Wednesday, July 11, 2012

Wall Street executives say wrongdoing is necessary

This article confirms what everybody already knows: there are little to no ethics in big business. (They're not talking about small mom & pops.) Some statistics follow from a survey by whistleblower law firm Labaton Sucharow of Wall Street execs:

25% see wrongdoing as the key to success.

26% have seen or have knowledge of wrongdoing in the workplace.

30% said their compensation was tied to unethical standards or violations of the law.

Having worked in the insurance industry for 14 years I can vouch for every single one of the above. I'm just surprised that the percentages are not higher, as they were in my experience. I'm guessing that they actually are higher but many were afraid to be honest in the surveys. Lying is another rampant trait in that industry and these folks, while unethical, aren't in the least stupid. Those that were honest also aren't stupid, just arrogant, as they know they can get away with it and want to flaunt their power. Remember this?

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