In a “vote split along partisan lines” (not surprisingly) the SEC voted on final rules to reward whistle-blowers in cases of illegal financial activities. It was clear that some sort of official method for dealing with these cases was necessary when even parties that did report questionable behavior on the part of large financial institutions were ignored and in some cases even fired. The business community apparently argued that it should be necessary to report incidents internally before going directly to the SEC, but fear of internal retribution would, in my opinion, prevent many would-be whistle-blowers from reporting misdeeds. On the other hand, it is distinctly possible that people will simply find ways to manipulate the new regulations to collect on rewards. Do you think the new system will be more successful in finding and rooting out corruption on Wall Street?
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