Almost all of the money management or securities firms on Wall Street “entrusted with the life savings of their clients lie, cheat and steal one way or another.”
Not the kind of thing you might expect to read in Forbes, but columnist and former whistleblower Edward Siedle offers a lively column this week inviting others in the finance industry to “join the whistleblower revolution.”
If you work on Wall Street in the money management or securities industries—like I used to—you should serious consider becoming an SEC whistleblower. Why? Because almost all firms in these industries that are entrusted with the life savings of their clients lie, cheat and steal one way or another. If you don’t already know this, you’re probably new to the business. You’ll find out soon enough, like I did early in my career as the Compliance Director of a global asset manager.
He writes that the terms “lie, cheat and steal,” are rarely heard on Wall Street.
Money management lawyers and securities regulators typically use sterile, colorless terms such as misrepresentations, failures to disclose and mischaracterizations as to the nature, sources and amounts of fees, conflicts of interest involving self-dealing and fiduciary breaches.