In an attempt to control some of the excesses of Wall Street investment firms whose recklessness ushered in an era of business failures and high unemployment beginning in 2007-2008, the Dodd-Frank Act was enacted by Congress. This 2010 legislation was a sweeping overhaul of the investment banking industry and put in place regulations attempting to control the recklessness of investment firms in the United States of America. Within the legislation were employment protections and fiscal incentives for those who would come forth and report violations of the law to the SEC, Securities and Exchange Commission.
This whistleblower program states that the SEC will pay whistleblowers 10-30 percent of the collected monetary sanctions imposed on violators. The Dodd-Frank bill prohibits retaliation against employees exposing violations by their employers. There is also a provision for whistleblowers to maintain anonymity when represented by a SEC Whistleblower attorney. The law firm of Labaton Sucharow was the first to establish a practice uniquely designed to protect and work for SEC whistleblowers.
More than $17 million was awarded to a whistleblower last week for a tip which aided the investigation into an SEC investigation. Labaton Sucharow were the attorneys representing the whistleblower who will receive a substantial portion of the $17 million settlement.
These multi-million dollar settlements are a sure incentive for employees to blow the whistle on firms that are in violation of standard business practices and SEC laws. These companies are harming customers, employees, and the business itself. The average American has a low opinion of the firms operating on Wall Street. They believe the excesses of these firms only serve to line the pockets of the very rich who can hire accountants and tax attorneys to work for them in an attempt to avoid paying their fair share of income taxes. It is time for these giants of Wall Street to be brought down to the level of a farmer in Iowa or a carpenter in Pennsylvania. Some wealthy scions of Wall Street do give generously to charities supporting local and national issues, but an attempt must be made to bring them into a closer alliance with those less wealthy. The wealthy in America seem obsessed with separating themselves from everyone else. Their clubs and organizations serve as a barrier to the real world. Their isolation is not a good thing and should be stopped. The United States of America was founded on a sense of equality which has been abridged by this wealthy sub-culture. It is time they came together and helped their fellow man.