Survey: Many Wall St execs says wrongdoing is necessary

NEW YORK: If the ancient Greek philosopher Diogenes were to go out
with his lantern in search of an honest many today, a survey of Wall
Street executives on workplace conduct suggests he might have to look
elsewhere.
A quarter of Wall Street executives see wrongdoing as
a key to success, according to a survey by whistleblower law firm
Labaton Sucharow released on Tuesday.
In a survey of 500 senior
executives in the United States and the UK, 26 percent of respondents
said they had observed or had firsthand knowledge of wrongdoing in the
workplace, while 24 percent said they believed financial services
professionals may need to engage in unethical or illegal conduct to be
successful.
Sixteen percent of respondents said they would
commit insider trading if they could get away with it, according to
Labaton Sucharow. And 30 percent said their compensation plans created
pressure to compromise ethical standards or violate the law.

[You must be registered and logged in to see this image.] A sign is seen on Wall Street near the New York Stock Exchange June 15, 2012. REUTERS/Eric Thaye "When
misconduct is common and accepted by financial services professionals,
the integrity of our entire financial system is at risk," Jordan
Thomas, partner and chair of Labaton Sucharow's whistleblower
representation practice, said in a statement.
The survey's release comes as the fallout from Barclays PLC's Libor-rigging scandal continues and other banks including Citigroup Inc, HSBC Holdings PLC, Royal Bank of Scotland Group PLC and UBS AG await the outcome of an industry-wide probe. - Reuters