Welcome to Wall Street, where the unwritten rule has always been that you don't talk about illegal or unethical activities with law enforcement or regulatory authorities. Of course, this type of code of silence is not new. What is new is that this corporate omerta is being enforced by lawyers wielding gag orders.
In the wake of the economic crisis, our country debated how to break the cycle of corporate scandals that have plagued financial markets. Our financial watchdogs landed on two simple, fundamental truths: the investor protection status quo wasn't working; and those responsible for law enforcement could not effectively and efficiently police the marketplace without help from private individuals.
For the full version of the article, please visit the New York Times DealBook webpage here.