A large investment bank has been notified by the Securities and Exchange Commission that several of its sales and trading officials may face charges for taking inflated commissions -in exchange for providing information on IPO shares in 1999 and 2000. This plus many other allegations caused the bank to release the following statement: "Our business dealings follow an accepted code of conduct in our industry." This statement means the bank executives:

Question

Quizplus · Accepted Answer

The statement made by the bank executives suggests that they are attributing the bank's actions to the culture of the industry, rather than taking full blame or placing blame on others in the industry. They are essentially stating that they followed accepted practices within their industry, which implies that their behavior is not unusual or outside the norm.

A Large Investment Bank Has Been Notified by the Securities