31–40 of 76 posts
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Bradley Birkenfeld did quite well whistleblowing on UBS [1]. $104m. https://en.wikipedia.org/wiki/Bradley_Birkenfeld#Whistleblow...
Considering many of these people end up blacklisted from their industry, we as a society kind of owe it to them.
While I appreciate a criminal getting caught, these types of systems that incentives private citizens spying and reporting on one another are bothersome on many levels.
http://www.spiegel.de/international/germany/east-german-dome...
>East German Snitching Went Far Beyond the Stasi
>Everyone knows about the Stasi and the extent to which it spied on the East German populace. But that was only a small part of the informing that went on. New research shows that snitching was vastly more common than previously thought.
Conducting a token sale without getting approval from the SEC is exactly the kind of "economic crime" that the East German citizenry would be snitching on today if East Germany had survived to this day.
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It seems this is an argument for greater rewards for whistleblowers in other industries - not one for decreasing financial whistleblower rewards.
But this is never going to happen so let's reduce it for bankers. With these sums they incentivize people to participate in shady stuff and then cash out by jumping ship on time.
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But this is never going to happen so let's reduce it for bankers. With these sums they incentivize people to participate in shady stuff and then cash out by jumping ship on time.
Without these sums they incentivize people to participate in shady stuff and never jump ship. You'd prefer that?
Earlier quoted context omitted.
Bradley Birkenfeld did quite well whistleblowing on UBS [1]. $104m. https://en.wikipedia.org/wiki/Bradley_Birkenfeld#Whistleblow...
Considering many of these people end up blacklisted from their industry, we as a society kind of owe it to them.
Whistleblowing can be it's own business model, just do a google search for Ven-a-care. Ven-a-care is a small pharmacy down in the Florida Keys. A few decades ago, it started to notice that the price it was paying for certain drug was very different from what the gov't thought they cost. Gov't price reporting is incredibly strict in pharma due to past mucking with the numbers. So they started a lawsuit which was picke…
Whistleblowing can be it's own business model, just do a google search for Ven-a-care. Ven-a-care is a small pharmacy down in the Florida Keys. A few decades ago, it started to notice that the price it was paying for certain drug was very different from what the gov't thought they cost. Gov't price reporting is incredibly strict in pharma due to past mucking with the numbers. So they started a lawsuit which was picke…
Is this a sign of wrongdoing? I don't know how things are supposed to work.
In any other industry you have to be happy to not get your life ruined as whistle-blower but in banking we again have to give them a huge amount of money to do something. It really bothers me. Why do we have to give millions of dollars? Anywhere else you would get a small reward or nothing.
Because if you blow the whistle you will never work in that industry again.
Earlier quoted context omitted.
Considering many of these people end up blacklisted from their industry, we as a society kind of owe it to them.
you cannot be fired for being a whistleblower, so if you 'all the sudden' had performance problems and got fired shortly after whistleblowing, i imagine courts would side with you.