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.”
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.
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.
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.
These 6 former Trump officials are most likely to throw him under the bus in 2020
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.
Trump’s ignorance has touched off a new crisis in Kashmir
While Americans parse conspiracy theories about billionaire pedophile Jeffrey Epstein’s demise in a Manhattan jail cell, Trump’s sinister role in helping light a fuse in one of the most dangerous areas of the world has gone virtually unnoticed – by the U.S. that is.
India’s abrupt takeover on Aug. 5 of the Muslim-majority Kashmir state was a double whammy for the seven million inhabitants of this once-storied Himalayan kingdom nominally ruled by India and bordered by arch-enemy Pakistan as well as China, both of which claim territory in the region. All three countries have nuclear weapons.
Is Trump is right? Is there ‘something going on’ at Fox News?
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.
"Fox has changed, and my worst polls have always been from Fox. There's something going on at Fox — I'll tell you right now," Trump told reporters Sunday in New Jersey. "And I'm not happy with it."
The president went on to list which talent on the Fox News roster he was pleased with, while also suggesting that the hosts of the presidential debates could be determined by who treats him most favorably.
"Fox was treated very badly by the Democrats — very, very badly having to do with the Democrats and other things. And I think Fox is making a big mistake," Trump added. "Because you know, I'm the one who calls the shots on the really big debates. I guess we're probably planning on three of them. And I'm not happy with Fox."