“A good name is rather to be chosen than great riches, and loving favor rather than silver and gold.” (Proverbs 22:1) Yesterday, I discussed the Arthur Andersen accounting scandal and the impact a conviction for obstruction of justice had on Andersen Consulting, which until 2000 was under the umbrella of Andersen Worldwide.  One reader wanted to clarify that Andersen Consulting had broken off from Andersen Worldwide before the scandal broke and had nothing to do with it. That is correct and my thanks for clarifying that.

That only goes to show, however, that even being associated with someone or some company who chooses riches over reputation will not only hurt them in the long term, but potentially irrevocably hurt you. Proverbs 13:20 warns, “He that walks with wise men shall be wise: but a companion of fools shall be destroyed.” Paul warns us in 2 Corinthians to “have no fellowship with the unfruitful works of darkness, but rather reprove them.”

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“A good name is rather to be chosen than great riches, and loving favor rather than silver and gold.” (Proverbs 22:1) A person with a good name is a person of character with a good reputation. A strong reputation will get you more opportunities than money will — and that’s saying something! And when you choose riches over character, the results can be devastating.

Case Study: The firm of Arthur Andersen was founded in 1913. Andersen was known for an unwavering faith in education as the basis upon which the new profession of accounting should be developed. He was a generous man of good reputation who headed the firm until his death in 1947. He once refused to sign off on flawed accounts of a local rail utility even, “…for all the money in America.” Andersen’s motto was “Think straight, talk straight” and everyone knew his reputation.

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