Bank regulators and others who watch our financial system
recently despaired of finding a way to make those in positions of power behave
honestly. Many have said there seems to be no way to make those at our banks and brokerages act ethically and within the spirit and letter of the law.
More and more it seems the people who are attracted to the money game are
those who want to exploit it, not make
it run in an ethical manner.
Now we have the poster boy for the world's financial system,
a managing director of Black Rock Asset-Management Services in London. Jonathan
Paul Burrows had figured out a way not to pay for his train ride into London
every day. Even though he was probably making a bundle working for Black Rock,
he thought if he got on the train at Stonegate he could ride the southeastern
commuter train in Sussex for, at the least, one third of the price. It usually cost 21.50
pounds, but if he failed to buy a ticket at the station, which did not have
turnstiles, he would only need to produce an "oyster," worth 7.50 pounds, that he carried in London by pretending,
when he exited, he had never left the London underground system..
They caught him on November 19, 2013 and they soon realized he
had not purchased a fare for the commuter railroad for five years. Britain's
Financial Conduct Authority now says, he "lacks honesty and integrity,"
so they have decided he can no longer work in the British financial industry.
Americans have long since despaired of finding honest people
in our banks and brokerages. Now we have a good idea of the kind of people who run
the world's financial system. Slime begets slime and anyone who thinks they're
going to be treated with honestly needs to wake up before the sewage has surged
over their head.