Social Immorality is the Root cause of our Crisis

Wall Street executives say unethical behavior is acceptable to get ahead

AFP | JULY 11, 2012

A quarter of Wall Street and British financial executives think unethical or illegal conduct is needed to succeed, according to a survey by law firm Labaton Sucharow released Tuesday.

A full 24 percent of senior managers polled by the New York-based firm said they “may need to engage in unethical or illegal conduct in order to be successful.”

And 16 percent admitted they would commit a crime, like insider trading, if they could get away with it.

The survey comes after a string of controversies, legal investigations and denunciations of the financial profession, which is blamed for helping to run the global economy into the ground via the 2008 financial crisis.

“When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk,” said Jordan Thomas, chair of Labaton Sucharow’s whistleblower representation practice.

The latest controversy to hit the industry has involved allegations that Barclays Bank traders manipulated key inter-bank lending rates that underpin the entire banking system.

The controversy forced Barclays’s chief executive Bob Diamond to step down.

The survey also showed 39 percent of respondents believe their competitors have engaged in illegal or unethical activity.

Thirty percent said their pay or bonuses put pressure on them to violate ethical standards.

One third said securities regulators on both side of the Atlantic are a deterrence.

The survey was conducted in June and included 500 respondents in the Britain and the United States.

Herman Cain’t Fool the Voters

First establishment stooge to fall off the stage. Cain blames distractions, not lack of chance to be elected, for his early retirement.

by James Oliphant
LATimes
December 3, 2011

Herman Cain, the insurgent populist whose candidacy has been ensnared by allegations of sexual impropriety, said Saturday that he is leaving the race for the Republican presidential nomination, saying that the allegations have cast a “cloud of doubt over me and this campaign.”

“As of today, with a lot of prayer and soul searching, I am suspending my presidential campaign,” he said at an event in Atlanta. “I am suspending my presidential campaign because of the continued distraction, the continued hurt . . . on me, on my family, not because we are not fighters, not because I am not a fighter.”

Cain’s campaign had sent mixed signals as to his future since Ginger White, an Atlanta woman who claims to have had an affair with Cain for more than a decade, went public with her story earlier this week. While Cain has said he has been “reassessing” his candidacy, he also, at times, has been fiercely defiant, suggesting that unnamed enemies have been trying to do him in and vowing to press forward.

“The pundits would like for me to shut up, drop out and go away,” he said. “I am not going to be silenced, and I am not going away.”

White’s claims came after Cain faced weeks of allegations of sexual misconduct by at least three women stemming from his tenure as the head of the National Restaurant Assn. in the late 1990s.

Even as Cain continued to decry the claims as “false” and “baseless,” the sheer weight of the scandal has taken a brutal toll on the campaign, diverting Cain from advocating the “9-9-9” tax plan that helped turn him into a household name almost overnight, costing him financial support, and damaging him in the polls.

He was also hurt by a series of costly gaffes and confused moments, particularly with regard to foreign affairs, that exposed the Atlanta businessman’s lack of experience on the national political stage. Added together, the tumult persuaded conservatives looking for a champion to turn elsewhere, with most now casting their eyes at Newt Gingrich