On Wall Street, a Culture of Greed Won't Let Go

The New York Times DealBook
July 15, 2013

Jordan A. Thomas comments on Wall Street's culture of silence

As part of the Dodd-Frank financial overhaul law, the S.E.C. developed a $500 million whistleblower program that pays 10 to 30 percent of penalties collected to the whistle-blower. The fund still has some $450 million in it, despite recent remarks by Stephen L. Cohen, associate director of the S.E.C.'s enforcement division, that we should expect bigger payouts soon. Mr. Thomas of Labaton Sucharow helped develop the whistle-blower program when he was at the S.E.C., and he now represents whistle-blowers.

"We are seeing a culture of silence," he said. "There's an unwillingness to come forward."

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