The Shocking Statistic About Psychopaths On Wall Street

Sam Ro
businessinsider.com

|american psycho

The March/April issue of the CFA Magazine has a fascinating article titled “The Financial Psychopath Next Door.”

A shocking statistic jumped out at us.  From the article:

Studies conducted by Canadian forensic psychologist Robert Hare indicate that about 1 percent of the general population can be categorized as psychopathic, but the prevalence rate in the financial services industry is 10 percent. And Christopher Bayer believes, based on his experience, that the rate is higher.

Bayer is a well-known psychologist who provides therapy to Wall Street traders.

The type of psychopath the author is writing about is characterized by compulsive gambling.  And the Wall Street psychopath doesn’t necessarily show up to his or her first day of work in this condition.  From the article:

Taken to the extreme, some traders become compulsive gamblers. The behavior is often latent–neither they nor anyone else knows they have this propensity. They hide small losses and keep doubling their position to try to eliminate them. When those trades turn sour, they dig themselves into a deeper hole and deny ay wrongdoing or failure. They rationalize by telling themselves that poor investment decisions are an occupational hazard. They lie to family members or others to conceal the extent of their involvement with gambling and commit forgery, fraud, theft, and embezzlement to support their habit.

A little more color on these particular types of psychopaths:

These “financial psychopaths” generally lack empathy and interest in what other people feel or think. At the same time, they display an abundance of charm, charisma, intelligence, credentials, an unparalleled capacity for lying, fabrication, and manipulation, and a drive for thrill seeking.

A financial psychopath can present as a perfect well-rounded job candidate, CEO, manager, co-worker, and team member because their destructive characteristics are practically invisible. They flourish in fast-paced industries and are experts in taking advantage of company systems and processes as well as exploiting communication weaknesses and promoting interpersonal conflicts.

Unfortunately–writes the author–the best candidates for many Wall Street jobs exhibit the traits of a financial psychopath.

 

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5 Responses to The Shocking Statistic About Psychopaths On Wall Street

  1. Pingback: Wall Street Psychopaths « This Day – One Day

  2. Pingback: Recovering from a Psychopath- Recommended Reading « Phoenix Rising

  3. Raine says:

    Quite the mess….and they are having troube keeping up with and controlling their messes now! The dominos are falling quite rapidly…..what a blessing for mankind!

  4. Stunned at sunset says:

    General post:

    LOL! I welcome the scientific work in this arena of the social sciences but Ben and David have been telling us that these people are super-psychos for over two years now! Proof is in the pudding. Look at the mess they’ve made…
    :o

  5. Maryanne Dattoli says:

    Please you keep as hold for the world of rather. Not matter the water for all holds. Rothschild is for father in world and Rockfeller has his rather on his worldiest. His recoil for all lost.

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