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’
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