Bounty proposed for SEC WhistleBlower$: BALLS in WHOSE COURT???
Let’s think about the reality of this suggested proposal from David Kotz with a few legitimate questions/comments and definitions to provide food for thought~
FT published a piece this week; SEC urged to reward whistleblowers==>David Kotz, SEC inspector-general, said “bounty”schemes would provide “necessary incentives” for individuals to bring complaints about possible illegal activity. There was evidence that similar programmes by the Department of Justice and the Internal Revenue Service had been effective, he said.
“Although the bounty system has been in place at the SEC for more than 20 years, there have been relatively few awards made,” he said. The current system applied only to insider trading cases and criteria for judging awards were“vague”
First, you have to wonder is this just more smoke and mirrors to appease the vast array of disgruntled investors who have been ripped off, or how about a mere financial scapegoat? If truly under consideration as they attempt to revamp financial regulations…Which figurehead shall be “The Sheriff ” granting the Reward with the ability to provide ”Total Anonymity and complete Witness Protection” without trackbacks or retaliation? Think GhostBusters might just fit~
REALITY CHECK:
Most whistleblowers are internal whistleblowers, who report misconduct to a fellow employee or superior within their company. One of the most interesting questions with respect to internal whistleblowers is why and under what circumstances people will either act on the spot to stop illegal and otherwise unacceptable behavior or report it. There is some reason to believe that people are more likely to take action with respect to unacceptable behavior, within an organization, if there are that offer not just options dictated by the organization, but a choice of options for individuals, including an option that offers near absolute confidentiality. External whistleblowers, however, report misconduct to outside persons or entities. In these cases, depending on the information’s severity and nature, whistleblowers may report the misconduct to , the , or , or other local, state, or federal agencies.
Definition of a whistleblower from WikipediA
Under most U.S. federal whistleblower statutes, in order to be considered a whistleblower, the federal employee must have reason to believe his or her employer has violated some law, rule or regulation; testify or commence a legal proceeding on the legally protected matter; or refuse to violate the law.
In cases where whistleblowing on a specified topic is protected by statute, U.S. courts have generally held that such whistleblowers are protected from retaliation.
===>>However, a closely divided decision, (2006). held that the guarantees for government employees do not protect disclosures made within the scope of the employees’ duties.
Common reactions to whistleblowing
Ideas about whistleblowing vary widely. Whistleblowers are commonly seen as selfless for public interest and organizational ; others view them as a ‘‘ or “” (slang), solely pursuing personal glory and fame. Some academics (such as ) consider that whistleblowers should at least be entitled to a rebuttable presumption that they are attempting to apply ethical principles in the face of obstacles and that whistleblowing would be more respected in governance systems if it had a firmer academic basis in .
It is probable that many people do not even consider blowing the whistle, not only because of fear of retaliation, but also because of fear of losing their relationships at work and outside work.(See )
Because the majority of cases are very low-profile and receive little or no media attention and because whistleblowers who do report significant misconduct are usually put in some form of danger or persecution, the idea of seeking fame and glory may be less commonly believed.[]
Persecution of whistleblowers has become a serious issue in many parts of the world. Although whistleblowers are often protected under law from employer retaliation, there have been many cases where punishment for whistleblowing has occurred, such as , , , , and/or harsh by other employees. For example, in the United States, most whistleblower protection laws provide for limited “make whole” remedies or damages for employment losses if whistleblower retaliation is proven. However, many whistleblowers report there exists a widespread “” mentality by corporations or government agencies accused of misconduct and in some cases whistleblowers have been subjected to criminal prosecution in reprisal for reporting wrongdoing.
As a reaction to this many private organizations have formed whistleblower or support groups to assist whistleblowers; one such example in the is . Depending on the circumstances, it is not uncommon for whistleblowers to be ostracized by their co-workers, discriminated against by future potential employers, or even fired from their organization. This campaign directed at whistleblowers with the goal of eliminating them from the organization is referred to as . It is an extreme form of wherein the group is set against the targeted individual. The fiction novel by Michael B. Neff, recently published, accurately and dramatically depicts these types of retaliatory behaviors.
In Conclusion:
There have been MANY well known publicized names who were considered “rats” or “moles” about to disclose whatever sort of wrongdoing, who suddenly are blatantly smeared, have accidents or appear as murdered, or commit suicide as a last resort (no need to provide a list-just stroll down memory lane). From this week came a piece - How Wall Street Bigs Protect Corruption
Our world has gone completly global with access for the masses. However, there still remains The TOPHATS who meet behind closed doors, cloaked in secrecy with The Powers That Be - Some with True Safety Necessity~Others, we just have to wonder about, and dream with desires to be the fly on the wall hearing and knowing all, or simply choose to SEE or HEAR NO EVIL~
Much has been printed to state facts or publish their beliefs that banks run government, and another one appeared this week
Regardless~There seems to be little doubt…
Very Powerful TOPHATS rule with Magic in the Financial World, and you have to be willing to admit it takes BALLS to call out A FOUL PLAY expecting to collect winnings, when the Rules of The Game are on their COURT!
