The recent fines paid by HSBC and UBS totaling over $3.4 billion are just the latest examples of a society that has placed its values squarely behind the wrong choices. The fines were levied because of money laundering and rate fixing, screams to those who might actually be listening that big business and social responsibility are sitting at different ends of the spectrum. I am not painting every large corporation with the same broad brush, but the symptoms of this sickness is pervasive. It is plain and simple greed.
I am not swiping an indignant paw at just corporations who engage in these illegal and reprehensible acts, but also at the shareholders who demand immediate returns for their investments—regardless of the price. I am also calling out the brokers, analysts, executives, attorneys and anyone else who puts their own self-interest above doing what is right and appropriate. Businesses who engage in these illegal acts are basically admitting that they could not be successful without cheating; their value proposition is just not strong enough to ensure their success.
Our financial services industry has yet to learn its lessons from the recent past. The attitude is, write the check for the fines, it's a drop in the bucket of their vast wealth. Do you wonder when you hear legislators shy away from tough regulations on Wall Street and the financial industry? Does this make you question why they are resistant to go after those who so flagrantly abuse the intent of the system? Perhaps it has something to do with the campaign contributions?