Poll Calls for Floggings

Renegade Wall Street analysts should get more than a wrist slap, say a majority of respondents in our latest Work Poll

May 20, 2003

1 Min Read
Poll Calls for Floggings

Has Jack Grubman been punished enough?

Not even close, according to the latest Light Reading Work Poll.

Of the 181 respondents, so far, 92 percent say Jack Grubman should have faced a higher financial penalty than the wrist slap he received from the New York Attorney General's office. Eighty-seven percent say that Grubman should spend some time in the big house for his chicanery.

But jail might not be enough. A full seventy-one percent of respondents said flogging should be reinstated as a punishment.

While the respondents were a pretty vengeful lot, it's interesting to note that 73 percent said they had never lost money on a Jack Grubman recommendation.

Grubman is widely seen as a fall guy for a system that's thoroughly corrupt. Seventy percent of the respondents say that the $1.4 billion in fines levied against Wall Street banks should have been much more, and 21 percent of respondents say other penalties should have been imposed as well.

Sixty-one percent say that the investment banks involved did not learn their lesson, and 71 percent think that other analysts' sins are "about the same" as Grubman's.

The Light Reading Work Poll, Crime and Punishment, will be live until the end of this month.

— Phil Harvey, Senior Editor, Light Reading

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