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A Matter of Ethics: Wall Street Execs Say Wrongdoing Is Right
July 10, 2012
[ by Melanie Gretchen ]
Wall Street executives may be rich in wealth, but not in honesty, a study found. Of the 500 senior executives surveyed in the U.S. and the U.K., 24% of the respondents said that unethical or illegal conduct is necessary for financial services professionals to be successful.
Incentive-Driven. Whistleblower law firm Labaton Sucharow shed new light on the financial industry. Fast facts:
- 26% said they had observed or had firsthand knowledge of wrongdoing in the workplace;
- 16% said they would commit insider trading if they could get away with it;
- 30% 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.
For further details, go to [Reuters, 7/10/12].
