To put this into perspective, consider the case of a large US automobile manufacturer. Often cited in the fields of organisational ethics and industrial psychology, this case was seen as a prime example of how conformity and group-think led to costly outcomes. In 2014, the motor company was forced to recall nearly 30 million cars worldwide as faulty ignition switches were found to have led to a loss of electrical power and sudden engine shutdown. 1/7  BIS central bankers' speeches  This malfunction also caused the airbags, power steering and power brakes to become dysfunctional, risking the safety of drivers. As the scandal was uncovered, it was found to have caused an estimated 124 deaths. What is particularly harrowing, was the fact that this faulty ignition switch was known by the company’s employees for at least a decade before the recall. An independent probe subsequently pointed to a corporate culture, which the then new CEO, described as “a pattern of incompetence and neglect". Various case studies on the crisis highlighted that the tight financial position in the early 2000s festered a corporate culture that was heavily focused on cost-cutting, shaping employees’ mindsets, conduct and ultimately values. Internal email transcripts revealed that it would have cost an extra 90 cents per unit to modify the ignition switches. An internal probe reported that the problem was misdiagnosed and dismissed as a “customer-satisfaction” issue, rather than a safety problem.
Maiava Atalina Ainuu Enari: Educating children about money matters Opening remarks by Ms Maiava Atalina Ainuu Enari, Governor of the Central Bank of Samoa, at the Awards Ceremony of the “Be Money $ Financial Literacy Poster Competition 2014, Apia, 14 March 2014. *  *  *  Greetings and welcome to you all, dear parents, school principals and most importantly the winning students of the 2014 Be Money $ poster competition. As I look across the room to the students, parents and principals/school reps,... without a doubt this is a Happy Friday for you all. It gives me great pleasure to say that, this is also a Happy Friday for us at the Central Bank – we are as much excited to reveal the winning poster entries as you are to be here today to receive your awards!! Talofa! Talofa Lava; I am delighted to be here today, at the conclusion of an important initiative for the Central Bank, to address this gathering and most especially the winners of – our first Be Money Wise Financial Literacy Poster Competition. This competition is one of many programs undertaken by the Central Bank to perform one of its mandates of promoting financial literacy under the “FINANCIAL FITNESS” or “FIT for FINANCE” campaign. The “Be Money $ Poster Competition 2014” was also conducted in collaboration with the Global Money Week which is coordinated by Child & Youth Finance International.