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Is there an honest man or woman on Wall Street?

Credit: Wikipedia Commons
Is Wall Street set up to induce illegal and unthical behaviour?

A new study by whistle-blower law firm Labaton Sucharow found that 24% of Wall Street Executives believe you need to break the law in order to be successful.

A new study of 500 senior financial service professionals in the United States and United Kingdom by the law firm Labaton Sucharows found that 24% of those questioned believe that they "may need to engage in unethical or illegal conduct to be successful."

The firm also found that:

39 percent of those questioned reported that their competitors likely engaged in illegal or unethical activity in order to be successful;

26% of respondendent say they had seen or had knowledge of illegal or unethical behaviour;

30% of the participants feel pressure to engage in such behavior because that is how their compsenation plans incentivize them;

16% said they would participate in Insider Trading if they knew that they would not get caught.

"It is shocking that four years after the global economic crisis began there continues to be a fundamental lack of integrity in the financial services industry," stated Chris Keller, partner and head of case development at Labaton Sucharow.



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6 comments on Is there an honest man or woman on Wall Street?

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By Uttam Gill on July 10, 2012 at 11:54 pm

Tony It is a fact that with such unethical practices so called many successful billionaires have amassed wealth and created an empire. And they irony is that they are honored as great entrepreneurs...They are respected…

To my dismay they are glorified in movies too…

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By Angie Alaniz on July 11, 2012 at 02:49 am

And that surprises you?

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By Shane Joseph on July 11, 2012 at 08:23 am

With greed and fear as the only fuel for the stock market, this is to be expected. I'd say the percentages up there are a bit low.

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By dchaitanya on July 11, 2012 at 11:27 pm

This is the situation found everywhere in the market economies around the world. It is not the 'Law' that is governing the human societies, it the "money" ruling.

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By John Nelson on July 12, 2012 at 11:01 am

Sadly, our system in the U.S. is such that pensions for workers are a thing of the past and replaced with the 401k scheme that is connected to Wall St.

Our members of Congress, I recently learned, have been given a free-pass by the SEC on insider trading laws (meaning that they can do it without fear of prosecution).

Wall St. and the banking industry needs serious reform, but I've lost the confidence in our government agents (now owned by special interest groups thanks to the Citizens United decision by our conservative Supreme Court) to fix it.

Our pensions are connected to Wall St. and yet we're powerless to do anything about the rampant and cavalier corruption. It makes you want to keep your money under the mattress.

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By TonyBerkman on July 12, 2012 at 01:28 pm

haha Shane I believe you are right

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