It is time to admit that Wall Street has lost its moral compass. Each day brings a new story of banks misleading clients, hedge funds' insider trading or investment banks manipulating prices. In one breathtakingly brazen scandal, Barclays and many of the largest banks in theU.S. and the U.K.— including Bank of America, Citigroup, HSBC, JPMorgan Chase andRoyal Bank of Scotland— are being investigated for possibly rigging the Libor interbank lending interest rate that determines the interest charged on countless credit cards and bank loans.
The tsunami of scandals cannot be explained away as the work of a few "bad apples." Our financial services industry is in ethical crisis. To assess the depth of the problem, Labaton Sucharow, a law firm where one of us works, commissioned an anonymous survey of 500 financial services professionals in the United States andUnited Kingdom. The results are alarming.
Check here, this enlightening article about Wall Streets (lost) moral compass: WallStreetCriminals
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