The European Union Wednesday fined six major financial institutions $2.3 billion for colluding to manipulate key benchmark interest rates LIBOR and EURIBOR. It's the EU's largest penalty ever in a cartel case. The banks facing the penalties include Deutsche Bank (DB), Societe Generale (GLE.PA), Royal Bank of Scotland (RBS) and JPMorgan Chase (JPM).
Before you think of this matter as crisis-era stuff, consider this: 53% of financial industry executives say strictly adhering to ethical codes would make career progression difficult according to a recent report from the Economist Intelligence Unit.
In a Guardian column, former Citigroup (C) forex trader Chris Arnade details why Wall Street has a hard time being ethical. It's his view from working on Wall Street for 20 years (he left in 2012 to pursue writing and photography).
In his article and the accompanying video interview, Arnade describes a cultureRead More »from 'Banking Cartel' Slapped with Record LIBOR Fine; Why Wall Street Has a Hard Time Following the Rules