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I disagree with the author's premise: "Nearly a decade after one of the most devastating financial collapses in modern history, Wall Street appears as corrupt a
by erikig 10y ago
I disagree with the author's premise: "Nearly a decade after one of the most devastating financial collapses in modern history, Wall Street appears as corrupt as ever."
Considering the size of 'Wall Street' the size of the ethics violations that he uses as an example are miniscule. In addition, due to the increased scrutiny that financial institutions face and the potential damage that scandals can cause, legitimate organizations seem less willing to risk ethics violations.
Also, unlike in war, ethics violations on Wall Street can be reported and prosecuted relatively easily.
As mentioned in many comments above - Wall Street has ethics, one can only hope that the current administration doesn't take steps to weaken threaten these.
- TelmoMenezes 10y agoI wonder how one could say this stuff with a straight face after witnessing the credit crisis of 2007, and the not only lack of consequences for the highly unethical and very likely illegal activities that lead to it, but also the subsequent largest transfer of wealth from the poor to the rich that ever took place in human history. Bankers were literally rewarded by the system for being evil. Many lives and families across the globe were destroyed by their actions -- be it by evictions, loss of pensions and savings that took a lifetime to build and related suicides. Let us not whitewash all of this stuff.
- rhizome 10y agoIf the financial ethics laws (e.g. Sarbanes-Oxley) had any teeth, Lloyd Blankfein and Jamie Dimon would be in prison right now.