24% of Wall Street Execs: We Need to Break the Law
New survey finds many consider illegal or unethical behavior necessary
By Evann Gastaldo, Newser Staff
Posted Jul 10, 2012 7:37 AM CDT
Han Shan, an Occupy Wall Street protester, makes a 1 percent shirt while protesting outside of the annual Bank of America Corp. shareholders meeting on May 9, in Charlotte, NC.   (Getty Images)

(Newser) – Well, this explains a lot: A new survey of 500 senior Wall Street executives found that 24% said that unethical or illegal behavior was not only acceptable, but even necessary in order to achieve success in their business. Other highlights from the survey, conducted by whistleblower law firm Labaton Sucharow, as per Reuters:

  • Even more—26%—said they had seen or knew of such behavior, while 30% said they felt pressured to engage in such behavior.

  • As far as insider trading, 16% said they would do it if they wouldn't get caught.
  • Some 30% felt pressured to bend the rules by the way their compensation plans were set up.
"When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," said a Labaton Sucharow executive in a statement.

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Comments
Showing 3 of 53 comments
HANKHILL
Jul 10, 2012 6:50 PM CDT
and we "need" to put you in jail!
RufusT.Firefly
Jul 10, 2012 6:46 PM CDT
This is news?
ashakeandfrys
Jul 10, 2012 3:06 PM CDT
Apparently when the cost of compliance outweighs the risk of getting caught, it's "just a business decision."