Ethics Forgotten Amid Culture of Greed and Code of Silence
The Sydney Morning Herald, The Age, WAtoday
April 16, 2016
Jordan A. Thomas addresses Australian press on how financial institutions take advantage of loopholes through confidentiality agreements
A survey conducted by the University of Notre Dame and Labaton Sucharow raises questions on whether enforcement deters wrongdoing, or if the culture of these institutions is such that finding loopholes to evade the law is commonplace.
Employment lawyers talk about whistleblowers that have been sacked, go to a lawyer, end up settling, and sign confidentiality agreements. The confidentiality about the wrongdoing is invariably one of the major terms of the agreement.
Partner Jordan A. Thomas describes it as a stealth issue. He likens it to the mafia being allowed to get people to sign confidentiality agreements. Yet corporates manage to get away with it in Australia. The employment contracts don't explicitly say that but the confidentiality provisions have the desired effect. Until such things are sorted out, little will change.