FBI Recruits ‘Gordon Gekko’ In Fight Against Wall Street Greed
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Greed is NOT good after all, so says Hollywood actor Michael Douglas, who famously portrayed a scrupulous corporate executive in the 1987 film Wall Street, in a new advertisement unveiled by the US Federal Bureau of Investigations (FBI) on Monday.
The advertisement is part of a public service announcement against insider trading and corporate fraud on Wall Street, and sees Douglas speaking against the very mantra of his character, Gordon Gekko, in the movie: “greed, for lack of a better word, is good.”
Greed is NOT good after all, so says Hollywood actor Michael Douglas, who famously portrayed a scrupulous corporate executive in the 1987 film Wall Street, in a new advertisement unveiled by the US Federal Bureau of Investigations (FBI) on Monday.
The advertisement is part of a public service announcement against insider trading and corporate fraud on Wall Street, and sees Douglas speaking against the very mantra of his character, Gordon Gekko, in the movie: “greed, for lack of a better word, is good.”
“In the movie Wall Street I play Gordon Gekko, a greedy corporate executive who cheated to profit while innocent investors lost their savings,” said the actor during the 57-second spot, featured on the FBI’s website and on Youtube.
[quote]But “the movie was fiction, and the problem is real,” noted Douglas. [/quote]“Our economy is increasingly dependent on the success and integrity of the financial markets. If a deal looks too good to be true, it probably is,” he added.
Douglas urged anyone with information on insider trading to contact the FBI immediately. According to the government bureau, securities and commodities fraud investigations had increased by 52 percent last year, with numerous high profile cases including those of Raj Rajaratnam and Rajat Gupta.
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A new report also showed that 242 convictions were secured during the last fiscal year against corporate criminals, with over $2.4 billion in restitutions recovered by the FBI. The FBI has hired 250 new forensic accountants who will continue to work on cases involving securities and commodities fraud, health care fraud, mortgage fraud, insurance fraud, and money laundering.
[quote]”From securities, bank and investment, to mortgage, consumer and health-care fraud, we’ve found that these schemes are as diverse as the imaginations of those who perpetrate them, and as sophisticated as modern technology will permit,” said US Attorney General Eric Holder in an interview with CNN.[/quote]The FBI’s collaboration with Douglas was also part of a “perfect hedge” initiative to combat insider trading, added FBI Special Agent David Chaves, who supervises the bureau’s New York securities and commodities fraud squads.
“We thought one of the most revered actors of our time would be a great voice for combating crime on Wall Street,” said Chaves, as quoted by the San Franciso Chronicle. “The antagonist role that he played as Gordon Gekko suggested to us there would be no better voice to put this message out insider trading and securities fraud.”
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Douglas himself admitted that he had been “startled over the positive response he received as Gordon Gekko,” which in turn had inspired him to take up the FBI’s offer.
[quote]”I don’t know what’s wrong with Wall Street but I would be approached all the time, people would ‘high-five’ me or shake my hand for being this terrible man who stole people’s money. Where are the values? What are people thinking when I’m held like a hero in that role? The culture has to change,” he said.[/quote]Watch ‘Gordon Gekko’ Speaking Out Against Greed:
