Notes From the Fieldby Martin Weil

July 10, 2012

What has become of a once-proud industry

In a survey of 500 senior executives in the United States and the UK, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

Matthew Yglesias asks “Do you have to be unethical to succeed” in the financial services? Certainly has seemed that way from the unceasing stream of revelations concerning financial services malfeasance. If anything, I would say the 26% cited above understates the reality as individuals are generally reluctant to admit, or to face the fact, that professional integrity has been compromised. Readers should expect the latest Barclay’s LIBOR scandal to get a lot larger before all is said and done.

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