married and he had no *ahem* desire to, he’s in the running for bishop”.

  6. Michael Bauman says

    To all here I ask the forgiveness of each of you.

  7. Greatly Saddened says

    Nothing seems to be sacred to the Archdiocese. This includes the Hierarchs along with their top lay organizations.

    Is it even humanly possible to amass seemingly such incompetence in just one religious institution? I guess the facts speak for themselves.

    Unfortunately, I for one, no longer care, nor believe anything either a Hierarch or any lay affiliated organization of the Archdiocese has to say. Their trust has been broken far too many times. They seem to think the so called “Faithful” are a bunch of fools and idiots. And perhaps they are correct in their assumption. Because the so called “Faithful” continue to be used by this professed “holier than thou” group.

    I know it gets tiring to hear over and over again but, once again, the people responsible for this financial crisis will remain a mystery, nor will they be held accountable. That is just how bad and deep the corruption seems to stem in this sacrilegious religious institution.

    Yes, the truth hurts. Even more so when it is a so called religious institution. Especially one we have grown to believe in since childhood. This religious institution by its continuous actions or better yet, lack thereof, show they are unworthy of our trust as well as unworthy with our faithful stewardship offerings.

    Let the Hierarchs retire on someone else’s dime, not ours!

  8. Greatly Saddened says

    My brothers and sisters in Christ. As we aporoach this Great and Holy Lent Period, if by chance I may have unintentionally offended you in any way, I ask for your forgiveness. Please accept my apology.

  9. Right, blame the laity. When Bishops live in “residences,” there’s something wrong. I would LOVE to hear St. John Chrysostom’s opinion on the state of the EP, oh my, it would be RICH.

  10. Constaninos says

    The only way to chase the blues away is to play more blues. I earned of Buddy Guy;s I”ve Got My Eyes On You from a post from Mr. Stankovich.

  11. Constaninos says
  12. Billy Jack Sunday says

    St. Nicholas Shrine

    “If you build it, they won’t come.”

    • Lent is a good time to keep your sarcasm to yourself. Whatever one thinks about the Shrine, its design or any other myriad of issues, it is still a place of horrific suffering and as the only house of worship at the WTC, should command a degree of respect.

      • Anon, I don’t think Billy Jack Sunday was expressing disrespect for the hallowed space of Ground Zero or the blessed to-be-built Shrine itself.

        Rather, I understood him to be take a well deserved poke at the mess that our unillustrious hierarchy are making of things by using the funds donated for the shrine as their own piggybank and by incompetently causing tens of millions of dollars of cost overruns.

        When asked, I went to see Archbishop Demetrios and took him a $1,000 check of my own money for the project and I am not wealthy.

        Watching how the hierarchs spent my hard earned money on their fat lifestyles and first class tickets to Constantinople to preen and fawn at the Phanar, I have quite I few rougher things to say to them than what Anon expressed.

  13. Gail Sheppard says

    So who is the new Archbishop?

    * * *
    What kind of an Archdiocese will the new Archbishop find?

    He will find today an Archdiocese that has achieved financial stability, and as discussed above, having already made great progress towards having proper and professional governance and controls. Sometime in the immediate future, he will find an Archdiocese that has not only achieved financial stability, but which has either partially, or entirely, dealt with its financial obligations.

    • George Michalopulos says

      It’s awfully vague, isn’t it Gail?

      One thing I noticed was that there were no numbers –hard or soft–mentioned in the interview.

      • Gail Sheppard says

        I cast the net but didn’t catch any fish! I’ll be more specific. If the question, “What kind of an Archdiocese will the new Archbishop find?” is asked and answered, it means they: (1) know there is going to be a new Archbishop, (2) know who he is and (3) are preparing a nice cozy Archdiocese for him. Don’t you all think it’s a little strange for them to be casually talking about a new Archbishop when there is an existing Archbishop? They have publicly trashed the EP. Could a lay council announce that in extraordinary times they should be able to select their own Archbishop? – I see a handful of lay people, including a woman, taking over the GOA. Anyone at all concerned?

    • Gail Sheppard says

      I cast the net but didn’t catch any fish! I’ll be more specific. If the question, “What kind of an Archdiocese will the new Archbishop find?” is asked and answered, it means they: (1) know there is going to be a new Archbishop, (2) know who he is and (3) are preparing a nice cozy Archdiocese for him. Don’t you all think it’s a little strange for them to be casually talking about a new Archbishop when there is an existing Archbishop? They have publicly trashed the EP. Could a lay council announce that in extraordinary times they should be able to select their own Archbishop? – I see a handful of lay people, including a woman, taking over the GOA. Anyone at all concerned?

      • George Michalopulos says

        Well, you raise some interesting points which are somewhat troubling. If true, I can’t imagine the other jurisdictions going along for the ride.

  14. Chris Banescu says

    Warning Signs of Power Corruption in Organizations

    Lord Acton’s dictum, made in 1887, clearly warns us that the practice of wielding power and influence can corrode the character of leaders. History is replete with examples of individuals who wielded unchecked power and eroded not only their own integrity, but also the ethical and moral foundations of the organizations they led and brought them to catastrophe and ruin. This danger is true of all organizations including businesses, religious institutions, and governments.

    Here is the risk inherent in leadership: The greater the leader’s power, wealth, authority, and influence, the more likely the leader could succumb to ethical lapses and moral failings. The risk increases if the organization has a culture that lacks financial or managerial transparency and accountability, has insufficient checks and balances on executive power, and discourages criticism from subordinates or members. When a leader with a poorly developed ethical or moral sense ends up leading an organization with a culture that prevents ethical self-examination, a slow but perfect storm starts to form that demands compromise from all levels of leadership and eventually leads to catastrophic consequences.

    There are various warning signs that can indicate whether a company, religious organization, or government institution is headed by leaders who are susceptible or have already surrendered to the corrupting influence of unchecked power.

    Obvious situations to watch out for include…

  15. Psaros Reports notwithstanding, you can’t get accounting and law firms to instill accountability, leadership, and team work without years of executive training. The Robes behave like Gulf oil princelings -spoiled and entitled, and unaccountable. No process or reports can change that fact.

    • George Michalopulos says

      Of course you are right. Don’t get me wrong, I have great respect for turn-around artists like Herman Cain in the business sphere. The question that vexes me (on the economic level) is how can we know that what Psaros is peddling in this interview is true? For one thing, no numbers were mentioned. A few personnel changes ain’t gonna right this ship.

  16. Greatly Saddened says

    Below please find a “Letter to the Editor” in today’s The National Herald by Michael C. and Mary Keller of Grand Rapids, MI.

    Letter to the Editor: Happy about Church Progress, But Concerns Remain
    By TNH Staff February 22, 2018


  17. So theft by the current HCHC president? Hmmmm