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Posts Tagged ‘trust on wall street’

“I Just Can’t Trust Them…”

Posted by Larry Doyle on January 20th, 2011 7:06 AM |

Screw me once, shame on you!! Screw me twice, ….

You know how that works. Yes, indeed, we do know how that works. In fact, Americans know all too well that they were badly screwed by many within the financial industry. In the spirit of fairness, there were also many consumers who screwed the system by knowingly falsifying info on mortgages and loans. From both ends, the biggest loser over the course of the last decade has been our virtues of truth, transparency, and integrity. Rest assured, though, that pursuit goes on and it is having ripple effects across Wall Street specifically and the financial industry as a whole.

I see clear evidence of this dynamic in a recent commentary at The Center for Public Integrity. Why are banks very concerned and scrambling to protect their franchise value? (more…)

Goldman’s Animal House

Posted by Larry Doyle on April 21st, 2010 8:41 AM |

Trust. Would you know it if you saw it? Would you be able to distinguish real trust from the appearance of trust? Whom can you trust?

Wall Street is an industry in which trust is too often promoted, but too seldom practiced. When somebody would say to me “Trust me on this,” I would get increasingly concerned. Why? Real trust is a virtue which goes without saying.

On this note, Wall Street’s favorite punching bag Goldman Sachs is dealing with the most egregious violation of fiduciary responsibility: a violation of trust. Even if Goldman is cleared of the fraud charges brought by the SEC, Goldman is already guilty of a greater charge, that is, a violation of trust in being fully forthcoming in its disclosures. (more…)

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