Wall Street Scandal Makes Americans Question Financial World’s Morals

From the New York Times:

Throughout America yesterday, communities and businesses were abuzz with the news of the widening insider-trading scandal on Wall Street.

”There is a feeling,” said one Cleveland executive, ”that there have always been a lot of crooks on Wall Street and probably always will be.”

Even on Wall Street, where money has always been the measure of success, there was amazement and outrage that the scandal had implicated so many of the community’s best and brightest – not to mention highest paid. ”These people were sitting on top of the world,” said one Wall Street lawyer. ”It’s hard to believe anyone could be that greedy.”

But the crackdown on insider trading, he added, has given him hope. ”These people being arrested says something about the resurgence of ethics and basic values in the business community,” he said.

”If we can get all the scuz out of there, maybe we can keep the system intact,” said another source. ”Our free-enterprise system,” she added, ”is why America is so special.”

The above article was published on February 14, 1987.

Has anything changed in the past eleven years?

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