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Wall Street Professional Survey

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Wall Street Professional Survey Reveals Widespread Misconduct, Acceptance of Illegal Activities, and Disregard of Client Interests

At the Same Time, Financial Watchdogs Are Increasingly Trusted, Willingness to Report High, and Awareness of the SEC Whistleblower Program Exploding

Not sure what the percentages signify, and I'm sure there's every sort of cognitive bias at work here + it's probably a self-serving analysis:

According to the independent survey, 52% of the respondents believed that their competitors engaged in illegal or unethical behavior while 24% felt employees in their own company had engaged in similar misconduct. An astonishing 23% reported that they had observed or had first-hand knowledge of wrongdoing in the workplace and 29% believed that financial services professionals may need to engage in illegal or unethical behavior to be successful. An alarming 28% felt the industry does not put the interests of clients first and 24% admitted they would engage in insider trading if they could get away with it. Surprisingly, in response to each of these questions, younger professionals on Wall Street were significantly more likely to be aware, accept and engage in illegal or unethical conduct than their more senior colleagues.

http://www.labaton.com/en/about/press/Wall-Street-Professional-Survey-Reveals-Widespread-Misconduct.cfm

But imagine if those percentages applied to lawyers or doctors - you simply couldn't describe them as a profession anymore.

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Surprisingly, in response to each of these questions, younger professionals on Wall Street were significantly more likely to be aware, accept and engage in illegal or unethical conduct

Nothing surprising about it. Any rose-tinted glasses came off in 2008; anybody going into Wall Street in the last 5 years knew exactly what they were signing up for.

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Nothing surprising about it. Any rose-tinted glasses came off in 2008; anybody going into Wall Street in the last 5 years knew exactly what they were signing up for.

Not only that but they also knew that the chances of any criminal sanction for engaging in dubious practices is almost zero. Could you have better designed a system to promote poor behaviour if you started from scratch? Doubtful.

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Wall Street Professional Survey Reveals Widespread Misconduct, Acceptance of Illegal Activities, and Disregard of Client Interests

The headline is misleading as there's a word missing at the end.

That word is AGAIN.

Edited by billybong

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