When government agencies neither elected by nor beholden to the people go around making big claims and handing out huge sums of money with no respectable explanation, the people have little choice beyond suspecting double-dealing.
A widely-circulated article says that the Securities and Exchange Commission, in a lawsuit brought against unnamed companies under Dodd-Frank legislation, stands to pay a $30 million reward to an anonymous whistleblower, who lives out of the country, no less. This stinks of insider trading itself.
The Bangor Daily News says:
“I was very concerned that investors were being cheated out of millions of dollars and that the company was misleading them about its actions,” said the whistleblower, in a press release issued by the law firm.
It was very nice of that unknown good samaritan living abroad to help the SEC catch some crooked companies. But let’s stop being naive and introduce some class-consciousness into this, shall we folks?
If the whistleblower knew about a fraud scheme worth busting for “sanctions that exceed $1 million,” (in English, a shitload of stolen money), thereby qualifying him/her for the maximum reward of 30% of the bust, who must this person be? Is this whistleblower a lowly bank teller, a scorned shareholder, or a fellow fatcat who had a crisis of conscience? And why did s/he wait until the stolen cash piled up that high before s/he said something? Would an outsider, with no purview on the actions of boards-of-trustees, be able to provide a case? It sure as hell wasn’t the butler.
We are likely, therefore, dealing not with a case of the SEC rewarding a good samaritan, but paying an inside trader for his/her silence in order to bust bigger inside traders. This was, likely, no reward, but a bribe, a plea bargain at best.
Meanwhile, where did this $30 million reward come from? That’s 12 million school lunches, is what that is. The SEC’s bylaws on identity protection are meant to serve the whistleblower, but their lack of transparency and huge cowboy head rewards do not fight corruption, but attract more of it.