Indrek Neivelt: current model is breaking up

14.12.2011, 11:06

One of Estonia’s most respected businessmen, Indrek Neivelt said in his speech held in the Estonian parliament yesterday that the current crisis is endemic since the decision-makers have underestimated its gravity and made an effort to keep the system running at any cost, writes Postimees daily.

“The current model is being torn from all its seams. I think the keyword here is accountability. Politicians are irresponsible and have been made major promises in exchange of being elected.”

Neivelt said that practically the same goes for top executives of large enterprises and listed companies who have been living from quarter to quarter in the fear that they could lose their jobs.

“In the old days there were family companies where the dominant principle was keeping the company going for generations. Today this horizon has shrunk to three months. Short-term thinking is now dominant, both for businessmen and politicians,” sid Neivelt who today is chairman of the Bank Sankt-Petersburg, one of the largest banks in St. Petersburg in Russia.