I dont know that Id go as far as the Perth Leadership Institutes release saying the [credit] crisis was due at least in part to a lack of business acumen on the part of managers and executives in the industry and that this has been perpetuated by the lack of leadership development programs that identify and develop business acumen.

But I do agree with study results tying leadership training and development to business success.

Source: Human Resource Executive and ERC Dataplus

And also with the subhead of the Fortune article, How top companies breed stars: The world’s best companies realize that no matter what business they’re in, their real business is building leaders.

Leadership development is a vital component of talent management. Concerns about leadership vacuums are highlighting its importance. Although leadership development may not be at the core of todays economic catastrophe, it plays a key role in driving business success and deserves increased attention.