Related topics: BP, Apple, Hewlett-Packard, Johnson and Johnson, oil
BP's credibility gulf
Corporate reputation is very fragile. What takes years to build can be ruined overnight. Just ask BP (BP, news).
The British oil company spent a lot of time and money burnishing an image as an environmentally conscious company.
That image was seriously singed in April, after the Deepwater Horizon drilling rig exploded and sank, killing 11 workers and releasing a gusher of oil into the Gulf of Mexico that took more than three months to cap.
As the largest U.S. offshore oil spill unfolded, the company seemed more exasperated by the situation than sorry about it. Then-CEO Tony Hayward resigned under pressure after making remarks the public found insensitive, including: "I would like my life back," and that the Gulf of Mexico's large size meant the spill was "relatively tiny."
Toyota's reputation in reverse
Toyota Motor (TM, news)'s reputation for safety and quality among American consumers was seriously dented starting late last year when the Japanese automaker announced a series of recalls.
Up to 8 million cars and trucks were recalled worldwide to fix problems involving accelerator pedals, including the problematic placement of driver's-side floor mats. Toyota in October recalled another 740,000 vehicles due to faulty brakes.
Johnson & Johnson's recall headache
Johnson & Johnson (JNJ, news) McNeil Consumer Healthcare division yanked 136 million bottles of children's medicines, including its children's Tylenol, from retailers' shelves after routine inspections found that manufacturing specifications may not have been met.
The company also came under fire this year for hiring contractors to pose as consumers to buy back faulty bottles of Motrin.
Faced with a government probe and faltering consumer trust, Colleen Goggins, head of J&J's consumer unit, announced she will retire next year.
Goldman Sachs' image problem
Investment banks in general, and Goldman Sachs Group (GS, news) in particular, have absorbed a lot of Americans' frustration and anger over the financial meltdown. Goldman has been criticized for rewarding employees with hefty bonuses while smaller banks and many businesses are failing, and millions of people are struggling to make ends meet.
Many are asking whether investment bankers operate in the best interest of customers or are merely concerned with helping themselves.
