Wall Street Whistleblowers – The High Price of Taking a Stand
Financial Times Weekend Magazine
May 30, 2014
Jordan A. Thomas explains how Dodd-Frank allows whistleblowers to protect their identities while eliminating the fear of retaliation
Jordan Thomas believes the fact that Dodd-Frank allows anonymity for whistleblowers facilitates the reporting of wrongdoing while offering them protection from retaliation, which is the point after all. "Essentially most whistleblower horror stories start with retaliation," he says. "And to be retaliated against, you have to be known. The genius of Dodd-Frank was it created a way for people with knowledge to report without disclosing their identity to their employers or the general public. That has been a game changer because now people with knowledge are coming forward with a lot to lose, but they have a mechanism where they can report this misconduct without fear of retaliation or blacklisting." He says the fact that the SEC could award $14m to a single whistleblower whose identity has remained unknown, despite efforts by the media to uncover it, sends a powerful message that whistleblower identities will be protected.