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Wed Nov 28, 2012, 01:42 PM

Wall Street Professionals Admit: Yes, Lots of Us Are Corrupt

Is Wall Street corrupt? Responses vary depending on whom you ask. But ask the folks who work in the financial services industry and you'll get a surprisingly clear answer: "Yes."

A recent survey of 500 financial services professionals, conducted by market researcher Populus at the behest of law firm Labaton Sucharow, turned up some surprisingly candid results from the folks surveyed. For example:

39% of financial industry insiders surveyed "reported that their competitors are likely to have engaged in illegal or unethical activity in order to be successful."

And this was more than just suspicion. "26% of respondents indicated that they had observed or had firsthand knowledge of wrongdoing in the workplace."

Nearly one in four "believed that financial services professionals may need to engage in unethical or illegal conduct in order to be successful.

Nearly one in three said they themselves felt "pressured by bonus or compensation plans to violate the law or engage in unethical conduct.

But pressure need not be succumbed to. Surely these financial industry professionals put their ethics, and the interests of their clients, ahead of personal gain, right?

Well ... not necessarily.

http://www.dailyfinance.com/2012/07/20/stockbroker-corrupt-wall-street-cheats/

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Reply Wall Street Professionals Admit: Yes, Lots of Us Are Corrupt (Original post)
The Straight Story Nov 2012 OP
unblock Nov 2012 #1
Brigid Nov 2012 #2
Egalitarian Thug Nov 2012 #3
marions ghost Nov 2012 #4

Response to The Straight Story (Original post)

Wed Nov 28, 2012, 02:04 PM

1. the modern capitalist "ethic" is that anything legal in the name of "adding shareholder value" is ok

which interestingly enough is very closely aligned with the goal of "anything legal that maximizes my own personal best interest", aka, "be as greedy as you can get away with" and calling that "ethical".

of course, such an ethical sense lives strongly in boardrooms across america; it's hardly unique to the financial sector.

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Response to The Straight Story (Original post)

Wed Nov 28, 2012, 03:01 PM

2. Is anyone really surprised by this?

If you need further information, just watch "Inside Job."

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Response to The Straight Story (Original post)

Wed Nov 28, 2012, 03:04 PM

3. In other news, water is wet. This is but one of several industries the world would be far better

 

off without. For-profit insurance is another that comes to mind.

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Response to The Straight Story (Original post)

Wed Nov 28, 2012, 03:23 PM

4. the Financial Services Industry

attracts the ethically challenged to begin with, but the fact that they "feel pressured to violate the law" speaks to the sickness of the climate as a whole.

These people don't lose sleep over the crimes they commit because they aren't defined as crimes, nor are they prosecuted.

Prosecution helps a LOT in teaching people ethics.

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