[Ed Note. This is a great post written by William Cohan at Bloomberg. Because of copyright regulations, the editor there has only allowed us to print the first 3 paragraphs but here is the link to the entire story. It is certainly worth reading.
As our readers know, we proudly represent whistleblowers. Some law firms simply gloss over the retaliation often faced by whistleblowers. There is often a long and lonely wait between the day someone comes forward and speaks out until the day action is taken and a cash award paid. We primarily represent whisteblowers in false claims actions. In other types of cases there may not even be the possibility of cash payout.
Cohan’s piece tells the story of what some whistleblowers experience.
Brian Mahany 23 August 2012.]
When Wall Street Watchdogs Hunt Whistleblowers by Wm. Cohan (Bloomberg)
You’ve probably never heard of Peter Sivere, a former compliance officer at JPMorgan Chase & Co. (JPM)
Yet his distressing story shows — on a personal level — that for all the tough talk about better enforcement of financial wrongdoing, just how tightly government regulators are aligned with the big Wall Street banks they are supposed to keep an eye on.
In January 1998, Sivere joined JPMorgan as a surveillance analyst in the compliance department of the fixed-income group. In December 1999, Sivere was promoted to vice president and then again to be the “team leader” of electronic-communications compliance. On Sept. 26, 2003, Sivere received his annual review and a rating of 9.63, or “great,” according to the bank’s evaluation scale. [To read the entire article, click here]