There’s a new program for whistleblowers on Wall Street sponsored by non-profit organization The Other 98% and the global network The Rules. They have started an advertising campaign targeting bank employees in New York City with billboards that say “If You See Something, Do Something”. Their website is http://whistleblowwallstreet.com.
The Government Accountability Project, a whistleblower protection and advocacy organization, will manage the tips received from whistleblowers. Many of the bank whistleblowers coming forward may be eligible for rewards under the SEC or CFTC whistleblower programs, which were established in order to incentivize whistleblowing following the financial crisis of 2007 through 2009. The campaign is endorsed by Richard Bowen, the former Chief Financial Underwriter for Mortgages at Citigroup that blew the whistle internally on the mortgage department starting in 2006.
Given the economic issues that are being discussed in the United States and reports of a global slowdown, it is an apt time for the campaign to launch. This year also marks the 7th anniversary of the start of the Troubled Asset Relief Program, better known as TARP, which was designed to bail out the banks from problems during the Great Recession and prevent greater economic devastation to the country.
A survey earlier this year of professionals in the financial industry found that misconduct was continuing on Wall Street. In recent years, investment banks have been fined billions of dollars as a result of government investigations uncovering practices in violation of the law. Among the corporate wrongdoing penalized over the last year has been the manipulation of the foreign exchange (Forex) market.