Many investment managers support Occupy Wall Street

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Are you a closet supporter of the Occupy Wall Street movement?

Some of you undoubtedly are. I recall talking to someone in a fairly high position in a pharmaceutical company as the health care debate unfolded. He was quite conflicted about some of the positions championed by his industry. In the vast financial service empire, we can't assume that everyone will blindly support the marquee banks.

According to a recent poll of investment advisors by InvestmentNews, just over 58 percent said they disagree with the views expressed by the Occupy Wall Street protesters, while 39 percent said they agree with the protesters, a number that some might find surprising. The survey also found that 46 percent of advisers "support tax reform that ultimately would lead to higher taxes on the wealthy," while 44 percent are against such reform. In addition, the survey found that 42 percent of advisers are in favor of tougher government regulation of banks and Wall Street firms, while 46 percent are against it. Very interesting! But not necessarily surprising.

There are many financial services employees, very few of whom are super wealthy, who do not feel the need to blindly circle the wagons. For them, it's not heresy to admit that Wall Street firms played a large role in ushering in the recession of 2008.  More than a set of specific demands, the Occupy Wall Street movements is really about public anger, which runs deep in the industry as well.

For more:
- here's the article

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