Day: July 12, 2012

Wall Street Executives Believe Employees Need To Engage In Illegal Behavior To Succeed

So it looks like those guys will be doing “business as usual” (circa 2000-2008) with impunity.  Back in 2008 the outgoing Bush administration deemed the several large banks involved in the crash too big to fail.  Yet, the strongest of those banks have gobbled up the weaker banks and now the three or four major banks left are too big to fail on steroids.

It appears these banks can do whatever they want because the same government that they tend to despise will bail them out once again.  I doubt this problem is going to be resolved through the next presidential term, regardless of whose in office.

The following report on a survey conducted by the law firm of Labaton Sucharow reveals a lot about current attitudes of Wall Street Executives regarding illegal behavior and regulations, which they are adamantly against.  After all, how can they continue their illegal activities with so many regulators snooping around on them all the time?

Think Progress

British and U.S. authorities are both now investigating Barclays and other banks for manipulating the London InterBank Offered Rate, an interest rate that is a benchmark for a host of financial products around the world. Regulators charge that the banks rigged the interest rate’s movements in order to profit and to make themselves look healthier during the financial crisis of 2008 than they actually were.

This comes on the heels of JP Morgan losing billions of dollars chasing profits with trades that were meant to reduce risk, and, of course, is just a few years removed from a crisis caused in large part by Wall Street malfeasance. But according to a survey by the whistleblower law firm Labaton Sucharow, Wall Street executives believe this is just part of the financial business. In fact, nearly one quarter of survey respondents said that financial services employees need to be unethical or engage in illegal behavior in order to be successful:

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.

Sixteen percent of respondents said they would commit insider trading if they could get away with it, according to Labaton Sucharow. And 30 percent said their compensation plans created pressure to compromise ethical standards or violate the law.

Big banks, of course, have continued to fight reforms to the financial regulatory framework, even in the wake of the crash of 2008. But if this survey is any indication, Wall Street needs a mentality change, along with stricter supervision.

Thursday Blog Round Up

Hannity Guest: ‘NAACP Has Become a Hate Group’

Romney: Black Leaders Offered Me Secret Support

Mark Halperin confuses reality for smear campaigns

Gallup: Confidence In Television News Falls To New Low

Dems: ‘Obamacare’ Will Thrive Like Social SecurityAnd Medicare

Palin, who played a key role in losing McCain the election, has ‘advice’ for Romney

Michele Bachmann accuses Clinton deputy chief of staff of being a Muslim conspirator

NAACP Reacts To Mitt Romney: ‘Patronizing,’ ‘Totally Disconnected,’ ‘A Serious Misjudgment’

House Republicans Spend 89 Hours Trying To Take Away Health Coverage From 30 Million Americans

Mary Matalin: It Would be Stupid Not to Hedge Against American Dollar in This ‘Obama Economy’


Romney responds to NAACP booing: ‘If they want more stuff from the government tell them to go vote for the other guy’

The consensus among the talking heads on MSNBC and elsewhere about Mitt Romney’s speech at the NAACP Conference on Wednesday is that he said what he said intentionally to get the crowd to boo at him.

Many politicians and news pundits were reluctant to say that Romney’s remarks to intentionally solicited the boos, but his response at a fundraiser later that night seemed to confirm their suspicions…

The Rachel Maddow Show

Mitt Romney had this remarkable message for the members of the NAACP who booed him when he told them he’d repeal the Affordable Care Act:

Remind them of this: If they want more stuff from government, tell them to go vote for the other guy—more free stuff. But don’t forget, nothing is really free.

Rachel Maddow reported on Romney’s remarks tonight, which he made at a fundraiser in Hamilton, Montana.

Romney has been accused of hoping to get booed during his speech at the NAACP in order to drum up right-wing support, and as Maddow pointed out, these latest comments lend support to that theory.

“It seemed like Mitt Romney wanted to get booed at the NAACP this morning,” Maddow said. “He wanted to wear that around his neck like a badge of courage. It looks like he is not wasting any time in doing so.”

And later on The Last Word, Goldie Taylor of The Grio had a more visceral response to Romney’s comments.

“That tells me all I need to know now about Mitt Romney, who at first I believed is just disconnected,” Taylor said. “Now I know his problem is much bigger than that.”