Skip to comments.A QUARTER of Wall Street execs see wrongdoing as the key to success
Posted on 07/10/2012 2:17:01 PM PDT by Kartographer
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 whistle-blower law firm Labaton Sucharow released on Tuesday. In a survey of 500 senior executives in the United States and the UK, 26 per cent of respondents said they had observed or had first-hand knowledge of wrongdoing in the workplace.
(Excerpt) Read more at dailymail.co.uk ...
There is a war on the free markets and its not just Obama, OWS, Big Labor and so forth, but Big banks and brokerage house are just as much at war. They repeated get caught steal millions and billions and yet no one ever goes to jail. Tell me what is learned if you cheat, rob, defraud a billion dollars and you get fined a million? You learn that 10% is what you steal is the cost of doing business.
And no we dont need any more laws we just need the laws that are in place now enforced and start sending people to jail and I aint talking Club FED style prisons Im talking the same prison the liquor store robber and the car jackers go to.
The lines between Wall Street and the Government get more blurry with each passing day.
One might add with the way bonuses are assigned on Wall Street it incentivizes cheating and taking short cuts. Pile on the bonus money and just walk away when it all comes crashing down.
How much of this “Corporate Wrongdoing” involves opposing Federal Regulations, Federal Regulators and Federal Laws written by Federal Regulators?
BTW, the Regulations for the Dodd-Frank Federal Dictate are still being written by unelected Federal Regulators.
as opposed to 3/4 in the population at large.
Everybody wants accurate information to make intelligent choices that are more than stabs in the dark. But if you have actual accurate information that isn’t available to other people — a way to make real money — you could be prosecuted for insider trading. So, yeah, it’s a thin line between great success and imprisonment.
A QUARTER of Wall Street execs see wrongdoing as the key to success (and 16% said they'd commit insider trading if they could get away with it)
24% of 500 surveyed senior executives in US and UK said that success may depend on engaging in illegal or unethical practices
26% said they had observed or knew about wrongdoing in the workplace
"26% openly admit their wrong doing"
That isn't what the story says. It says 26% have observed not committed. Quit bearing false witness, quit lying, and pay your debts while you're at it.
Just about 100% of those who default on their obligations don't just theorize or observe wrongdoing but are practitioners of wrongdoing.
Never though of that so Dodd-Frank makes them steal. So tell me which part of Dodd-Frank made thieves out of PFG and MF Global?
Observing a crime makes you an Accessory which is a crime. Watch someone steal other peoples money and not saying something is a crime.
If this is true I’d have to say Wall Street people are much more honest as a group than the general population.
The “Wall Street Problem” is not so much the number of miscreants as it is the damage one cretin can do with access to mindboggling sums of capital.
Only time will tell.
Right now there are kids still in High School that in a few years will be writing the Regulations for Dodd-Frank.
Maybe their High School teachers have already made some helpful suggestions to these future Federal Regulation writers?
BTW, wasn’t one of these MF thieves a former US Senator? Who knows? He may have helped Sen. Dodd write the bill.
If 26% admit it then the real number in closer to 90%. It is time that many of these types join Luca Brasi and sleep with the fishes.
The government makes almost everything illegal and plaintiffs attorneys make everything else actionable in civil court. Business people feel cheating is acceptable because the alternative is inaction.
“Wrongdoing” of course, meaning anything that violates one of the statutes in the book of government rules and regulations which is roughly equal in bulk to the Encyclopedia Britannica.
But, oh, dear, we shouldn’t have expected money brokers to be interested in... uh... money.
I bet you feel different if it was your money they cheated with! So if you fill some pressure it’s ok to steal?
Ann Barnhardt posted a good column today on this where she said:
And that goes for every other broker out there right now. You know that it is just a matter of time. You know that your FCM could blow sky-high next week. You know that every assurance of integrity and solvency and “compliance” is bullshit, and has been bullshit for quite some time. You know that every bank wire and check that comes in from your clients is being deposited into the gaping maw of a living lie. You know the NFA, CFTC, SEC and the CME are lying, thieving psychopathic criminals, and that your clients are viewed as nothing but zeroes and ones on servers that can be “harvested” whenever JPMorgan or Goldman Sachs sees fit to do it, and then Tyqueesha in the back office and LaNeequa the junior auditor and Jamahl the assistant compliance manager/robosigner will be blamed. If you continue to expose your clients to that, then you are no better than the criminals, and will deserve to be sued into the ground for lying to your customers about the safety of the markets.
The ultimate catch-22: by the very act of being in the futures business, you are by definition breaching your fiduciary duty to your clients, and are thus in violation of the law.
Welcome to Communism. Welcome to hell.
IT’S LIKE I’M PSYCHOTIC OR PSYCHIC OR SOMETHIN’
I never expected to find apologist for thieves on FR.
Let’s not deal with “feelings”, refute what I said if you can.
Those “thieves” are to theft as Conservatives are to terrorism; it’s so because the government Leviathan chooses to call them so.
To paraphrase Andy Warhol, in the Age of Obama, everyone will be a criminal for fifteen minutes.
Do they correlate the results with political orientation?
...or religious orientation...
"According to my opinion, and the opinions of many defectors of my caliber, only about 15% of time, money, and manpower is spent on espionage as such. The other 85% is a slow process which we call either ideological subversion, active measures, or psychological warfare. What it basically means is: to change the perception of reality of every American that despite of the abundance of information no one is able to come to sensible conclusions in the interest of defending themselves, their families, their community, and their country.It's a great brainwashing process which goes very slow and is divided into four basic stages.The first stage being "demoralization".... "--KGB Defector Yuri Bezmenov--Soviet Subversion of the Free Press (Ideological subversion, Destabilization, CRISIS - and the KGB)
I did with my reference to Ann Barnhardt article.
I guess John Corzine would be your choice for business man of the year.
Nothing like honor among thieves.
I’m surprised it’s only a quarter.
“I never expected to find apologist for thieves on FR.”
One of the more laughable aspects of what sometimes passes for ‘conservatism’ around here is the belief that morality can determined simply by whether or not someone is a businessman versus a government employee.
Evidently some kind of Ayn Randian nature god sorts everyone out into the proper slots, with the pure at heart all being in the private sector and the wicked working for government. Ergo anything the private sector does is by definition Not Theft. And if it is theft, it must be the government’s fault.
You would think that some of these geniuses would have heard of Charles Ponzi and Bernie Madoff, among others.
I now do.
It’s because Republicans and conservatives, on balance, don’t know jack about financial markets, how they really work and what is going on.
If you asked 100 Republicans or conservatives to explain what happened at MF Global and who it affected, I’ll wager that 99 of these people would look at you with blank expressions... but in the next breath, they’d start babbling something about ‘free markets’...
Yea, you know, the government did make telling lies about how much money you have in bank accounts when you’re a FCM or brokerage illegal. Seems that people get a little pissed off when they go to withdraw money from their account(s) and are told “Sorry, your money is gone.”
The government did make pilfering segregated customer money to back up proprietary trades or liabilities illegal... for much the same reason.
But hey, you seem to want to go back to the days of the bucket shop, where when you placed a trade on a stock, the bucket shop wouldn’t even send your order into the actual markets in New York... they’d just pretend to execute your trade because they expected that you were going to be busted out of your position and lose your margin money within a week. From reading Jesse Livermore’s account of those days, it was fun times... if you knew how to rip off the bucket shop. Otherwise, it wasn’t quite as much fun.
Or Enron, or Stanford, Gupta, Crazy Eddie, ZZZ Best....
the list goes on and on.
But hey, every one of these guys is a misunderstood champion of capitalism!
So you can’t refute what I said and simply use vague reference and hurl your unrelated accusations. Nice talking to you
Calling these people thieves is not a vague reference when hundreds of millions of dollars have been stolen from peoples accounts it’s spot on. And how you can excuse such crimes by blaming government regulations and regulatory pressure is ludicrous.
Hey Dave long time! Just a warn it looks like we’ve poked a stick into the John Corzine fan club and mostly charter members at that!
Please point to the language I used that you feel is excusing crimes. I commented that the government has over regulated business and plaintiffs attorneys have made even licit activity seem wrong.
I suppose you could take the position that trial lawyers and government regulations are good things and we need more but, if you do so, please don’t call yourself a conservative.
Like Jon Corzine, interested in $1.6 BILLION of OTHER PEOPLE'S MONEY!
No problem there ... he just violated one of the statutes in the book of government rules and regulations which is roughly equal in bulk to the Encyclopedia Britannica.
How about this one? "Thou shalt not steal".
The only two things businesspeople can do are “cheat” or “nothing”?
And what part of that do you see as exculpatory?
You’re the one who said inaction is their only alternative to cheating.
So an honest broker chooses inaction. Have you looked at your IRA/401k results lately? It looks to me like a lot are choosing inaction.
I wonder what is happening to us when morality in business is considered just another concept to be accepted or rejected.
What is happening, at least in part, is that there is a decreasing connection between the law and morality. Much new legislation, Dodd-Frank for example, is “gotcha” based and not morally based.
Don’t get me started.
I feel a rant of epic proportions boiling up from my guts on this topic.
The poor poor ‘bankster’ must steal as they have no choice the Government regulations are so that the must steal their clients money to comply.
One a-hole goes nuts, and so we should tie up an entire industry in red tape and bankrupt America???
No doubt you feel, also, that one shooter goes crazy and we should ban all firearms.
Sorry, not buying your line of illogic.
It isn’t just one! What about MF Global? What about the on going Libor scandle? What about this from Ann Barnhardt?
So you think that PFGBest is the first time that the NFA has inexplicably “missed” hundreds of millions of dollars from a non-clearing FCM that they had under their auditing auspices?
Oh, you would be very, very wrong. Let me tell you the tale of Sentinel Management Group, a non-clearing FCM that operated as a hedge fund for other FCMs, that was a Ponzi scheme which when it finally collapsed in 2007, was “missing” $500 million.
The NFA’s own report on Sentinel, for which the NFA was the auditing body, found:
“Sentinel failed to maintain adequate books and records, including records to demonstrate the location” of some accounts.
Huh. How is that possible, given that the NFA auditors had signed off on every audit ever performed of Sentinel, since the NFA was itself the auditing body?
Apparently, just as with PFGBest, the NFA was grossly, grossly negligent in its due diligence - almost certainly intentionally - and then mid-level robosigners who were neither competent nor possessing any real knowledge of Sentinel’s books were told to sign off on the Sentinel audits.
You’ve clearly got a bee in your bonnet.
Why don’t you pour yourself out a tall, cold one; sit down in your favorite chair, take a few deep breaths, and relax.
I don’t like thieves I guess, I’m funny that way but looks like I am in the minority about my dislike of thieves on FR.
By the way I posted this because you r post talking about just ‘One A-Hole’ it’s not just one I could make a list in fact I am betting you could make a list if you wanted to.
And this is just getting started the ‘paint’ is peeling and what’s going to be found is a lot of rotten wood underneath a lot more of these financial houses.
I like to know what all these FReepers who insist it’s not out right thievery, but government regulations that’s causing all these peoples money to disappear down the rabbit hole. I like to tell me what they would tell the lady in Ann Barnhardt’s article:
THE PEASANTS ARE SHARPENING THEIR PITCHFORKS
“I want roasted balls on a plate at this point. Preferably roasted while still on a living person... Without anesthesia.”
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