There’s something very funny about watching Bloomberg News radio host Tom Keene, Business Insider Deputy Editor Joe Wiesenthal, and Bloomberg News Wall Street Reporter Max Abelson discuss “Wall Street’s ultimate burger.” Keene and Abelson both chose burgers that cost just under $20, but Wiesenthal chose the $140 burger full of truffles from DB Bistro. “It’s definitely worth $140,” Wiesenthal says. I guess I’ll never know if he’s right because there’s no way I’m going to spend that much money on a burger—truffles or no truffles.
Tom Wolfe on Wall Street is long and weird! The lit part of the internet and the money part of the internet are converging to explode over it! Pow! Bam! It is not my favorite thing I’ve ever read, BUT he is talking, basically, about how Wall Street dudes really aren’t all THAT and in fact are now the opposite, which is a fun thing to read if you are feeling powerless and also poor.
A study released July 10 by Labaton Sucharow found that just 30% surveyed said regulators were doing an effective job policing the financial industry.
Nearly one in three said their bonus plan was an incentive to cheat, 24% said it was necessary to be unethical to succeed in finance, and 16% said they would engage in insider trading if they knew they would get away with it.
The law firm concluded the results were “startling data on corporate ethics, the regulatory landscape, and individuals’ willingness to blow the whistle on wrongdoing.”
Wall Street has really no incentive to be good. Let’s all groan at once: GROAN.