If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many 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 (who were willing to admit it) said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful. You can most likely presume that the number who actually do this is much higher.
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.
The survey's release comes as the fallout from Barclays PLC's Libor-rigging scandal continues and other banks including Citigroup Inc, HSBC Holdings PLC, Royal Bank of Scotland Group PLC and UBS AG await the outcome of an industry-wide probe.
"Win at any cost, screw anyone so long as you get your's, any means justifies the end." Has this become the motto of America? Is the only reason Bernie Madoff went to jail is that he stole from the 1%?
"Industry-wide probe" which will come to nothing. There's nothing new about illegal activities in finance. The eighties saw eighteen (?) bankers go to jail. Now we don't even investigate. Congress lobbies apologetic questions at them.
At least the Brits ask some tough questions unlike the Americans who can't afford to lose that precious tie that binds: money. Americans are in love with money. And the poorer we get, the more we love the people who have it.
Posted by: T-S | July 11, 2012 at 10:10 AM
You are probably right. I heard a Diane Reims show on this the other night, and the British guest said he didn't see how american bankers would beat this one, though. The Barclay's scandal is far reaching.
But, you are probably right.
Posted by: Walt | July 11, 2012 at 10:33 AM
Aaaah, but it all depends on what the meaning of success is. If you gain wealth by cheating I don't believe you've been successful. In my mind success means having to live with yourself knowing that you've achieved what you did through ethical and legitimate efforts. Otherwise your 'success' will always have an * next to it.
Posted by: dwbh | July 11, 2012 at 11:58 AM
At one time, a looooong time ago, that was true, dwbh. But we are a greedy nation, as T-S has said before. Look at the people who have knock-down drag-out fights during Christmas shopping. People cut you off in traffic, push ahead in line at the store. ME ME ME. The cheaters in life don't care what you or I think. And the rich ones have learned the power they achieve with a big bank account and are hardly concerned with a few little ethics along the way. I have absolutely no idea how to turn it around, either.
Posted by: Walt | July 11, 2012 at 02:49 PM
None of that behavior that you are railing at is exclusive to the rich Walt. From welfare cheats and shop lifters through insurance frauds and right on up to Bernie Madoff and his ilk. From the Traveler's clans through politicians, city council members to Senators (and above, perhaps), ethics is, to many, a lost art.
Ye all put way too much faith in government to aid in the cure. The only way is to practice do diligence and be first in line to protect your own self.
Posted by: Chucks | July 11, 2012 at 05:26 PM
Hey guys, poor people do it too. Bla bla bla.
Posted by: Mike D | July 11, 2012 at 05:34 PM
Oh buy Mike D., poor people go to jail! Every day. Then lose their voting privileges when they get out. No Club Fed for them.
Posted by: T-S | July 11, 2012 at 05:55 PM
A percentage of all peoples at all stations in life do it. Thieves is thieves.
Posted by: Chucks | July 11, 2012 at 05:55 PM
be first in line to protect your own self.
I rest my case!
Posted by: Walt | July 11, 2012 at 06:44 PM
All this hoopla over Romney's appearance today before the NAACP and at which he said he would repeal Obamacare. While being booed, he smiled. I think he counted on that. The reigning opinion is that he misspoke but I think it was calculated. It was code to white males that he is tough and he tells the truth. Very machiavellian which the GOP always is. He doesn't care about black votes. He's seen the polls. And he knows states are purging the rolls of blacks and hispanics.
Then he had a private meeting with VIP blacks who were flown in from other places(politicians) so he could say it.
A very calculated performance.
Oh, O'Donnel just got it, too. He said Romney seemed to invite almost overtly the booing! Good for you, Lawrence! You stole my thunder!
Posted by: T-S | July 11, 2012 at 07:13 PM
Counterpoint -
Unfortunately, the left has exclusively practiced cheating constantly - not a good sign. Madoff has nothing on them - nothing personal. Machiavellian and narcissistic and malevolent is what they are. MSNBC misquotes and prevaricates all the time and this President and his minions are doing it as much as they can to try and fool the low information voters again. Fool us once shame on you, fool us twice shame on us (I never voted for the fool) and as Mr. T says to his supporters - Pity the fools.
However that will be considerably tougher than 2008, because Mr. Owebama has a record that sucks the big one unless you like radical marxism and a dicktactorship American style and someone who is clueless about the economy. I'd like Mr. Romney to pick either Rubio, Jindal or Allen West - the last choice will work the leftists like T-S, Mike D and others into a lather - so bring it on...
Posted by: KS | July 11, 2012 at 07:44 PM
KS,
First, Mr. T said “I pity the fool”, in reference to an idiot willing to challenge him. But your metaphor suggests he’d beat your brains out because you’re a fool. Maybe you should rethink the deployment of that colloquialism. Second, please Mr. Rmoney, pick a VP which KS approves. The laughter from Comedy Central would be heard round the world.
Posted by: BlackRhino | July 11, 2012 at 09:16 PM
"The reigning opinion is that he misspoke but I think it was calculated. It was code to white males that he is tough and he tells the truth."
Precisely what I thought. Calculated toward the people sitting out of camera, not in front of him.
Posted by: Mercifurious | July 11, 2012 at 09:17 PM
Rhino, I couldn't figure out what KS was talking about so I ignored it.
Been a long time, Merci. We've got his number, huh? Do you think Romney has a chance? There are a lot of misinformed people out there.
Posted by: T-S | July 11, 2012 at 09:27 PM
I just reread KS. I missed all the lewd references the first time. I guess Tommy opened the door for that kind of stuff when he said fu clown. That's pretty lame. I was surprised that stayed up.
Posted by: T-S | July 11, 2012 at 09:30 PM
A percentage of all peoples at all stations in life do it. Thieves is thieves.
Posted by: Chucks | July 11, 2012 at 05:55 PM
Thanks but what does that have to do with the subject at hand? Your point seems to be "everybody does it so it's no big deal that the wealthy do it", in which case you're nothing but an apologist for corrupt elites and don't deserve to be taken seriously.
Posted by: Mike D | July 11, 2012 at 09:41 PM
No Mike D. The only point I wanted to make was that the story does not take in to account that there are thieves everywhere, at every stage of wealth and poverty. It is a meaningless study. It only serves to benefit the writers twisted agenda.
Not everybody does it. Likely most do not do it.
Nobody is perfect but most people strive to live and do business ethically.
I really don't give a damn if you take me seriously Mike. Just throwing out my own thoughts and opinions. You are welcome to twist them any way that you may wish to feed your own personal visions and delusions.
Posted by: Chucks | July 11, 2012 at 09:56 PM
Some people don't see a difference between stealing a loaf of bread and going to jail and stealing a million pensions and not going to jail.
Posted by: T-S | July 11, 2012 at 10:04 PM
Well stated, TS. I wonder if there is a reaction from Chucks point of view?
Posted by: BlackRhino | July 11, 2012 at 10:13 PM
I'll check back tomorrow for his response. Feel free to speak for me, Rhino and Mike D. I'm tired tonight.
G'Night.
Posted by: T-S | July 11, 2012 at 10:25 PM
To all the wretchedly uninformed Seattlites pushing for new Arena. You all really cannot be this stupid, but I'm not sure.
The story doesn't end happily, and here's the spoiler ending: Sports team owners threaten to leave/ask for more $$$, public gets stuck with bill for cost overruns, public rips open already bleeding budget for team owners, sport team laughs all the way to bank while counting their money, often leaving to another city of willful dupes.
It's like watching drug addicts returning to the same dope but expecting something better. Just say NO
Posted by: Mercifurious | July 11, 2012 at 10:27 PM
Ok, thank for the invite. Good nite
Posted by: BlackRhino | July 11, 2012 at 10:29 PM
Looks like BR and Mike D have passed the tutorial course of wacko-ideology and obfuscation offered up by T-S.
The only thing that is the same between myself and Mr. T is the quote "Pity the fool" - to those who still show the gullibility or useful idiocy to swallow all of the bulls**t that Prez BO feeds you. BTW- Mr. T does not support Owebama, because of his lack of character and his thin skin.
Schadenfreude to you.
Posted by: KS | July 11, 2012 at 10:45 PM
Touché KS, uhhh…yea.
Posted by: BlackRhino | July 11, 2012 at 11:05 PM
Mercifurious, did you see this June 04, 2012
Bank study debunks claim of public benefits from new sports arenas
A report by UBS, sent to its wealthy clients, finds only owners and fans benefit by these public investments, not the public.
I hope people are smart enough not to get into more debt to satisfy the whims of the rich. If they want their own sports teams and stadiums, they can pay for them themselves.
Posted by: T-S | July 12, 2012 at 07:41 PM
Ok KS, I'll bite. Give me an example of a misquote on MSNBC.
Posted by: Walt | July 12, 2012 at 08:06 PM
Gosh, Walt. You got mad at me once for asking KS to back up his claims. I imagine you'll only ask once. I doubt you'll be any luckier than I was at getting one.
Today the right blocked a small business tax break. What gives with that? I thought they wanted fewer taxes on the job creators.
Posted by: T-S | July 12, 2012 at 08:27 PM