Why do we hate on the whistleblowers so much?
Leyla Wydler was fired for refusing to sell certificates of deposit that she rightly suspected were misleading to investors. A year later, back in 2003, this broker sent a letter to the Securities and Exchange Commission (SEC) about her former employer, the Stanford Financial Group, and was ignored. In 2008 the news finally broke that Stanford had orchestrated a $7 billion Ponzi scheme which cost thousands of defrauded investors their savings.
Eileen Foster, a former senior executive at Countrywide Financial who, in 2007, uncovered evidence of massive fraud — forged bank statements, bogus property appraisals — has been completely ignored by the government, then and now.
Harry Markopolos, a financial analyst, repeatedly tried to warn the SEC about Bernard Madoff’s Ponzi scheme and was persistently ignored.
Our regulators who are entrusted by us to enforce the laws should be prosecuted for failing to even listen to the whistleblowers, much less investigate their reports of corporate malfeasance! What kind of justice is this?