Wall Street Executives Say Wrongdoing is Necessary

[finehoe]

I don't think anyone is saying it is acceptable, just saying that Wall Street isn't "special" in this instance.

They're "special" in that their actions effect almost everyone in ways that most other professions don't.

"He who controls the money supply of a nation controls the nation." President James A. Garfield

[Garden guy]

I see corporate and wall street abuse worse than murder rape or treason...the repercussions are far and wide yet he or she has no hide off of their ass at all...at lease a murder will more than likely go to jail the same with rapist...these guys go home and have dinner with their hookers and worries for nothing.

[Tamara-B]

Many Wall Street executives says wrongdoing is necessary: survey

Tue Jul 10, 2012 10:07am EDT

(Reuters) - If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest man today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere.

A quarter of Wall Street executives see wrongdoing as a key to success, according to a survey by whistleblower law firm Labaton Sucharow released on Tuesday.

In a survey of 500 senior executives in the United States and the UK, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

Sixteen percent of respondents said they would commit insider trading if they could get away with it, according to Labaton Sucharow. And 30 percent said their compensation plans created pressure to compromise ethical standards or violate the law.

"When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," Jordan Thomas, partner and chair of Labaton Sucharow's whistleblower representation practice, said in a statement.

http://www.reuters.com/article/2012/07/10/us-wallstreet-survey-idUSBRE86906G20120710

Bernard Madoff thought wrongdoing was necessary as well. He'll have over a hundred years in a cell to possibly rethink that.

[Tamara-B]

I don't think anyone is saying it is acceptable, just saying that Wall Street isn't "special" in this instance.

They're "special" in that their actions effect almost everyone in ways that most other professions don't.

"He who controls the money supply of a nation controls the nation." President James A. Garfield

"Ways other professions don't?"

Are you for real, hoe?

So when a teacher molests a student, causing that poor child's life to be changed forever when it comes to their sexual life, trust, and their own state of mind...

When a doctor harms or kills a patient due to their negligence, causing the victim's family distress....

Wrongdoing in any profession negatively effects many people. Does not always have to involve a financial profession.

[finehoe]

Bernard Madoff thought wrongdoing was necessary as well. He'll have over a hundred years in a cell to possibly rethink that.

Madoff isn't even in the same league as these people.  The fact that you would think he is an example shows you need to educate yourself on the crimes of the TBTF banks.

Are you for real, hoe?

So when a teacher molests a student, causing that poor child's life to be changed forever when it comes to their sexual life, trust, and their own state of mind...

When a doctor harms or kills a patient due to their negligence, causing the victim's family distress....

Wrongdoing in any profession negatively effects many people. Does not always have to involve a financial profession.

Yes I'm for real.  Are you?  Do you really think a single teacher molesting a student or even a string of students is the equivalent of a broker manipulating stock trades so that millions of people have the values of their 401k's wiped out?  Do you actually think that banksters knowingly packaging worthless mortgages together and selling them as AAA rated securities that later lead to a crash in the housing market when it turns out they are valueless, throwing millions of people out of their homes, is the equivalent of a negligent doctor?  Are financial crooks manufacturing a run on a country's currency which drives millions into poverty the moral equivalent of someone robbing a convenience store?

That you can't see the difference in the scale of these crimes is baffling to me.  It's like saying there is no difference between a murder on the street and the holocaust because they both resulted in death.

[Non-RedNeck Westsider]

Do you actually think that banksters knowingly packaging worthless mortgages together and selling them as AAA rated securities that later lead to a crash in the housing market when it turns out they are valueless...

On this point alone, how many of these fraudsters banksters - the ones that knew everything was worthless - hedged against the securities actually failing by short selling the whole lot, essentially running the gambit twice in one play.  I really hope there's a special place in hell for those mother fuckers to rot. (if you believe in hell, if not... can we just bury them in the desert where we know it will be hot.)

[Tamara-B]

Bernard Madoff thought wrongdoing was necessary as well. He'll have over a hundred years in a cell to possibly rethink that.

Madoff isn't even in the same league as these people.  The fact that you would think he is an example shows you need to educate yourself on the crimes of the TBTF banks.

Are you for real, hoe?

So when a teacher molests a student, causing that poor child's life to be changed forever when it comes to their sexual life, trust, and their own state of mind...

When a doctor harms or kills a patient due to their negligence, causing the victim's family distress....

Wrongdoing in any profession negatively effects many people. Does not always have to involve a financial profession.

Yes I'm for real.  Are you?  Do you really think a single teacher molesting a student or even a string of students is the equivalent of a broker manipulating stock trades so that millions of people have the values of their 401k's wiped out?  Do you actually think that banksters knowingly packaging worthless mortgages together and selling them as AAA rated securities that later lead to a crash in the housing market when it turns out they are valueless, throwing millions of people out of their homes, is the equivalent of a negligent doctor?  Are financial crooks manufacturing a run on a country's currency which drives millions into poverty the moral equivalent of someone robbing a convenience store?

That you can't see the difference in the scale of these crimes is baffling to me.  It's like saying there is no difference between a murder on the street and the holocaust because they both resulted in death.

NO! I actually think a wounded child, physically and mentally, is worse. Not EQUAL!

"These people?"

Bernard Madoff was a sociopath who thought wrongdoing was necessary, as well and look where that got him. That's the point I was trying to make. Wrongdoing only goes so far, but it always catches up to you eventually.

[simms3]

finehoe, no offense, but you don't even know how the financial systems, more particularly the intricacies of domestic equities trading or what not works.  Neither do I.  Therefore I'm not going to make accusations that i have no place making, and neither should you.

I assume you don't subscribe to the Journal (I do), because if you did you would see that regulators across the globe have been cracking down hard and it is difficult to get away with anything longer than a year (every other front page is someone getting in trouble now).  There is a major LIBOR interest rate manipulation scandal ongoing and regulators in multiple countries are investigating much more rigorously than regulators of other industries typically investigate and people who "technically" didn't do anything wrong are still getting into a boatload of trouble, etc.  Not only that, their faces and names are plastered across the largest news publications and their private lives are now completely public.

I'd say they face much more pain from "wrongdoing" than you or I would in our respective industries (well I'm in private finance myself, but regardless...a peion analyst at that).

As you say, those in charge of money have greater responsibility that affects more lives, but as such, they also face not only greater rewards for doing things well and correctly, they face much harsher punishment and greater likelihood of getting caught than most.  The door swings both ways.

[simms3]

Actually, none of the Wall Street bankers that enabled Madoff have ever been charged with a single crime.

Neither have the bankers in the Enron scandal, but regulators dropped the ball there and so it is difficult to bring charges.  Now regulators are a lot more on top of things.  Bernie's brother just got 10 years or something like that for being complicit.

[finehoe]

NO! I actually think a wounded child, physically and mentally, is worse. Not EQUAL!

Harming one child is worse than harming millions of people.

Whatever.

[finehoe]

finehoe, no offense, but you don't even know how the financial systems, more particularly the intricacies of domestic equities trading or what not works. 

I don't?  I worked on Wall St. for twenty years and have seen the fraud and white collar criminality up close and personal.  I can assure you I know the intricacies better than most.

There is a major LIBOR interest rate manipulation scandal ongoing and regulators in multiple countries are investigating

Yes, I am aware of the LIBOR scandal.  That you think you need to tell me about it just shows how little attention it has received in the US press.  For the most part the reaction this side of the Atlantic has been a collective shrug, but it is a very big deal.  Hopefully it will result in some crackdowns, but the London banksters control their government to an even greater degree than the Wall St. banksters control ours, so I wouldn't count on it.  The best hope is that EU regulators latch on to it and refuse to back off.  We'll see.

[BridgeTroll]

Your insight could add to our understanding (or lack thereof).  Hypothetically of course... suppose you saw or detected fraud by one or a group of individuals in your firm... what is your recourse?  What would one do to stop a bad practice?  Do you call up a regulator?  Go to the CEO?  HR?

Just tryin to understand...

[finehoe]

Your insight could add to our understanding (or lack thereof).  Hypothetically of course... suppose you saw or detected fraud by one or a group of individuals in your firm... what is your recourse?  What would one do to stop a bad practice?  Do you call up a regulator?  Go to the CEO?  HR?

You leave, which is what I did.  The rot is so entrenched, so pervasive (see original article that started this thread), and the regulators are in the pocket of the industry, there really isn't much one person can do.  Cowardly perhaps, but that was the choice I made.

[Tamara-B]

NO! I actually think a wounded child, physically and mentally, is worse. Not EQUAL!

Harming one child is worse than harming millions of people.

Whatever.

A wise man once said "People who have nothing intelligent to say, say 'Whatever!' "

Perhaps I should have worded my argument differently. My point is there are worse things in life than financial loss. I don't claim to be the most intelligent about such cases, as I'm sure you are the most intelligent one on this entire site. Then again, I havent been dealt with such heavy financial loss. So, if I ever find myself in that situation, perhaps I'll sing a different tune. I can admit that.

[BridgeTroll]

Your insight could add to our understanding (or lack thereof).  Hypothetically of course... suppose you saw or detected fraud by one or a group of individuals in your firm... what is your recourse?  What would one do to stop a bad practice?  Do you call up a regulator?  Go to the CEO?  HR?

You leave, which is what I did.  The rot is so entrenched, so pervasive (see original article that started this thread), and the regulators are in the pocket of the industry, there really isn't much one person can do.  Cowardly perhaps, but that was the choice I made.

Not cowardly as far as I can tell.  What would a person do who chose to confront or report abuse or fraud.  I know you said not much but there must be at least a "sham" system in place to report these things.