One of the reasons 2008 saw such a massive financial crisis has to do with the right people in the right place refraining from doing the right thing. There are a lot of reasons why that can happen. Job security is often the most prominent. People who could blow the whistle on superiors who are willingly engaged in underhanded, exploitative conduct that threatens the United States economy–and don’t–are usually in high positions of power. In an organization conducting underhanded business, the only people in a position to know what’s going on thoroughly enough to inform the proper authorities are usually risking their career. Prior 2008, there weren’t any existing legal protections that would keep such an individual from losing their job. In 2010, Congress passed a piece of legislation called the Dodd-Frank Wall Street Reform and Consumer Protection Act, and this definitely does something to help insure the whistleblower.
First and foremost, under Dodd-Frank, whistleblowers retain employment. Employers are legally restricted from taking recriminatory action against those who’ve alerted the SEC of underhanded financial practices. Secondly, incentives are available. In specific, whistleblowers become entitled to between ten and thirty percent of all collections pertaining to sanctions over a million dollars. Additional sanction discovery can result in additional incentive payment.
The only provision that Dodd-Frank can’t provide is that of anonymity in whistleblowing. For this necessity, Labaton Sucharow steps up to the plate.
Labaton Sucharow is the first Whistleblower Protection Practice. This organization began very soon after the 2010 Congress enactment of Dodd-Frank, and has a team of attorneys led by Jordan A. Thomas, the man who is most responsible for Dodd-Frank in the first place. Thomas used to work for the SEC, and during his time there wrote the legislation which became Dodd-Frank. Now he helps clients blow the whistle, maximize their available incentives, and remain anonymous if they so desire. Anonymity is the best way to curtail unwanted reputation declination, though some whistleblowers don’t seek it. http://www.secwhistlebloweradvocate.com/
Additionally, at Labaton Sucharow all initial consultations are entirely free. These can also remain anonymous if clients prefer, though Sucharow advises that the identity of a client be given to those who may potentially represent his or her interests in court.
There’s no way to stop greed, but there is a way to penalize it, restrict it, and keep it from dominating the country until the walls fall in. Dodd-Frank and Labaton Sucharow are at least one component striving to keep the country together.