I’m not a financial whiz, maybe not even qualified to write this article, but
I’d like to share some information I discovered as I searched the topic of
dishonesty on Wall Street. First I was mortified to see the headline “Wall Street pays top dollar for thieves, liars, crooks and egomaniac CEO’s.” That, in my opinion is quite the ominous start! The article goes on to discuss the links with international crime bosses, and other crimes our modern day finance industry is involved in. It points out while the businesses may not be “directly” involved in carrying out some of these crimes, monies spent in places like Mexico and Iran, help crimes like terrorism and drug cartels, not only live, but thrive.
The world’s corporate and financial leaders reek of fraud, dishonesty, incompetence, arrogance and greed. It seems many executives in high places have the view, as consumers, we don’t need to know how they spend the money flowing through their business. The problem with that theory, however, is it isn’t their money! It is money which has been invested, and the regulatory agencies which are supposed to monitor and supervise these situations can no longer be trusted. The financial experts, responsible for protecting clients according to the law, are not exempt from getting entangled in law breaking and money making schemes. According to one article published in the National Post 2012, there was even the case where one executive outwitted authorities for nearly twenty years using Photoshop and Excel to alter documents. And when losses are finally discovered the blame is always shifted to someone else.
This leaves the very idea of ethics, like honesty, integrity and corporate accountability, a foreign concept to those involved; after all, they’re not risking anything of their own, so what do they have to lose? They need only be crafty and skilled enough to fool the “right” people, live the good life and no one need be the wiser!
So what’s to be done about such a morbid state of affairs? Our culture has become one which is aggressive and self serving. It seems the system is set up so executives in the right position can make an extreme amount of money without worry of reprisal, so the mind set becomes, “Well, why not?” Is money the “evil” which imbeds itself within the very core of man to make him corrupt? We all want more and the more we get the more we want. It becomes a vicious cycle. I won’t claim to have any answers. But I do believe it is something which affects each of us and as responsible citizens we need to be aware.
Kelly McParland: Dishonesty is the new greed on Wall Street fullcomment.nationalpost.com/.../kelly-mcparland-dishonesty-is-the-new-greed-on-wall-street