“The breach of trust is deep and wide,” Priory said in a speech to the Economic Club of Detroit. “Business today is suffering from a crisis in confidence. This is no wake up call; it’s a screeching red alert.” Shareholder confidence is at an all-time low, he said.

In another poll Priory mentioned, 70% of the respondents said they think that the accounting and other practices that led to the collapse of Enron Corp. are widespread in other corporations and not isolated incidences limited to one company.

To further illustrate the depth of this problem, Priory noted the recent movie Monsters, Inc. is about an energy company that generates power by frightening children and capturing their screams to produce energy. The CEO of Monsters, Inc. is a five-eyed crab like creature named Waternoose. “Now business expects tough treatment at the hands of Congressional subcommittees and 60 Minutes, but when Disney vilifies my line of work, it’s a whole new world.”

Priory said he’s convinced the industry will weather the storm. “And we won’t just survive: Business, along with those we serve and the markets in which we operate, will be stronger for the experience,” he said. But the industry has to orchestrate a rebuilding process.

“This is the time when businesses, as the torchbearers of progress and hope, science and technology, social and community responsibility, need to rebuild the foundation of public trust.”

Priory suggested companies focus on six key areas to restore public confidence:

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