SEC Opens Whistle-Blower Website as Dodd-Frank Program Begins

[ProSense]

SEC Opens Whistle-Blower Website as Dodd-Frank Program Begins

By Jesse Hamilton

The U.S. Securities and Exchange Commission, trying to encourage employees to report corporate wrong-doing, opened a website today to gather tips as its new bounty program for whistle-blowers officially begins.

The Dodd-Frank Act’s new incentive program, which rewards tipsters with as much as 30 percent of penalties collected, has been operating on an interim basis since the law was enacted last year.

Sean McKessy, chief of the SEC’s whistle-blower office, said in an interview that tip quality -- if not volume -- has already improved since last year’s enactment. Some recent tips will be eligible for the bounties, he said.

The SEC’s Office of Market Intelligence will do most of the “wheat versus chaff work” to filter incoming tips, McKessy said, noting that the SEC whistle-blower office has just seven staffers. “We just don’t have the resources to read every single one of them.”

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[RUMMYisFROSTED]

1. ...and Holder says "never mind" in 4, 3, 2, 1..

[Snotcicles]

2. I hope they have extra staff to answer phones. nt

[ProSense]

4. They'll need it. n/t

[Snotcicles]

6. Kick. nt

[ProSense]

3. Kick! n/t

[banned from Kos]

5. I bet DC Republicans hate Dodd-Frank more than the AHCA

if they were ever honest.

After all, the S&L crisis of 1989 and the 2008 mortgage crisis were big profit opportunities for their constituents.

[ClarkUSA]

7. Republicans in the Teabagger House like Crazy-Eyes Bachmann REALLY want to repeal Dodd-Frank.

Barring that, they want to defund it. Ergo, the inability to employ more than seven staffers.