Monday, December 15, 2014

Black Rock Director Doesn't Pay Train Fare for 5 years; Now He's Barred from Financial System

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.

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