(The other eight, not surprisingly, declined to speak.) The report notes that investigations into seven files “potentially implicating retaliation” are incomplete, and that investigations of four other individuals identified in shareholder complaints as whistle-blowers continue. Shearman & Sterling lawyers interviewed just three former employees out of 11 chosen for an in-depth analysis. How many potential whistle-blowers were there at Wells Fargo? The bank revealed that there had been 885 calls to its ethics hotline during the 2011-16 period, calls in which employees identified themselves by name and were subsequently subject to “corrective” actions (though not all were related to the bogus accounts). When they did, their careers were derailed and they were silenced through settlements and nondisclosure agreements. Outside banking, the Fox News sexual harassment scandal has exposed a culture in which women were terrified to speak out. Staley, was formally reprimanded by the lender’s board for trying to expose a whistle-blower who had filed an anonymous complaint about one of the bank’s top investment bankers, a friend of Staley’s. Last month, Barclays chief executive, James E. Retaliation against whistle-blowers is endemic, especially in banking, Garrett says, pointing to recent scandals at HSBC and UBS. The problem is hardly limited to Wells Fargo. “But if people knew there were problems and were silenced, that’s much more serious.” “A bad compliance system is one thing,” he said. You don’t find any answers in this mumbo-jumbo. Garrett, a professor at the University of Virginia Law School who wrote Too Big to Jail: How Prosecutors Compromise With Corporations, is that “to have a systemic pattern of misconduct on this scale, you needed to make sure that potential whistle-blowers kept quiet.” My concern is whether whistle-blowers were handled properly and to what degree the board bears responsibility.
You don’t find any answers in this mumbo-jumbo.” My concern is whether whistle-blowers were handled properly and to what degree the board bears responsibility. Jackson, a professor at Harvard Law School and a visiting scholar at the Consumer Financial Protection Bureau. “That’s a red flag in itself,” says Howell E. This advertisement has not loaded yet, but your article continues below.
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