Many Wall Street Executives Say Wrongdoing Is Necessary:
Capitalism-hating radicals claim that our financial sector is awash with unethical and illegal behavior, which is not merely tolerated, but encouraged or even required for success. Many Wall Street leaders concur completely.
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 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.
Comment: It’s not just now or Wall Street, fortunes have been made through unethical, immoral, or illegal means. A lot of early American fortunes came out of profiteering on the American revolution and the subsequent wars. Similar profiteering, I’m sure, went on in other nations. American Industrialists like Rockefeller and Carnegie made their fortunes through brutal, unethical, and illegal business practices…then later became philanthropists and bought themselves better reputations. And of course, there are economists that make the similar argument with regards to them – that it was necessary for them to behave illegally and unethically. You’ve got the fortunes made in the financial market today, which are almost exclusively based in fraud, unethical behavior, the revolving door between regulators and industry where everyone has a vested financial interest in ignoring the fraud & unethical behavior, and congress people who are owned outright.