When you need to hide relevant information from your clients, you are often doing something that’s not ethical.
“BofA to Pay Fine Over ‘Marking’ of Trades,” The Wall Street Journal, March 24, 2018 B10. Bank hid the fact that it was routing its clients’ trades through high-speed trading firms. Millions of times. Apparently, the scheme was well known by bank employees, and was to hide the bank’s practices from major clients who would have objected. And they did it anyway. Cost: $42 million fine, and a loss of a lot of face.
You’d think a bank would have a policy or maybe even a culture against lying, cheating, or stealing. Who’s getting fired?
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