Friday, February 27, 2009

Integrity in the Finance Profession

First it was Madoff, then it was Stanford.

Of course, the problems are not confined to the US alone. Every country has its own fair share of finance professionals who have broken the law in one way or another.

Years ago, I had an insurance agent who went to jail because of some dishonesty. He was supposed to be one of the rising stars in his company...

Integrity is the one thing that is lacking in the finance profession.

Too often, people are motivated by greed, easy money, etc , etc.

Perhaps it is time to put tougher laws in place for the finance profession. Only people with suitable qualifications should be allowed into the profession and not just any Tom, Dick or Harry. Perhaps their earnings should be pegged to a certain level and not be based on commissions. Or perhaps there should be certain watchdogs set up in each country to ensure that there are strict compliances to rules and regulations that govern the financial markets.

Just my 2 cents

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