One In Four Wall Street Workers Admit They Know Of 'Wrongdoing'



By Lauren Tara LaCapra


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.

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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 said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

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.


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Leland Williams Jr.

symptoms of our greed culture. no admiration for these false leaders of amercia....

June 12 2013 at 1:37 PM Report abuse rate up rate down Reply
Mitch

The other three are either stupid or liars.

July 11 2012 at 4:28 AM Report abuse rate up rate down Reply
John Whatmeworry

I thought it was going to be cocaine. 'One In Four Wall Street Workers Admit To A Cocaine Habit'.

July 11 2012 at 2:12 AM Report abuse rate up rate down Reply
Holly

This a good example of why there has been OWS. People have guessed (correctly) that this kind of behavior has been going on. And nothing was being done to find it or stop it. Deregulation by the previous administrations only made things worse. Money lost by small investors, like employee 401k's and individual IRA's, is not being and will not be recouped. I hope they these workers can help in the arrests of these "wrongdoers".

July 10 2012 at 7:01 PM Report abuse rate up rate down Reply
jgmrealestate

Hey HP ,considering your editor is of Greek Ancestry ,couldnt you at least get Diogenes philosophy right,.
Its in search of an honest man,. Not many, what is Arriana going to say, ?

July 10 2012 at 6:40 PM Report abuse rate up rate down Reply
sliclements

I wonder how many in the federal government would admit to knowing of wrongdoing? As in congress and the WH.

July 10 2012 at 4:39 PM Report abuse rate up rate down Reply
kglesieur

When did we begin to equate success with cheating, deception for money, etc? There is no success there, only self-deprecation. We have not realized our responsibility regarding the lesson of the fig leaf - the adultery is defined as doing the error in spite of knowing better. For such self - gratification the children must forever suffer. With each generation there is a greater tendency to see the cheating, etc. as normal and expected.
Jkeaera

July 10 2012 at 4:06 PM Report abuse rate up rate down Reply
amyjhlltt

Sad comment on professionals in the world today.
Apparenly being smart, working hard and being honest
has gone the way of the DoDo Bird!

July 10 2012 at 3:24 PM Report abuse rate up rate down Reply
morine44

One in four admit to knowing about wrongdoing? Baloney. It's probably three out of four. Minimum. They're all scumbags.

July 10 2012 at 2:58 PM Report abuse rate up rate down Reply
goodgrief61945

Good idea!

July 10 2012 at 1:49 PM Report abuse rate up rate down Reply

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