Working in the financial community brings with it a sense of belonging to a community, and a community that, unless you no longer want to work in the industry, you need to make peace with avoiding treasonous behavior. To this point, no matter how much money the SEC is waiving at people, encouraging them to rat out their fellow employees for perceived infractions, this is quite the opposite of what anyone with a serious career in the financial industry will do.
The SEC has implemented a “Whistleblower” program designed to encourage “anonymous” reporting of crimes and misdemeanors by those working in the industry. This was precipitated by many financial scandals in the first decade of this century, punctuated by the absolutely deleterious mortgage crisis that claimed investment banks, and homes, in its bevy of victims. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was a direct response to the mortgage crisis. Our government had to respond in some way, but encouraging people to report perceived infractions is tantamount to a poisoned financial industry in which there will be an implicit lack of trust among fellow employees.
Apparently there was a study conducted by Labaton Sucharow, and the findings revealed nearly 80% of Americans would be willing to report wrongdoings in the workplace. I don’t think this will ever apply to Wall Street, as there is an entirely different culture there, yet the dangling of financial rewards has, in fact, encouraged some to file Whistleblower reports from their positions in the financial industry. Apparently these people believe in the power of the government to save their reputations, jobs, and otherwise protect them under the aegis of this program.
It is very difficult to establish after one has essentially betrayed the industry in which they work, because their lack of training in litigious aspects of the inner-workings of Wall Street led them to believe that they thought saw something going wrong, that these whistleblowers are not going to be departing from the industry in short order. All the protections in the hemisphere are not going to keep someone who has not been trained in every aspect of the Wall Street community, and who were also not trained by the SEC as to what red flags to look for, that are going to help these people keep their jobs. This is the general idea of the Whistleblower program, however. Learn about the SEC Whistleblower lawyers
This was an adequate, carefully-orchestrated, response to a terrible situation, by our government, and the efficacy of such carrot-dangling programs is yet to be seen.