Personal finance
GE Capital Purchasing MetLife Bank

Washington DC Might Divest from Bank of America, Wells Fargo

Miles By Discover Offers Relief to Noncommittal Travelers

Collection Agencies Resurrecting Old Debts Through Credit Card Offers

Treasury Doubles Purchase Limits on Electronic Savings Bonds

Cordray’s First Move as CFPB Head: Regulate Nonbanks

Weekly Wrap: Bank of America’s Worst Week Ever?

Dear U.S. Banks, Your Business Model Stinks

Shadow Banking Due for Some Time in the Spotlight

Weekly Wrap: Banking Slowly Dissolves?

Under the Roofs of Coffee Shops You’ll Find Your Online Bank

Brokerage Checking Still a Competitive Choice

Beware the Mirthful FOMC Meeting

Did ING Direct Customers Overreact to the Capital One Purchase?

No Balance Transfer Fee Offers Reappear But Hard to Exploit

Russell Simmons’ RushCard Lowers Fees, Is Still Bad

The Reason Why Freddie Mac Doesn’t Want to You to Refinance

New Bank Perks Cater to Tech-Savvy Customers

St. Louis Fed President: Raise Interest Rates

Whitney Warns: Banks to Banish Middle Class

Dime Savings Cites Regulations in Switch to State Charter

FDIC to Banks: Start Lending Again!

Weekly Wrap: Grey Days and a Sideshow

Weekly Wrap: Banking’s Spring Is Still Far, Far Away

American Express and Gen Y: BFF?

How to Get Ahead on Wall Street: Lie, Cheat, Steal
When one-quarter of an industry’s leaders admit, in a survey, that lying and cheating is a prerequisite for advancement in that industry, what good things can you possibly say about it? Would you trust it with your life savings? Probably not, but the joke’s on you: you already do!

Labaton Sucharow, a law firm, released a study about corporate integrity on Wall Street and Fleet Street (London’s equivalent), and the results were anything but heartening. The survey, which drew from 500 financial services professionals, found that 26 percent of respondents “had observed or had firsthand knowledge of wrongdoing in the workplace. And 24 percent stated that “financial services professionals may need to engage in unethical or illegal conduct in order to be successful.”

Of course, this sort of cheating would only be considered OK if all the other guys were doing it, too, and to that end, the survey doesn’t disappoint: 39 percent of respondents said that their “competitors are likely to have engaged in illegal or unethical activity in order to be successful.”

This jives well with a recent story by Gretchen Morgenson in The New York Times, in which she spoke with a Barclays executive who drew a laughable distinction between the sort of manipulation his company engaged in — artificially lowering its reported borrowing costs to lower LIBOR — and what others do. “We’re clean but we’re dirty-clean,” he told her, ”rather than clean-clean.” Apparently there’s a difference.

There exists a wide gulf between being totally above-board and being a total dirtbag. This is true in virtually any job, but with the complex products and regulations that come with working in finance, the gap between good behavior and bad can be quite complex. It should come as no surprise that many bankers feel comfortable dipping their toes into that gulf so long as they believe their competitors are just diving right in — especially when you consider how much money is at stake.

And that is part of the problem, without a doubt: a substantial number of bankers feel that there are incentives for cheaters built into the way they get paid. A full 30 percent said that they believe their compensation plan “create[s] pressure to compromise ethical standards or violate the law.”

Violate the law. Think about that. These are the drivers of our economy, the well-respected institutions that we trust with every dime we earn. Understandably, they don’t trust each other, or themselves. Where does that leave us?

Äëÿ ïå÷àòè

Weekly Wrap: Astrology is Bunk

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

Experian Unveils New Credit Score for the Underbanked

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

The Best Experiences Your Credit Card Can Buy This Summer

Citi Offers New Way to Spend Rewards

Fed Study: CD Rates Are Less Attractive

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Weekly Wrap: Get Bullied, Get Rich

Taibbi: No Difference Between Banks and the Mafia

Why You Should Probably Raise Your Credit Limit, Especially When You Don’t Want the Money

Accounts Push Relationship Banking

Weekly Wrap: LIBOR Aside, You’re Still in Control

Fed Report Shows Mobile Banking Empowers the Underbanked

Top Gas Credit Cards to ‘Refill’ Your Wallet

Prepaid Cards for Payroll Purposes: Fair to Workers?

Weekly Wrap: Mobile Banking’s Onward March

Banks Close Revenue Gap from Overdraft Fee Losses

Banks Lack Social Media Efforts… Oh Really?

SpringCoin: Out to Automate Credit Counseling

Could Student Loan Forgiveness Help the Economy?

Chase United MileagePlus Club Card Takes Flight

Caviar and Champagne With Your Checking Account?

Weekly Wrap: Cash Rules Everything Around You? Not For Long

SmarterBank’s Checking Account Helps Pay Off Student Loans

Chinese Furious Over Banking Fees

Banks Should Use Prepaid Cards to Hook ‘Em While They’re Young

Prepaid Travel Debit Card Provider Eyes U.S.

Sallie Mae Credit Card Helps Pay Back Student Loans

Post-CARD Act, Banks Shift to Prepaid on Campus

Weekly Wrap: Things Are Not as They Seem

Gen Y Eyes Retirement with Rose Tinted Glasses

Low Interest Rates: A Ticking Time Bomb?

Are Discover Partner Gift Cards Worth the Rewards Points?

Kony Solutions’ Branding Problem: Bank Software Firm Has Killer’s Name

Weekly Wrap: Fancy Gadgetry, No Money

Weekly Wrap: Millenials’ Big Day at the Races

UFB Direct Adds Money Market Account With 1.15% APY