Wall Street is not known for self- examination. Colossally bad bets and spectacular losses are more often treated as individual failures than systemic ones; risky behavior is seen as a sign of intestinal fortitude, not foolishness.
The Australian Olympic Committee said it won’t impose further sanctions on the men’s freestyle relay swimming squad for misbehavior including the misuse of prescription drugs in the leadup to last year’s London Games.
John Coates, a senior research fellow in neuroscience and finance at the University of Cambridge, has a theory. He says there would be fewer stock market bubbles and crashes if women and older men handled most of the trading. “There is less diversity in the financial world than in the military,” he quips. “On Wall Street, we have one slice of the population -- young men -- running our trading floors. That leads to extreme behavior: They go wilding.”
Australian Olympic Committee president John Coates wants team members to sign a legally- binding document saying they have no doping history, a proposal that would make those later found to have lied guilty of an indictable offense punishable by prison time.
Cycling’s governing body said the president of the International Council of Arbitration for Sport suggested members for a independent panel that will investigate doping in cycling and the influence of Lance Armstrong.