Sure, a $600 tie is nice, but Wall Street's hottest accessory seems to be the good old ball gag.
A survey conducted by the law firm Labaton Sucharow and the University of Notre Dame’s Mendoza College of Business reveals that many financial services professionals feel that while the ethical environment of the industry is still quite shady, and no one is going to say anything about it.
Using information collected from about 1,200 respondents in the US and UK, researchers found some pretty interesting facts like:
- More than one-third (34%) of those earning $500,000 or more annually have witnessed or have first hand knowledge of wrongdoing in the workplace
- 23% of respondents believe it is likely that fellow employees have engaged in illegal or unethical activity in order to gain an edge, nearly double the 12% that reported as such in 2012.
Those are bummer statistics, especially when you read deeper into the report and see that even if some of these people wanted to blow a whistle, odds are good that they'd be legally restricted from blowing.
-One in 10 respondents has signed or been asked to sign a confidentiality agreement that would prohibit reporting illegal or unethical activities to the authorities.
So, like 10% of these people can't say anything about the white collar crime spree raging around them. It's not like the odds are good they know anything anyway.
At least the people in the corner offices can be trusted, right?
-This figure surges to 25% for those respondents earning $500,000 or more annually.
Does that ball gag come in platinum? Because whistles are clearly for poors and suckers.
The Street, The Bull and The Crisis [Full report here]