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Released: May 24, 2011
Businesses criticize reward plan for whistleblowers
Source: David Hilzenrath, Washington Post (Free Registration)
Business groups are alarmed about a federal plan to reward company insiders and other tipsters for blowing the whistle on corporate fraud. The Securities and Exchange Commission is scheduled to vote Wednesday on a far-reaching proposal to combat corporate wrongdoing by paying private employees to join the fight. The bounties could give tipsters a powerful incentive to expose the kind of abuses that have cost investors dearly, from the Enron and WorldCom accounting frauds of a decade ago to the Fannie Mae and Freddie Mac scandals of later years and alleged misrepresentations involving toxic mortgages.Read Full Article: Businesses criticize reward plan for whistleblowers
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