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Member, Beacon International Group, Ltd.
As Claude Rains memorably says in “Casablanca,” “I'm shocked, shocked.”
A law firm's survey of 500 financial services professionals in the United States and the United Kingdom found that more than half believed they either may need to engage in unethical or illegal conduct to be successful, or indicated they had observed or had firsthand knowledge of wrongdoing in the workplace.
According to the survey by New York-based Labaton Sucharow L.L.P., 24% reported they may need to engage in unethical behavior, while 26% said they had observed or knew of such behavior. Furthermore, 16% said they would engage in insider trading if they could get away with it.
Among other results of the survey, which was conducted in June, 39% of respondents said their competitors are likely to have engaged in illegal or unethical activity in order to be successful.
In addition, 30% said their compensation or bonus plan created pressure to compromise ethical standards or violate the law, while 23% reported other pressures that may lead to unethical or illegal conduct.
However, 30% feel regulators effectively deter, investigate and prosecute misconduct.
Commenting on the results, Labaton Sucharow partner Chris Keller said in a statement, “It is shocking that four years after the global economic crisis began there continues to be a fundamental lack of integrity in the financial services industry.”
If impersonation is the highest form of flattery, it seems rock legend Meat Loaf doesn’t appreciate the compliment from a longtime fan.