Banking culture breeds dishonesty, scientific study finds
A banking culture that implicitly puts financial gain above all else fuels greed and dishonesty and makes bankers more likely to cheat, according to the findings of a scientific study.
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The U.S. Department of Justice collected a record $24.7 billion in penalties from fraud and other cases in fiscal year 2014, the agency said on Wednesday, as fines against banks for financial misconduct soared. Collections from civil and criminal actions, including money collected on behalf of other agencies, was $8 billion in 2013, and $13 billion in 2012.
Goldman Sachs Group Inc said it fired two staff after a junior employee passed confidential information from the Federal Reserve Bank of New York, his former employer, to a senior colleague in the investment bank.
Two U.S. senators plan to introduce legislation on Thursday to encourage employees in the auto industry to report information on faulty parts to federal authorities, a spokeswoman for one of the lawmakers said.
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