Survey On Ethics Throws Dark Shadows All Over Wall Street
Labaton Sucharow, a blue-chip New York City law firm that specializes in representing corporate whistle-blowers, has just released disturbing results of a study it conducted on ethical behavior in the financial services industry. A company hired by the firm surveyed 500 financial professionals in the U.S. and Great Britain, and found a disturbingly high number lacking in ethical fiber. Of the total, 24 percent said they believe unethical or illegal conduct may be necessary, for people in their line of work, to get ahead. Another 26 percent said they had observed wrongdoing in the workplace, and 39 percent said they believed their competitors have engaged in illegal or unethical practices, in order to succeed. And a troublesome percentage said corporations create or inspire unethical behavior with their own bonus or compensation plans. Thirty percent said such plans at their companies create pressure to compromise ethics or do something illegal.