News Update :

‘Wall Street sees dodgy deals necessary’

Friday, July 13, 2012


US: A quarter of Wall Street and British financial executives have witnessed unethical or illegal conduct and as many believe such actions are needed to succeed, an industry survey showed Tuesday.

Twenty-six percent of financial professionals polled by the New York-based law firm Labaton Sucharow said they had observed or had first-hand knowledge of wrongdoing at work.

Some 24 percent said they “may need to engage in unethical or illegal conduct in order to be successful” and 16 percent admitted they would commit the crime of insider trading, if they could get away with it.

“When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk,” said Jordan Thomas, head of Labaton Sucharow's whistleblower representation practice.

The survey will do little to boost confidence in the financial sector, which is already at an all-time low.

The industry has faced a string of controversies, legal investigations and denunciations since being blamed for helping to run the global economy into the ground via the 2008 financial crisis.

According to a recent Gallup poll, Americans' confidence in their banks is now at a record low of 21 percent, after the greatest decline of any institution relative to its historic average.

AFP






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