Would you believe it if I told you that 24% of executives in the United States and the UK believe that financial services professionals need to engage in unethical or illegal conduct to be successful?
Well, a recent survey of over 500 executives found exactly that, with 26% of them admitting first hand knowledge of wrongdoing in their workplace.
I can’t say I was surprised. Not one bit.
With this type of mentality, is it any wonder that our financial system is failing, and that the banks have a holier than thou mentality where they think they are above the law?
Apparently on Wall Street, the crime isn’t engaging in misconduct, but in getting caught.
I mean, since everyone is doing it, it must be OK, right?
But down here on Main Street, we would not have the same success rate with that line of reasoning.
Let’s say you got pulled over for speeding, and when the officer asked why would you going 100 miles-per-hour when the speed limit is 70, you told the officer;
“Well officer, everyone else was speeding; it would have been dangerous for me to slow down.”
Do you think that officer would let you off? Of course not.
Yet regulators and politicians have been accepting this type of excuse from the banks for far too long.
And that exact excuse has reared its head again in relation to a massive tax fraud being investigated by New York Attorney General Schneiderman, the IRS, as well as the attorneys here at Oppenheim Law.
The investigation centers on what we have coined the @OpLaw Dirty Dozen, a group of twelve banks that have perpetrated the most egregious tax fraud at the expense of the American people.