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Survey: 24 percent of financial executives say illegal conduct is necessary for success

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A quarter of Wall Street and British financial executives think unethical or illegal conduct is needed to succeed, according to a survey by law firm Labaton Sucharow released Tuesday.

A full 24 percent of senior managers polled by the New York-based firm said they “may need to engage in unethical or illegal conduct in order to be successful.”

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And 16 percent admitted they would commit a crime, like insider trading, if they could get away with it.

The survey comes after a string of controversies, legal investigations and denunciations of the financial profession, which is blamed for helping to run the global economy into the ground via the 2008 financial crisis.

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

The latest controversy to hit the industry has involved allegations that Barclays Bank traders manipulated key inter-bank lending rates that underpin the entire banking system.

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The controversy forced Barclays’s chief executive Bob Diamond to step down.

The survey also showed 39 percent of respondents believe their competitors have engaged in illegal or unethical activity.

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Thirty percent said their pay or bonuses put pressure on them to violate ethical standards.

One third said securities regulators on both side of the Atlantic are a deterrence.

The survey was conducted in June and included 500 respondents in the Britain and the United States.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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These 6 former Trump officials are most likely to throw him under the bus in 2020

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Former Trump White House Communications Director Anthony Scaramucci said on Monday that he believed we would soon see a groundswell of former Trump administration officials coming out to publicly denounce the president ahead of his 2020 reelection bid in an effort to warn Americans of his unfitness for office.

Given that the Trump White House has experienced record turnover during its two-and-a-half year existence, there is no shortage of disgruntled former officials who could come out against the president's reelection campaign within the next year.

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Trump’s ignorance has touched off a new crisis in Kashmir

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Is Trump is right? Is there ‘something going on’ at Fox News?

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President Donald Trump denounced Fox News after the network released a poll showing him lagging behind the four current frontrunners for the Democratic presidential nomination.

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