Let’s be honest here: Whistleblower claims are a real pain in the ass for the SEC. There are an awful lot of them, and they require an awful lot of work, and most of them go nowhere. Oh, and while we’re being honest, the SEC just doesn’t really feel like doingmuch work these days. I mean, summer’s sort of over but it’s still kinda hot and muggy, especially in D.C., and Thanksgiving’s only 64 days away, and then it’s basically already Christmas. So like, maybe lay off a bit? Also, the boss says “snitches end up in ditches” or whatever. So, sure, blow the whistle if you really want to, but don’t expect more than like, 50 bucks from us. Cool?
The SEC’s proposal entails giving its whistleblower office discretion to limit awards in the biggest cases, when the agency collects penalties of $100 million or more, to a level it would see as “reasonably necessary….”
“Capping awards would all but ensure that the elephant never walks through the [SEC’s] doors, only rabbits and the occasional zebra,” wrote Harry Markopolos, a financial fraud investigator well-known for exposing the Ponzi scheme perpetrated by Bernie Madoff.
See, you understand, guy who embarrassed the hell out of us once.
“This program should always aim high, not low or average. That was how it was designed and it is how it should remain.”
TL;DR. Plus the comment period ended yesterday, and we’re all taking a long weekend to Ocean City.