Alec Baldwin, not Michael Douglas, will improve corporate ethics

Cormac Hollingsworth looks at the City's idols; for all that Wall Street is known in the real world, Glengarry Glen Ross is the real star piece.

 

Michael Douglas has made a public information broadcast for the FBI to tell Wall Street traders that insider trading is wrong.

Wall Street traders already know it’s wrong; the level of regulatory exams you have to go through to get onto a trading floor means you can’t fail to know.

There have also been plenty of successful recent convictions for the crime, so presumably the FBI’s aim is at prospective jurors who may get a little confused about what is insider trading.

But where are the convictions for the subprime crash?

It’s only the work of NGOs such as Better Markets that has challenged the US government’s no-blame settlement with large banks like Citibank.

Part of the problem is that it is one of ethics rather than criminality, the sliding scale of moral blindness embodied in caveat emptor.

So, as it’s a Friday, I thought I’d share the truest cinematic portrayal of the problems in our financial system. Because on those quiet Friday afternoons on our trading floor, YouTube clips from “Wall Street” were never used as part of training the juniors.

But David Mamet’s blistering monologue at the beginning of Glengarry Glen Ross delivered brilliantly by Alec Baldwin often was. And it’s the “Always Be Closing” that is at the heart of both how to succeed on a trading floor, and our current problems in finance.

Occupy need to ask Alec Baldwin to do their film. Maybe David Mamet will do the script.

See also:

The government’s ‘transparency’ is clear as mudTamasin Cave, January 23rd 2012

How bankers’ bonuses are contributing to the new credit crunchCormac Hollingsworth, December 6th 2011

Everything you know about the ‘Thatcherite consensus’ is wrongStewart Lansley, October 6th 2011

A blueprint for real banking sector reformShezal Laing and William Cass, February 15th 2011

A year of economic uncertainty lies aheadWill Straw, December 27th 2010

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21 Responses to “Alec Baldwin, not Michael Douglas, will improve corporate ethics”

  1. Patron Press - #P2

    #UK : Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/KYrtcaYP

  2. BevR

    Alec Baldwin, not Michael Douglas, will improve corporate ethics: http://t.co/3KauIQEM @CormacHolly looks at the City's idols

  3. KuanYeah

    #UK : Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/KYrtcaYP

  4. leftlinks

    Left Foot Forward – Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/AwmmTGrY

  5. Political Planet

    Alec Baldwin, not Michael Douglas, will improve corporate ethics: Cormac Hollingsworth looks at the City's idols… http://t.co/M1lEwQFX

  6. Anonymous

    Insider trading should be legalised.

    What should be made public is all share trading. Who is buying from whom and when.

    The problem with insider trading is when its kept secret. Force it into the open, and its not an issue.

  7. Jessica Martine

    #UK : Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/KYrtcaYP

  8. Cormac Hollingsworth

    @Occupy Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/hREUIe8s

  9. Cormac Hollingsworth

    @anthonypainter Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/hREUIe8s

  10. Cormac Hollingsworth

    @kirstyjmcneill Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/hREUIe8s

  11. Cormac Hollingsworth

    @bettermarkets Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/hREUIe8s

  12. Pulp Ark

    Alec Baldwin, not Michael Douglas, will improve corporate… http://t.co/5UG5Atpr #Sustainable_Economy #arrests #City #muslim #tcot #sioa

  13. Kirsty McNeill

    Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/tUF69dDK. Tales from the trading floor from .@CormacHolly #ff

  14. Samuel JStawarz

    Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/7IHTs6Ub

  15. SamuelJ Stawarz

    Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/fhiUyGki

  16. Guido Fawkes

    Greed is still good.

  17. Anonymous

    I think you’ll find that David Mamet is “no longer a brain-dead liberal”.

  18. liane gomersall

    RT @leftfootfwd: Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/x8H1Z0nV

  19. Snapdragon

    Alec Baldwin, not Michael Douglas, will improve corporate ethics http://t.co/zZPast9U

  20. Newsbot9

    Right, Burn the poor!

    Typical.

  21. Is George Osborne questioning capitalism? | Left Foot Forward

    […] Alec Baldwin, not Michael Douglas, will improve corporate ethics 2 Mar […]

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