Perspectives offered on meaning of accountability.

Byline: Mark Sullivan

Since the economic crisis of 2008, accountability has become a buzzword. Most everyone wants more of it. But what does the term mean? How does one hold others - and oneself - accountable?

Some members of the local financial community offered their perspectives.

Gary Sherr, senior vice president, Carl P. Sherr & Co., Worcester:

"To me, accountability means taking responsibility for ones actions. I think the frustration people have, including me, is a lack of accountability in some key areas related to finance. I can think of three examples related to finance and money:

"First, the ratings agencies: The ratings agencies played a key role in the financial bubble. As we all know, they bestowed their highest ratings to mortgage-backed securities that became worthless. The ratings agencies gave a level of credibility that allowed the bubble to grow, and more importantly they never adjusted their ratings until things were falling apart. Who are they accountable to?

"Second, mortgage brokers: Many people bought into the `American Dream' with the promise of home ownership, but this time without the traditional down payment and background checks. This allowed folks to buy homes that they normally would not quality for. In the good old days, banks would hold a mortgage and had to be more careful whom they loaned to. In the housing bubble, mortgage brokers took their commission, and the mortgage was packaged up and sold to investors as mortgage-backed bonds. When the homeowner defaulted, were mortgage brokers held accountable? I think not.

"Third, bank reform and the U.S. Congress: Congress passed a sweeping financial overhaul called `Dodd-Frank.' On paper, I don't think anyone would disagree that reform is needed in the financial system. However, who is Congress accountable to? Is it the banks, the lobbyists, or their own political party? It seems to me Congress should be accountable to the people that elect them, yet it seems that money and power rule the day when it comes to bank reform."

Thomas Bartholomew, president, Bartholomew & Co., Worcester:

"`Accountability' has many meanings to me. As an employer, father, husband, investment adviser and friend to others, I owe a great deal of accountability. I also owe accountability to myself as I must `walk the walk,' and lead by example each and every day of my life.

"I am accountable to my family first and foremost to be the best husband and father to my three children that I can...