.
February 24th, 2009
01:59 PM ET

Calling all whistleblowers! The SEC wants you

Robert Chew
Time.com

From "Sir" Allen Stanford's recent alleged $8 billion CD sticky wicket to Bernie Madoff's $50 billion decades-long lie, it seems each new day brings another round of financial madness, and yet no one person or government agency seems to be moving fast to find a cure.

But the Securities and Exchange Commission's Inspector General, David Kotz, is all ears for one group with answers: Wall Street's whistleblowers.

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Filed under: 360° Radar • Economy
soundoff (3 Responses)
  1. bob

    Apparantly they (SEC) were warned by one of their auditors about ten years ago. Why the SEC didnt probe deeper is unknown. The auditor, Markoupoulos, testified that he did blow the whistle but no one heard him. What amazes me is that Madoff never placed a trade in 12 years and no one caught on. I cant believe that in no audit in those 12 years the fact that trades were fictional went undetected. I think someone was paid off handsomely with no thoughts of this ever blowing up like it has.

    February 24, 2009 at 11:27 pm |
  2. Annie Kate

    I still can't believe the SEC was warned about Madoff so many times and yet no one followed up on it. Were they too busy partying? They've lost their credibility with me. There needs to be a new organization that does this – preferably out of the Justice Department and with big teeth and very dedicated investigators.

    February 24, 2009 at 6:29 pm |
  3. Bill

    Just look up, "for-profit university scams" on the Internet because no specific names are needed. There are big fish and small fry.

    And ask yourself these questions.

    What is the return on investment per tax dollar spent by these companies that consumers, taxpayers, and the U.S. society receives?

    How many years has this been going on?

    Where are the tax dollars going?

    Finally, Just do the math!

    February 24, 2009 at 5:22 pm |