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Securities and Exchange Commission Guts Whistleblower Program by Nell Duckman - Tue, 10 Jul 2018 10:25:11 EST ID:AQ3EL3+B No.170258 Ignore Report Quick Reply
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https://www.nakedcapitalism.com/2018/07/sec-knifes-whistleblower-program.html
>The SEC always hated the whistleblower program that Congress imposed on it as part of Dodd Frank reforms. Congress was responding to the SEC’s grotesque institutional failure in ignoring Harry Markopolos’ repeated, detailed warnings about the Bernie Madoff fraud, a Ponzi scheme that reached $65 billion due to SEC inaction.

>Nevertheless, the new whistleblower program established an awards fund entirely outside the SEC’s budget, and also tasked the SEC to set up a “Whistleblower Office.” The agency was obligated to pay sources compensation set as a portion of the SEC’s recovery if they contributed information that was valuable to an enforcement action.

>Last Saturday, in the dead of night, the SEC moved to make explicit, with the release of draft rule revisions, what close observers long suspected, that despite the agency’s weak support for whistleblowers, they have proven nevertheless too successful.

>The proposed new rules have two main thrusts. First, they would change the formula for computing whistleblower awards so that large awards would receive fewer dollars. Second, new barriers to receiving awards would be placed in front of whistleblowers who include any public information in their evidence of wrong-doing. The reason that matters, as we’ll explain in detail, is that whistleblowers who provide evidence of widespread or systemic frauds will almost certainly be relying significantly on public information. Perversely, that could even been deemed to include information the whistleblower got into the public domain via FOIA

>Ultimately, the SEC whistleblower program closely parallels many financial reform initiatives we have chronicled on the blog. They are announced with great fanfare and hailed as showing real promise of implementing lasting reform. But success proves fragile and hostile forces look for every opportunity to weaken the initiative through inaction and bureaucratic strangulation. In moments when they are powerful, as the whistleblower program foes are now, they seek structural changes, often dressed up as mere administrative accommodations, that would permanently kill the program in all but name.

Pic unrelated
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Nell Muvingwill - Tue, 10 Jul 2018 11:07:53 EST ID:8c32w9KN No.170263 Ignore Report Quick Reply
>>170258
Not surprised. The current administration is opposed to transparency and more importantly, opposed to the truth and will of the people.

This is just another policy that let's the rich have more freedom at the expense of the poor.


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