More financial services whistleblowers to emerge?

Tue, 27 May 2008 06:59:59 -0400

Do not be surprised to see even more whistleblowers emerge in the wake of mortgage meltdown. In some ways, it's surprising we haven't seen more. The media has led us to believe that many mortgage companies, big and small, were rife with dubious practices that some might consider outright fraud. Clearly, there was a breakdown in processes at some point. You have to wonder what kind of controls were in place. Paul Bishop, a former loan consultant at a bank now owned by Wachovia, argues he was fired for reporting a host of iffy practices, reports KPIX. He says his reports were ignored and he was fired after telling a manager he intended to report the situation to the CFO of Wachovia. Whistleblowers, as we know, have not fared well in seeking Sarbanes-Oxley protection. We've seen a spike in such instances in the financial services industry, notably Fidelity and Countrywide.

For more:
- here's the KPIX article

ALSO NOTED: CEO succession planning a good idea from Sarbox perspective;

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