“Virtually every major Wall Street firm has pledged to redouble its efforts to instill an ethical culture. And virtually all the large firms said that if there was bad behavior, it is behind them. Well, it isn’t.”
“A new report on financial professionals’ views of their industry paints a troubling picture…. about a third of the people who said they made more than $500,000 annually contend that they “have witnessed or have firsthand knowledge of wrongdoing in the workplace.”
Many on Wall Street Say It Remains Untamed
New York Times
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“The survey released on Tuesday by a collaboration of law firm Labaton Sucharow and the University of Notre Dame’s Mendoza College of Business finds that nearly half, about 47%, of Wall Street executives believe that their rivals have engaged in illegal or unethical behavior…”
“Unfortunately things have gotten worse on almost every major metric,” Jordan Thomas, partner at law firm Labaton Sucharow, focusing on whisteblower advocacy and co-author of the report, told MarketWatch.
After financial reforms, bad behavior on Wall Street gets worse
Market Watch
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The report highlighted a troubling trend for potential whistleblowers who want to stop waste, fraud, and abuse in their workplace, but are stifled by a culture of fear, in which signing confidentiality agreements is commonplace.
“A quarter of respondents in the survey earning $500,000 or more reported that they signed a confidentiality agreement that prohibits them from reporting illegal activities to the authorities.”
Seven Years Later, Wall Street Hasn’t Learned Anything
The Atlantic