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US Attorney for New York says corporate culture may be 'corrupt'

Jun 07 2011 Emmanuel Olaoye, Regulatory Intelligence

Too many firms are focused on doing the minimum to comply with the law instead of developing a culture that focuses on doing the right thing, according to Preet Bharara, the US attorney for the Southern District of New York. Speaking at an event organized by the New York Financial Writers' Association, Bharara said that the slew of cases prosecuted by his office in the last 20 months had raised the question of whether corporate culture was poisoned against ethical practices. His office has brought civil and criminal cases from locations as far as Maryland and Virginia to New York. "It begs the question: Is corporate culture becoming increasingly corrupt? The particular phenomenon that should worry people is the urge to walk that line," Bharara said. Bharara said his office had charged 49 defendants with insider trading in the last year. The most notable case was that of Galleon hedge fund founder and billionaire Raj Rajaratnam. Rajaratnam was recently convicted of using inside

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