The crooks - How Goldman Sachs Robbed You Of U$ 5 B

[Heracleum Persicum]

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[Heracleum Persicum]

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Wall Street’s moral compass is so broken it’s killing capitalism

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In fact, life has become far worse since the 2008 crash and destructive for America, a cancer metastizing inside the Wall Street banks. USA Today just reported that “Wall Street has a shaky grip on its ethical compass ... Despite the financial changes enacted after the 2008 financial crisis, improper and even illegal activity is perceived as common among traders, brokers, portfolio managers, investment bankers and other” insiders in a survey by a New York financial-district law firm, Labaton Sucharow.

How bad is Wall Street? “More than half of the respondents, 52%, felt it likely their competitors had engaged in unethical or illegal activity to gain a market edge. And 24% felt company co-workers had done so” and “nearly one quarter, 24%, said they would likely engage in illegal insider trading to make $10 million if they could get away with it.”

It gets even worse when the moral integrity of Wall Street insiders is pitted against their own clients and the public: “In all, 28% said they felt the financial-services industry does not put the interests of clients first.” Yes, even public shareholders take a back seat to bank insiders: 29% even said “they believed financial-services professionals may need to engage in unethical or illegal activity in order to be successful.”

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[Azrael]

Major Wall Street banks have been engaged in market manipulation of commodities (such as aluminium). Such behavior is generally illegal, but the law isn't enforced equally. The rich and powerful get a lot more leeway than the general public. I'd love to see top Wall Street executives get prosecuted for this; but they have too much protection, on both sides of the aisle.