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2016 Postmortem
Related: About this forumBernie's Right: Wall Street's Business Model Really Is Fraud
Bernie's Right: Wall Street's Business Model Really Is Fraud
Ive said if the big banks dont play by the rules, I will break them up.
Hillary Clinton
Our nations largest and most powerful banks have repeatedly engaged in widespread fraud, causing both individual suffering and a recession that millions of Americans are still living through today.
They continued to commit the same frauds after the American people rescued them, and after they promised to stop as part of some major settlement agreements. Theres no reason to believe theyve stopped today, and every reason to believe they havent.
Fraud is an essential part of Wall Streets DNA. A 2015 survey, commissioned by law firm Labaton Sucharow, found that a deeply immoral culture had taken root among British and American bankers.
The survey showed that bankers ethical behavior is bad and getting worse. The percentage of bankers who believed their own colleagues had engaged in illegal or unethical behavior has nearly doubled since 2012. More than one-third of those earning $500,000 or more annually said they had first-hand knowledge of wrongdoing in the workplace.
It also showed that financial institutions seem to condone, encourage, and protect illegal behavior. The survey found that nearly one-third of respondents (32 percent) believe compensation structures or bonus plans in place at their company could incentivize employees to compromise ethics or violate the law. And it found a proliferation of secrecy policies and agreements that attempt to silence reports of wrongdoing
http://www.alternet.org/election-2016/bernies-right-wall-streets-business-model-really-fraud
Ive said if the big banks dont play by the rules, I will break them up.
Hillary Clinton
Our nations largest and most powerful banks have repeatedly engaged in widespread fraud, causing both individual suffering and a recession that millions of Americans are still living through today.
They continued to commit the same frauds after the American people rescued them, and after they promised to stop as part of some major settlement agreements. Theres no reason to believe theyve stopped today, and every reason to believe they havent.
Fraud is an essential part of Wall Streets DNA. A 2015 survey, commissioned by law firm Labaton Sucharow, found that a deeply immoral culture had taken root among British and American bankers.
The survey showed that bankers ethical behavior is bad and getting worse. The percentage of bankers who believed their own colleagues had engaged in illegal or unethical behavior has nearly doubled since 2012. More than one-third of those earning $500,000 or more annually said they had first-hand knowledge of wrongdoing in the workplace.
It also showed that financial institutions seem to condone, encourage, and protect illegal behavior. The survey found that nearly one-third of respondents (32 percent) believe compensation structures or bonus plans in place at their company could incentivize employees to compromise ethics or violate the law. And it found a proliferation of secrecy policies and agreements that attempt to silence reports of wrongdoing
http://www.alternet.org/election-2016/bernies-right-wall-streets-business-model-really-fraud
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Bernie's Right: Wall Street's Business Model Really Is Fraud (Original Post)
pinebox
Mar 2016
OP
BernieforPres2016
(3,017 posts)1. 1/3 on Wall Street admitted to seeing fraud and improper incentives
The other 2/3 were lying.
Armstead
(47,803 posts)2. I think Bernie should amend that -- The fundamental model is not a fraud
The basic idea of an exchange where business can go to raise capital from people looking for ways to invest money is a legitimate and basic part of our economy.
However, since the 1970's, it has become overridden with fraud and systemic corruption as Standard Operating Procedure. Fraud has become the modus operandi. And they've bought off politicians to collude with that.
THAT's the real problem.
FreakinDJ
(17,644 posts)3. Virtual Assets are unrealistic fraud in the making