Wall Street

Culture Change?

Wall-Street-sign-014

Since 2011, JP Morgan has settled with government regulators for $38B from mortgage fraud to market manipulation.

http://www.newsobserver.com/news/business/article22576215.html

“Despite the recent headlines trumpeting the conviction of JP Morgan and other banks, despite the survey data, and despite the massive damage perpetuated on individuals, institutions and our economy during the credit crisis, Wall Street remains unrepentant and unchanged. We can try to pass more laws and support more investigations, but until the culture on Wall Street changes, our financial system will remain broken.”

To make matters worse….if they can be….the CEO of JPMorgan has the support of the board of directors. Certainly it’s Wall Street ethics….it seems in the case of JP Morgan….it’s not about right or wrong….it’s how much more does the company pay in fines and penalties. Afterall it is just the cost of doing business! As long as the company pays out more $B, they will keep doing business without any sense of morals and ethics.

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