Do you have a moral compass? If so, who set it? Is it an innate wish to do the right thing or was it imbued in childhood? We know the answer.
William Golding did too – read Lord of the Flies. Some sort of moral code is imprinted on us by our parents at an early age. I knelt and said my prayers at bedtime, rather embarrassingly out loud. I folded my clothes up so neatly that a Brigade of Guards Sergeant Major could not have found fault.
But as St Paul wrote to the Corinthians, we put away childish things and grow up in a rough, tough world. What makes some people fair and honest and some exploitative and dishonest? Of course I don’t know, but a prime reason to stick to the rules is fear of being found out. Another is that the gain might not be worth the dishonesty. Often, just read the newspapers, greed is the motive and the perpetrator is not a pauper – just greedy for more.
I can only tell you of my experience. In 1981 when oil futures started there were no Compliance or Credit departments and I and two colleagues were left largely to our own devices – which mostly consisted of long lunches wooing clients. However, the chairman of my firm gave me good advice. Something will go frightfully wrong by mistake and, when it does, come and tell me – we can sort it out. If you dont, it’ll get much worse.
Those were wise words and I attempted to imbue them into my colleagues, more or less successfully. However, I do understand why greed and vanity can lead people to commit theft and fraud. Most people have a price, although mine is very high, for which they will break the rules.
What would I have done in Germany in the 1930s? I’m pretty certain that I would not have liked the regime but that I would have stuck it like the coward I am. But, much less crucially, in thirty-nine years in the City I always did the right thing. I didn’t need the next dollar in commission and my upbringinging stood me in good stead. The people who err have not been taught to say their prayers and fold their clothes.