What would you say if I told you that the investment advisor you spoke to this morning was sky high on Marijuana? Investment advisors are amongst the most vulnerable to alcohol and drug addiction. Little wonder then that they are classified as amongst the largest drug and alcohol abusers across all countries. Despite this, there is virtually no drug and alcohol testing in the investment-banking sector. This is puzzling. Normally, I would have expected that the company owners would have been concerned and would have enforced drug and alcohol testing at the workplace1.
Some months back, when the recession was still in full swing, I read an article in the Wall Street Journal that said investment bankers and investment advisors had shifted from large-scale cocaine use to large scale Marijuana use. Why would legislatures, business owners and law enforcement agencies need more coaxing? What is the delay in cracking down on alcohol and drug abuse at the work place?2
Shift from Cocaine to Marijuana
The shift from cocaine to Marijuana is not surprising. When I was studying economics for my master’s degree, I had reason to study how economic changes in a country or even locality changed both the quality and quantity of alcohol and drug consumption. Essentially, the quantum of money in the pocket and the environment at work and home dictates the behaviour and choices of the individual. The economic recession meant lower bonuses and so the shift in choice is understandable. However, (and contrary to expectation), reduced money has not made them given up on alcohol, drugs or other vices. The recession would have been a good time to enforce drug and alcohol testing at the workplace of the investment and banking industry. Perhaps it was an opportunity that was missed3.
The very thought that my investment advisor might be high on something while talking to me made my head reel. Now that I think about it, I am not surprised. Often times the views expressed by my investment advisor sounded dubious to say the least. The pressure to out-perform and make money is so high that these folks seem to need ‘fortification’. Soon, the body is so addicted to the drug that without fortification they cannot perform at all. Yet, financial bankers were the first to refuse drug and alcohol testing at the workplace4.
Perhaps drug and alcohol testing at the workplace is required not just to protect co-workers who might not have the addiction. Drug and alcohol testing at the workplace may need to be introduced so that clients too are protected from bad, poor qualityservice. Perhaps if drug and alcohol testing in the banking and finance industry were in place, the recession itself might not have happened!
It is common knowledge that an alcohol or drug addled brain could hardly be thinking straight. Perhaps it is high time we take action and demand that Drug and Alcohol Testing at the Workplace be made mandatory5.
Quality testing devices are available from CMM Technology +618 1300 79 70 30.
Footnotes and references:
1. Drug and alcohol abuse at the workplace: http://www.investingblog.org/archives/753/recessions-ugly-side-effects-drug-alcohol-use-abuse/
2. Wall street journal article on drug abuse: http://online.wsj.com/article/SB10001424052702304259304576373731829124842.html
3. Wall Street shifts from Cocaine to pot: http://blogs.wsj.com/deals/2010/08/20/wall-street-drug-use-employees-giving-up-cocaine-for-pot-and-pills/
4. Work pressure on investment bankers: http://business.timesonline.co.uk/tol/business/career_and_jobs/graduate_management/article1293575.ece
5. Drug and Alcohol Testing at the Workplace be made mandatory: http://www.parl.gc.ca/Content/LOP/ResearchPublications/prb0751-e.htm