Does the incessant parade of illegal/insider trading, government manipulations, etc, of smart Ivy grads evidence the difficulty of getting rich in markets, or simply that dishonesty and greed is pervasive at all intelligence levels?

Gary Rogan writes:

It's probably evidence of both, but also of the illusion that highly successful people often seem to have of being invulnerable to normal negative forces, such as being punished for attacking hotel maids or being revealed for having a secret "love child" while running for the Governorship of California, or having an easily identifiable affair while running for the presidency. 

Bill Rafter writes: 

Don't the B Schools all have required ethics classes? Come to think of it, doesn't the industry regulators also require ethics classics?

Rocky Humbert writes: 

The United States has an incarceration rate of 743/100,000 population.

The New York City's financial industry employees 344,700 employees.

If the pro-rata incarceration rate for Wall Streeters were at the national average, there would be 2,561 Wall Streeters in the Big House right now. Or, with 35,400 employees, 263 of these people would be Goldman Sachs employees.

Since neither of these facts are true, the inescapable conclusion is that Wall Streeters are either more lawful than the national average (or they have better defense lawyers).






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1 Comment so far

  1. steve on May 17, 2011 6:00 pm

    So called smart people think they can’t get caught. They are so egocentric

    Some of those in power, think they are above the law. They read their so-called press clippings and believe them.n Or want to believe them. Plus powerful people are not used to anyone telling them no!!! Pride goeth before the fall.

    Ethics classes? Ethics classics? You can teach character? You can legislate morality? Ethics classes are administered because they have to.

    It is a lot easier to prosecute a poor black man or white man or asian or hispanic than it is to prosecute a rich Wall Streeter. Ples they have access and the ability to employ the best and the brightest on Park Avenue. Bill Clinton had Bob Bennett. His legal bill was 5 Million Dollars. Christ Elian Gonzalez had David Bois arguing his case in front of the Supreme Court of the US. Power can buy you alot of influence. Watch what happens with the once a potentially future PM of France. His accuser will stumble into a great inheritance and this case will go away. After the Dog and Pony is brought forward. SAme happened to Kobe Bryant as did Michael Jackson. And the beat goes on.


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