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Bankers Ask U.S. to Revise Planned Whistleblower Program
printU.S. and Canadian banks are among the over 260 companies asking the Securities and Exchange Commission to reconsider a new federal whistleblower program they say will undermine internal reporting controls. Royal Bank of Canada, Heritage Bancorp., TD Bank Financial Group and Carter Federal Savings Bank, and the Pennsylvania Bankers Association have signed a letter by the Washington, D.C.-based Association of Corporate Counsel that calls into question the program, which would reward whistleblowers up to 30 percent of monetary penalties over $1 million that result from their disclosures. The program is restricted to the reporting of crimes impacting stock prices, and...
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I've always found it offensive when tabloids use terms like "rat" or "squealer" to describe the actions of those who report or testify about criminal behavior. It's no less offensive when one of the terms is used in defense of attorney-client privilege.
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