Wall Street Executives Say Wrongdoing is Necessary

[finehoe]

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

[riverside_mail]

24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

It's pretty sad when "success" is measured solely in dollars and cents. We have come to discount honesty, integrity, work ethic and our personal reputations in our quest for the fast buck.
Call me cheesy, but if there is one movie line that haunts me, it's the end of Saving Private Ryan, when he looks to his wife and says "Tell me I've led a good life. Tell me I'm a good man."

[fsquid]

75% say it is unnecessary...

[finehoe]

75% say it is unnecessary...

Not very good odds.

[Non-RedNeck Westsider]

75% say it is unnecessary...

Not very good odds.

Better than half.   

Just to ask the questions:

Is there a poll that asks contractors if they routinely skip/shortcut (in essence, lie) parts of the job to keep them on time and on budget?

Is there a poll that asks cops is they feel the need to (sometimes) break the law in order to protect better?

Is there a poll that asks teachers if sometimes they feel the need to break school rules in order to get their message across to students better?

Just sayin'.

[simms3]

^^^^+ 1,000

There is greed/rule breaking everywhere.  For a while it was only Big Oil that was evil.  Now it is Big Wall Street.  It's always Big Something [private] and soon it will be some other Big Industry du jour.

One thing never changes - the amount of crooks running the country, aka Congress.  They "inside trade" more than anyone on earth, and get away with it!  They write the laws that impact Wall St and every industry!

[finehoe]

They write the laws that impact Wall St and every industry!

So who do you think is pulling their strings?  Or do they write these laws just for the hell of it?

[Doctor_K]

They write the laws that impact Wall St and every industry!

So who do you think is pulling their strings?  Or do they write these laws just for the hell of it?

Their Campaign donors, of course. 

We can call them "Big Money." 

That's at least partly tongue-in-cheek, but mostly true nonetheless.

[finehoe]

We can call them "Big Money." 

You mean this big money?

http://www.huffingtonpost.com/2012/01/27/wall-street-political-donations_n_1237573.html

[simms3]

finehoe, wrong premise.  The lobbying system we have has developed as a response to the complicated nature of 20th/21st century markets, industries and regulations, and largely because Congress has incubated the lobbying system themself for personal gain as has been documented time and time again.

Do you really think members of Congress know enough about the financial markets, currency, f/x, trade, transportation, marketing, and various industries to write laws about them, let alone simple 10 page laws?  Do you think if things were that simple Congress would choose to do its job and keep things clean and simple and return home to the PRIVATE SECTOR when all is said and done (rather than live off their lifelong extreme benefits/pay they pass for themselves)?

I say no to either question.

Most industries/corporations have little chance to operate outside of the lobbying world nowadays, and even if they could Congress has made it much easier and more rewarding to come to them through lobbyists rather than duke it out traditional ways or suck it up with tough luck.  Congress is the hand that feeds everyone now, so of course "Wall St fat cats" would ultimately go through Congress to ensure certain laws that benefit them pass...and who else benefits?  Congressmen who can legally trade on that information and basically take legal bribes.

Chicken or the egg.  Who was evil first - Congress or Wall St?  I say Congress as power trumps money as a corrupting factor.

[carpnter]

There are people who lack ethics in every profession be it finance, teaching, construction, government, or any other industry. 

[finehoe]

To those of you who think that having (at least) 25% of our financial system run by crooks is acceptable, would you be so cavalier if the headlines read

A quarter of construction executives see shoddy workmanship as a key to success

A quarter of physicians see malpractice as a key to success

A quarter of child care workers see wrongdoing as a key to success

Wall Street is hardly the villain du jour.  The only thing different is that their crimes are now being exposed, despite the lack of coverage in the mainstream media.

The financial system has become a culture of white collar crime and control fraud. We all know it by now.

Bad behavior drives out the good, if the bad behavior is seen to be a quick route to success amongst the morally weak and ambivalent.

The government, the regulatory bodies, the media, economists, and the corporate executives bear a heavy responsibility for this.

They will not admit it, and they cannot reform it, because they themselves are caught in the credibility trap.

Right now white collar crime in the financial system is all carrots and no sticks. The problem is obvious.

Chicken or the egg.  Who was evil first - Congress or Wall St?  I say Congress as power trumps money as a corrupting factor.

I disagree.  He who pays the piper calls the tune.

[Non-RedNeck Westsider]

I personally don't find any of it acceptable, I was just pointing out that it happens in all industries, across the board. 

I also wouldn't find any of the three headlines completely shocking.  It's just that the other industries that have been mentioned tend to reveal their true selfs sooner rather than later due to the nature of exposure.

I agree with you that the corruption seems to run all the way to the penthouse (or white house, same difference);  so how do you tamp it down?  How do you prevent the next crisis?

[finehoe]

so how do you tamp it down?  How do you prevent the next crisis?

My personal opinion is it won't be tamped down until another crisis does happen.  Nothing was fixed after the '08 meltdown, nobody of any consequence went to jail, so the shananigins continue, business as usual.  My fear is that the next crisis will result in huge numbers of people losing everything they own and will make the current economic difficulties look like boom times before any real measures will be taken to reel these criminals in.

And of course by then it will be too late for many of us.

[fsquid]

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