"Kelley School of Business: Graduate and Executive Education Center Dedication Ceremony, Indiana University Bloomington"

Good afternoon. Good afternoon and welcome. Welcome to this much anticipated dedication ceremony for the Kelley School of Business graduate and Education Center. As I look across the audience. I'm delighted to see so many friends of Indiana University and especially the Kelley School of Business with us today are the trustees of Indiana University and I asked them to stand as I call their names. Please hold your applause to all our trustees have been introduced. Frederick F. Eichorn Jr. of Bloomington president of the trustees. Jamie the bill AJ of Dayton Ohio. Patrick shoulders of Evansville Sue Talbert of Bloomington and Sasha wellsee of Bloomington please help me welcome our trustees. I'd also like to. Take this occasion to Druce Jerry Pepco one who has served and will continue to serve this university so well.

Jerry interim president starting January 1. Today's ceremony culminates many years of hard work. This magnificent new facility would not have been possible without the support and contributions of many individuals from this community around the state and indeed around the world. I'd like to introduce one of those individuals now a very special person and a great friend Indiana University the Kelley School of Business proudly bears the name of a great philanthropist and a man of exemplary generosity of spirit and intellect. We're honored to have Ed Kelly with us today along with his son Woody. Please help us. Welcome to Kelly. With us today is represented Peggy Welch who serves this

community so well at the state and local level. Please let us welcome our representative Peggy Welch. As I stood in the balcony and walked through the building on another occasion I took in the library and then the beautiful landscape of the arboretum. It's really a feast for eyes at any season of the year. My eyes traveled over the signature Pyramid of the new art museum which is one of the country's foremost art museums. I surveyed buildings of classroom and laboratory space where students and faculty engage daily in the thrill of discovery. That is the very lifeblood of this university. I took notice of the Indiana Memorial Union a place that offers a home away from home to students visitors. I know I'm nice like I'm fine my eyes came to rest on the rotunda of the Monroe County Courthouse. The center point of many of the

communities and Indiana University is Enric riches as I enjoy this panoramic perspective I found myself thinking about the visionary leadership that is the true foundation for the building we dedicate today. Someone once said that vision is having an acute sense of the possible to seeing what others don't see and not being distracted by how things are when those with a common vision are drawn together either in the same place in time or of a cumulation of years something extraordinary can occur. And that's what universities are all about. And that's a large part of what we're celebrating today. For the last century our view has offered a truly excellent business education business education and Indiana University began as a few commerce courses sprinkled throughout the curriculum. What interested individuals began to advocate for the establishment of the school of commerce and

finance. The proposal was met with serious opposition from advocates of the liberal arts. These classical scholars feared that professional education would sap the University of much needed resources. But as you well know the broader vision won the argument. The school of commerce and finance eventually became the School of Business Administration and finally in honor of its visionary donor the Kelley School of Business. Throughout each of its incarnations the school has earned a reputation for innovation and excellence has long been a leader in executive education. Since the days of Herman Welch who you know was the dean of the School of Business. The school was faculty and students had been actively engaged with the state a national global as well as local business activities. And I use MBA as a welcome wherever they go in the business world. The school's reputation precedes them throughout its

history the Kelley School has upheld the best values of a public university offering excellence without elitism and opportunity for all. I'm pleased by the fact that nearly 40 percent of our MBA students are women. These women find compelling role models for success among the faculty and the Kelley School has the largest percentage of African-American students of all the nation's top 25 business schools from the school's first Dean William Ralls to its current one Dan Dalton the Kelley School has had the benefit of skilled and inspired leadership. I'm reminded of a rhetorical question that Henry Ford once asked about leadership seems appropriate Ford here today. Given that our keynote speaker is Ford president and CEO Nick Shaw Shayla Henry Ford once said asking who are to be the boss is like asking who are to be the tenor in the quartet. Obviously you continue.

It's the man who could sing tenor. I suspect that Dan Doughton is more like a baritone and tenor but there's no doubt about his talents as a leader. You need only look around at this thriving school and this marvelous facility which is by the way the most wired building on a wired campus. As you tour the building be sure to take in the trading room. You can actually see it from the stage. It's right across the way. This room enables students and the investment management program to do real time stock transactions. As you check out the state of the art classrooms you may run across a plaque denoting that the room is named after a faculty member. There are two such rooms in this building. One name for deceased emeritus professor and one name for finance professor still very much alive and continuing to teach. The plaque doesn't mean that the faculty member endow the room Ravitz his

students undoubted as a tribute of gratitude for his mentorship. Though there are only two rooms in this building my sense is there will be many such to follow. Yogi Berra the great philosopher of baseball I can now use baseball analogies. And. That great philosopher of baseball once said you could see a lot by just looking and as you look around. Be sure you pay special attention to the foundation of visionary leadership and mentorship upon which this building and its programs rest and which will enable it and its students to learn and thrive well into the next century and beyond. And I thank you. Indiana University Bloomington is widely recognized as one of the world's leading research campuses and credit for its Medhi accomplishment goes to its excellent faculty

administrators and its superb staff as Indiana University leads the state and the nation into the 21st century. Our campus is being led by a dynamic Chancellor. Sharon Brown It's my great pleasure to introduce you to her now Chancellor Brown. Brand. It's a great pleasure for me to be here with all of you today as we dedicate this magnificent new graduate and executive education center. I have to tell you that I feel a special closeness to the structure as many of you know I live in the chancellor's house at 13:21 easten. In other words right up the street and along with everyone else who lives or works on this part of 10th Street I have endured two summers of torn up streets and water line blowouts. Indeed I personally have never experienced summertime in Bloomington without

major construction on 10th Street and no matter what people tell me to reassure me about next summer I have my doubts about what awaits us in the summer of 0 2 0 0 3. Fortunately whatever happens to the street we can be confident that major construction on the graduate and executive education center has been completed and it's wonderful to have this opportunity to express our appreciation to all those who worked on this great news center. Their work speaks for itself in terms of the beauty of the center its usefulness and its long term beneficial impact. As we are all aware of the reach of this center extends far beyond its local neighborhood here. Students will learn faculty will teach and conduct research. Alumni will return to camp has to participate in a wide range of activities and individuals from throughout the country and around the world will travel to Bloomington physically or virtually to avail themselves of cutting edge

programs and the newly developing knowledge taking shape. Among those who inhabit the offices and classrooms in this building. In short the life inside the center will be vibrant exciting and exceedingly important for both the Kelley School of Business and Indiana University. Now as you know the Kelley School is very highly regarded. U.S. News and World Report ranked the undergraduate program 10th in the nation. The Wall Street Journal ranked the MBA program 14 and BusinessWeek ranked the MBA program 20th in terms of turning out exceptionally qualified graduates. The Kelley School of Business was ranked by BusinessWeek as 10th in finance six in marketing and 8th in general management. And just last month Nasdaq named the Johnson Center for Entrepreneurship and innovation as a center of entrepreneurial excellence for 2 0 2. This center works very closely with students

in the MBA program. In addition to the excellence of its academic programs the Kelley School of Business has strongly emphasized interdisciplinary collaboration with other academic units across the campus. There are a number of such collaboration at the undergraduate level. Consider for example the liberal arts and management program affectionately known as lamp that offers students the opportunity to can bind a liberal arts major with the study of business management. But perhaps most astonishing is the Kelley School of Business. Generic minor which is open to all I you. Bloomington undergraduates in any given year. Well over a thousand students will be working towards this minor in business at the graduate level. The range and strength of Kelley School of Business collaborative endeavors is extraordinary. One interdisciplinary program combines an MBA and an M.S. master's

degree in an area studies program Indiana University of course has long been known for the excellence of its area studies programs which specialize in the study of specific regions of the world such as Africa India Latin America and. Latin America and so forth. This joint MBA program provides exceptional preparation for a career in international business. There is also a joint MBA JD program offered through collaboration between the Kelley School of Business and the Indiana University Bloomington law school. Similarly there is a joint MBA M.D offered in association with the Indiana University Medical School more of her. Kelley School of Business has established a co-operative doctoral program between the Department of Economics and the College of Arts and Sciences and the Kelley School of Business departments of economics business economics and public policy. And in

addition this is a long list. In addition Kelley School of Business provides doctoral level minors which are frequently taken by students in Economics Sociology hyper and education and all of this is far from being the end of the list. Various new collaborationist are being developed as new needs and new possibilities become apparent. These new ventures include a three to program in business and life sciences to be offered by Kelley School of Business and the College of Arts and Sciences. Graduates will receive a B.S. in business and an M.S. and live science. Also a three to program between Kelly's School of Business and the law school graduates and this program will receive their bachelor's degree in business and a JD in law. Thus as we dedicate this graduate an executive education center today we should recognize that not only will it serve the students faculty staff and

alumni of the Kelley School of Business. It will also serve many students and faculty from other eye new academic programs. Interdisciplinary work has a long and distinguished history here in Bloomington. It is I believe a unique strand of this campus. And surely the depth of commitment the Kelley School of Business has to interdisciplinary programs and projects is one of its unique strengths as a school of business. By bringing our academic resources together and creative ample and productive partnerships we can ensure that the future of Indiana University will be fully as glorious as its past. Much of the Kelley School of Business collaborative work will take place in this center and I am delighted to live not only in such close physical proximity but more important to have easy access to the powerful

intellectual neighborhood that has been created by the faculty students and alumni of the Kelley School of Business. We are all very very proud of the Kelley School of Business and we know that these new facilities will help make it possible for a great school of business to excel even further. Thank you very much. Now let me introduce our dean of this great school of business Dan Dalton. Thank you folks. Some 30 months ago June 14 2000 at a formal groundbreaking ceremony of the graduate and executive education center I told a large group of alumni and

friends of Indiana University and the Catholic School of Business the following. I said this building will be a metaphor for the very best of Indiana University and the Kelley School of Business. This splendid combination of dreams and building materials will be eloquent testimony to what Indiana University in concert with its many friends can accomplish. Howard continually improves. Howard provides a leading edge environment for its exceptional faculty and an even greater opportunity for its outstanding students. Above all I said thank you for being our friends. The Graduate and executive education center will rise as a monument to that friendship and I am proud this day to announce that this is in fact exactly what happened. All of us involved in this project said it admittedly in a modest objective

to build and enabled the finest learning environment in the country that building the graduate and executive education center is what we had hoped for and more. We have enjoyed the support of President Brand from the very inception of what would become the corporate and executive cations Center. Thank you. The trustees two must approve the construction of such a building its site and its design. Ladies and gentlemen of the Indiana University trustees Thank you. The Graduate executive education center is a joint public venture. We thank our friends in the state house of the great state of Indiana for their support and their support for our students and their futures. University vice president Terry clay packs and our Indiana University architects especially Pat Lou Zaida and Bob Meadows have been

tireless advocates of our project. Terry I don't know how I'll ever thank you enough but I will continue to try. Barb Linder and Bell are lead architects have been a model of excellence. They have escorted us from phase to phase with grace and professionalism. A very special thanks to John Bell from whom we will hear later. We also gratefully recognize the outstanding work of BSA design Wilhelm construction and Roeland design. Our friends and our engineers Triple-A electric and Greiner brothers look around and you see the workmanship it's just tremendous tremendous work. We will also be forever grateful to our alumni friends of the Kelley School in Indiana University and our corporate partners. Without their support. A continuing passion for what we do how we do it. We

would have absolutely no reason to be together today. Simply put without those many many friends there would be no graduate and Executive Education Center today to publicly congratulate the development office of the Kelley School of Business. Frankly we set challenging standards for that group and under its leader Rick Dupree our development office rose to that challenge and well beyond. We also think Kurt Samekh and the Indiana University Foundation for its support. A special thanks to data Margaret Garrison. She is our director of marketing communications for her leadership in arranging this special day for us all. Thank you Margaret. Friends we hope that you agree that the graduate an executive education center is a worthy addition to the excellence that has been Indiana University and the Kelley School of Business. Remember once again that the graduate executive education

center is the child of the remarkable teamwork the joint efforts and the partnerships amongst so many who have brought us to where we are today. On behalf of the Kelley School of Business its students its faculty and staff. We thank all of you for what you've done and what you do and what you will do. Above all thank you for being our friends the graduate and executive education center which surrounds all of us. This day is in fact a monument to that friendship. One other matter President Brand has presided over the acceptance of many beautiful buildings on Indiana University campuses but this will be his last as you know Miles brand's tenure as president of Indiana University. And this year what I have done so privately I'll take this opportunity to publicly acknowledge President

Brand's distinguished service to Indiana University and wish him well on his new and challenging responsibilities via Dios my friend. Ladies and gentlemen thank you for being with us today. It is a privilege to be in your company. Thank you. Dan used his time up here you will notice to thank a lot of other people. And you deserve the thanks. But I want us to take this occasion to thank Dan Dolan for his extraordinary leadership of this great school. We would not be where we are today with the school of business if it were not for Dan Dolton. Please help me thank you.

Now to present the Kelley School of Business graduate an executive education center. I welcome John Bell principal architect of the architectural firm by a blender and Bell excepting the building will be trustee Frederick F. Eichorn Jr.. Will you please both come forward. Thank you President Grant it's a great honor to participate in this ceremony today. You know every successful building begins first of all as a gleam in the eye a flash of inspiration. The Graduate and executive education

center of Kelley School of Business is no exception to that. But turning that flash of inspiration into the reality of this fine building required the talents and the skills of many people as you've heard over an extended period of time. The university's trustees and administrators the donors. Let's not forget the donors. The school's leaders and faculty and the architects the engineers the contractors and the cross-poster every step of the way these participants have been called on to demonstrate a determination not to let that spark of inspiration slip into oblivion. It's a daunting process. So much can go wrong. But four years later when the result is such a celebration as today it seems like a miracle because

so much went right. The Bloomington campus for me has become a very very special place. As I've come to know it over the last five years. It's architecture it's landscape both formal and natural. They are an inspiration to me as an architect in the plan and as I work with you to plan and build the future fabric as strong as this wonderful historic setting is I keep in mind that these buildings in these spaces are incarnations to teach us everyday about our traditions. The Bloomington campus embodies cultural continuity. It shows it shows the spirit of a place and this is the place when time becomes visible buildings provide more than a shelter for our activities. They interpret our activities for posterity. It's my hope and my colleagues hopes that together we have created

and built another part of Bloomington history that generations of students faculty administrators will come to value as they value what preceded us. And so speaking for the architects the engineers the builders of this school we hope. Chairman I call that as we present you with this key today that we hand over a building that in the words of the true house is built with firmness commodity and delight. Thank you. Thank you John. It is with great pride and deep gratitude that I accept the Kelley School of Business graduate and executive education center. On behalf of the trustees of Indiana

University this magnificent new building ensures that I use students will continue to receive the best business education utilizing the finest learning technologies available anywhere in the United States if not the world today John. We celebrate what you and your associate associates have achieved in this facility. We salute buyer Blendr and Bell and we gratefully acknowledge all who helped them. The planning Dean building and his entire staff of the Kennedy School of Business. Vice President Terry K-Pax the Indiana University architect's office and the fine contractors craftsmen and women who completed this work. Mr. President on behalf of the trustees I am honored and very pleased to present you with this key to the Kelley School of Business graduate and executive

education center. I've. Got the key Fred. John thank you both. In accepting the key to the building especially the facility as important as this one has been one of the most rewarding assignments I've had as president of this university. We just come to the central moment of the ceremony the dedication of the Kelley School of Business graduate and education education center. Please will you all stand. Friends. By virtue of the authority vested in me by the trustees of Indiana University. I dedicate the graduate and executive education center I committed to the achievements of the mind and the challenges of new understanding. May all who teach study and interact here bring still greater contributions to the

advancement of knowledge reflecting the ideals of the Pioneer founders of Indiana University and the building is now so dedicated. You. Maybe see that. It's now my pleasure to call to the podium several speakers who will talk about the significance of this new graduate and education center has first to approach that churn will be Jamesy Wimbush professor or business administration and chair of the MBA program people who followed my met Michelle Wu an MBA student in the accounting program and the show will be followed by Johnny Vares president of the Kelley School of Business alumni association. And each will speak without further introduction. Jim.

Thank you. President Brian It won't surprise you when I say that the Kelley School of Business faculty is thrilled to have and especially to be able to teach in this magnificent new graduate and executive education center. There's so much about this building that excites us too much to mention here but a major source of our excitement is described in one word and that is opportunity. As Dan Dalton our Dean has said on so many occasions what Kelly does best is it provides opportunity. This building with all of its technological capabilities enables Kelly Falcon to enrich the lives of each and every student that passes through its doors. Kelly is now able to provide learning in ways that well quite frankly without these facilities just wouldn't be possible. Be it an inspiring lecture augmented by video conference with the CEO hundreds of miles away or

a multi-step leadership assessment exercise with the space and the technology to individually evaluate and inter entering class of MBA students or teams of students sent to our 29 different breakout rooms to analyze a case prepare a presentation or discuss a lecture or simulation using advanced technology and our information systems studio or a lounge a student lounge whereby students can chat with students or with faculty about a class A recent football game and opera. Yes this building this building makes it possible for Kelly faculty to do what it does best to create and provide opportunity learning opportunities that in turn prepare students for career and life enhancing opportunities on behalf of the faculty of the Kelley School of Business. Let me say once again that we are indeed thrilled to have this

magnificent graduate and executive education center and grateful to every individual and organization that help make it possible. Thank you. Good afternoon. It is an honor to be a part of this dedication ceremony and to represent the 600 or so MBA students in the 200 or so systems and accounting graduate program students being in the first class of graduate students to study in this new building gives me both a feeling of joy and a sense of pride a feeling of joy because we now have so many high tech lecture rooms in which we will be taught in a comfortable lounge to relax and work in between classes in numerous

breakout rooms for group discussions and teamwork. The best part in my opinion though is the wireless Internet technology. This technology allows us to be mobile at all times. We are no longer confined to a specific location while we work. In fact this technology lets me email my family back home in Singapore. Outside in a courtyard when the weather permits. Secondly this building gives me a sense of pride because it will further skew our position as a top notch MBA program in the years to come. Every one that I have introduced to this building whether they be recruiters alumni are visiting professors and students from countries around the world have been in awe of the abundant resources. Now at our fingertips I offer my heartfelt thanks to many of you here today for your generous contributions and support of this magnificent center. We are not only able

to pursue our education in an already excellent program but now in this greatly enhanced environment as well. I am confident that as a result of your continued support in future generations of college graduate students will reap even more benefits. From the splendid new learning facility. Thank you. We drew straws and I had to follow Michelle. On behalf of the Kelley School of Business Alumni Association Board of Directors and the 77000 alumni around the world. I want to thank officials of the state and the university our corporate supporters and the staff and faculty for the completion of this fantastic project. Your investment will be returned

many times over by the students coming out of the Kelley School Programs as alumni. We can view ourselves as shareholders in this enterprise and in fact the two pieces of paper that I hold. I look at as my share certificates in the Kelley School they hold or gain in value as the global business community values the skills of graduating students and alumni. I challenge all of you here today associated with the Kelley School to keep my share of value growing. This challenge will be met with those with funding responsibility to complete other Kelly projects for continued return on investment. It will also require our alumni association to work very closely with our corporate partners on a variety of fronts including recruiting the best students local Kelley club participation Alumni Board membership corporate Kelly programs and of course job placement.

Our faculty is an asset at Kelly. And we count on them even more in today's environment to turn out graduates who combine intelligence and energy with ethics and values. The challenge to the students is to stay involved with Kelly. You will find the networking and continued learning opportunities will help you throughout your career. You too will soon own a share of this enterprise. Maximize it by staying involved. If all stakeholders answer these challenges. Then the value of all of our shares will certainly be on the rise and we will all benefit on behalf of the alumni association board and all alumni. Thanks again and I look forward to working with all of you on the future challenges here at the Kelley School. Thank you all for your remarks as is our custom

at university ceremonies. We have selected a special piece of music to help us celebrate this very special occasion and please to present the chamber trio which will perform selections from the London trios by Haydn. As.

Well. As. An. You know.

As long. As. We. Don't make.

Any money. Here. We're blessed at Indiana University with a great school of music an extraordinary student performers. Thank you. This is a momentous day for the Kelley School the university. Indeed our entire community with this dedication comes a responsibility to be ever diligent in our mission of preparing students for the business world. We're joined in that effort by our wonderful partner the Ford Motor Company which is our top hiring company. And one of Indiana University's preferred customers. The relationship we have with Ford is of tremendous importance to us as they've

supported the Kelley School with students scholarships and faculty research funds curriculum and enhancement programs and infrastructure and technology improvements just to name a few. 1994 afford fun created the Houde a polling chair of business and government which is currently held by Dean. Dan Doulton read polling for retired chairman was a graduate of you know in 1985 a Ford Grand created you Center for Global businesses. Ford's president and chief operating officer Nick shella is with us today to view the future of business education. Mr. Sheliah is responsible for Ford's global automotive business. Having served as group fifes President Ford North America from August through October 2001 since joining the company in 1996 he's held several positions including Chairman Ford of Europe and President

Ford Mexico. During his tenure as chairman and CEO of Jaguar sales doubled and the company regained its place as one of the world's top automotive brands for these efforts. Mr. shayol was awarded a knighthood by Queen Elizabeth the Second. He is actively involved in marrying charity business and community support projects including Save the Children Fund and the St. Basil appeal for homeless children in England. With a strong commitment to the education of young people Mr Schaler is the chancellor of the University of Warwick and on the advisory boards of the commentary University and Durham University. I'm very pleased to introduce our keynote speaker Mr Nick Shaler. Sir Nick. Thank you very much. President Brown for you all very kind introduction and also for the

selection of music so magnificently performed by the trio the London Symphony we are in fact flying tonight to England not to London but it was delightful to be reminded of home again. You're truly President Brand have shown great support for the development of this grand symbol of the future of America and indeed global business. Those of us associated with the university have benefited over the years from your leadership and you will now about to share that leadership with the many universities and colleges who belong to the NCW. All of us look forward. Wish you all the best in this new endeavor. Thank you all so from meeting me and Ford Motor Company to take such a public role in the dedication of this technological and educational Marvel the graduate and executive education center. Our special relationship with Indiana University is as you mentioned decades long and one that has and has borne great fruit for our company and

indeed the nation's economy. And as you mention IQ is ranked as the 14th best business university in the U.S. by the Wall Street Journal and that is one. But one of only a few of the many reasons why Ford Motor Company Ford Motor Credit company and other Ford subsidiaries continue to hire retain and promote I-You graduates. In fact Ford employs 125 new graduates in all facets of our business including supply chain management and e-commerce in the credit company and indeed in all aspects of the corporation I you is one of only 31 schools in Ford's college relations sponsor program and I'm proud to be joined here today by the executive sponsor from that program for you Greg Smith and Greg as well as being executive sponsor of I-You for Ford Motor Company has a day job which is chairman and CEO of Ford Motor Credit

company. Greg and I both know how important it is to attract the best business minds. Companies like Ford will always seek out individuals who have the characteristics that are essential to success. These characteristics include of course technical readiness. The very thing this new graduates and executive education is poised to deliver for any company hoping to be successful technology is simply not an option. It is absolutely essential. But technology alone is not enough. What sets companies apart is the manner in which they conduct their business. So in addition to technical readiness we must add these requirements to the business curriculum. These requirements are courage creativity

leadership and an unwavering commitment to high ethical standards. These job requirements may not have been what the business school of the past was prepared to impart. In today's world however these requirements are critical and pose a challenge and I submit a directive for all business schools. So what exactly is the role of graduate business education. Given these new demands and are continually changing and challenging marketplace what is the role for the Academy and for corporate America in ensuring that business leaders are indeed prepared. As it looks to the economy of tomorrow the university has the opportunity and the imperative to research to incubate and to teach emerging technologies. Universities must seek out to teach new

business models that meet the criteria of efficiency quality and customer focus. And finally universities have the weighty task of teaching business ethics and their attendant responsibilities to shareholders employees customers communities and to society overall. I'm reminded of an unscrupulous character that some of you may remember from the 1987 movie Wall Street. It was the fictional Gordon Gekko who said The point is ladies and gentleman greed is good. Greed works. Greed is right. Greed clarifies cuts through and captures the essence of the evolutionary spirit. It's very easy today to chalk those statements up to Hollywood hyperbole and fabrication. But even brewskies said almost the same thing during a commencement

speech at the University of California Barkleys School of Business Administration Bosskey said greed is all right. By the way I want you to know that I think greed is healthy. He can be greedy and still feel good about yourself. Now I'm embarrassed to tell you that Birsky was applauded for his remarks. Of course the fictional Gordon Gekko and the real life live on Barsky got back come up once but more recently the allegations of corporate wrongdoings have been too numerous to count as the headlines of recent months have shown us characters like Gordon Gekko and Ivan Barsky are still sitting in too many corporate boardrooms. In testimony before Congress just this past September. Federal Reserve Chairman Alan Greenspan blamed infectious greed as the reason for the current business crisis in the country

let's say it once and for all. Greed is not good. It is antithetical to what is needed and what has always been needed in American business. Greed hurts companies it hurts shareholders. It affects each and every one of us. The result of the corporate scandals we've seen is an erosion of public confidence in American companies. And a survey conducted this past summer by Charles Schwab 76 percent of those who responded now question the reliability of corporate financial statements. I'm 66 percent do not trust management of companies. So how do we regain that trust. What is needed is leadership. The leader makes

and has to make the hard decisions especially when times are tough and the economy is tight. Now it's easy to lead when times and profits are good. Ford Motor Company is former chairman read polling once said a strong sense of ethics is crucial to being a true leader. In fact I believe that a leader who acts with integrity decency and honor in the long run will indeed succeed. The unscrupulous leader sooner or later will fail. Good advice from a great I-You grad but how are leaders made in no small measure. Leaders are made in the university where they are imbued with business and economic philosophy technical know how an ethical underpinnings business education is a partnership

between the Academy and the practitioners who deal with the rigors of producing a bottom line. A partnership not unlike the one between the Kelley School and the Ford Motor Company. We must teach the difference between opinion and being informed researched Shanda in-depth study of economic systems and economic history give clear clues as to how successful business is indeed conducted. We must share with students a conviction that we are privileged to live and work in a democracy and an economic system where those future leaders are free to show their stuff free to fail. And free to succeed. Now. With that freedom comes a responsibility to conduct business ethically fairly and openly and to

self-regulate so that government does not need to interfere in the conduct of business. That depends on your conduct and on mine. This too. We must teach you know all too well what has resulted from the recent spate of corporate financial reporting scandals and high profile bankruptcies. A public outcry and the near unanimous passage of the accounting industry Reform Act also known as the Sarbanes Oxley Act. Because of that act CEOs and CFOs must now certify in writing the accuracy and completeness of their company's financial reports with very severe personal consequences if those reports are found to be otherwise beyond compliance with the letter of the law. There is also the spirit that we must adhere to and reflect so many key elements of financial statements are subject to interpretation that

only a commitment to transparency will ensure true credibility. And this must start from the top down. Ensuring our commitment to transparency is the role of leadership. Business leaders have a duty to their investors to the system and to all their constituents down to individual citizen citizens. We must not squander it or we will continue to suffer the lack of confidence shown in the trial SWAT Schwabe Solvay. That means loss of business. And this is the practical reason for teaching business ethics in our schools. It always comes back to leadership. The leader will insist on accountability from the top down not the other way around. The leader will make a commitment to the long term. Yes of course we must be mindful of quarterly performance but not at the expense of long

term sustainability. That is the lesson that we want taught in business schools. My company will celebrate its 100th anniversary next year. A myopic view by our founder Henry Ford won which could have been driven by quarterly earnings alone would never have gotten us through 100 years. It is the long term view that promotes viability and success. The leader exudes passion for best products passion for best practices and passion for best ethics. I don't know. How you teach passion. Perhaps you see it in your professors when they teach the subject they love. Perhaps you catch the spark that makes you want to dig deep purple or study harder. Perhaps you've even seen it in the products the actions of the community service of those companies you admire.

I know one thing though passion is rooted in conviction the conviction to be the very best and that is something we talk about at Ford. Each and every day. Finally the leader demonstrates the courage to do what's right no matter what. For years the Kelley School has set the example of business education rooted in that tradition. This graduate to an executive education center will be a beacon for the type of business education that produces produces consistently great business leaders. I'm talking about leaders with technical knowledge that goes without saying. But what I know we'll find our honorable ethical businessman and business women with the ability to guide companies that create real or injuring market value. We at

Ford are looking forward to having those leaders from you on our team. Thank you very much. Thank you Mr. Shea for that timely and important message. We appreciate it and we appreciate our partnership with Ford very much. We now come to the conclusion of this momentous event. Thanks to all who have participated in today's ceremony. We're particularly grateful to the dedication Committee and all who helped plan and organize and run this event. Our thanks also to the chamber trio for providing such wonderful music today and I

thank you all for coming. I'd also like to convey a special thanks to our keynote speaker Schaler for taking time out of his busy schedule. At the conclusion of our ceremony. Please join us at the lower level for refreshments. As I mentioned earlier I also encourage you to tour this beautiful building at your leisure. We find a number of student guides on hand to assist you and I thank you once again and have a good day.