Policing the Banks Is an Inside Job – The New York Times

“Studies like the National Business Ethics Survey consistently show that a significant percentage of employees are aware of wrongdoing in the workplace. In the case of Wells Fargo, several employees raised concerns about these troubling practices within the bank and suffered retaliation for doing so.Unfortunately, these employees had little incentive and no way of safely alerting regulators without risking their careers. Unlike other financial police, banking regulators either have no whistle-blower programs that provide incentives and protections for individuals to break their silence about wrongdoing they witness, or these regulators have little-known programs with comically small awards.

While there have recently been successful prosecutions involving whistle-blowers at JPMorgan Chase, Bank of America and UBS, these were securities or tax-law violations, and the whistle-blowers were participating in programs of the Securities and Exchange Commission or the Internal Revenue Service.”

Source: Policing the Banks Is an Inside Job – The New York Times

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