Comment Text:
Den Mark Wichar
*****
Vancouver, WA 98660
November 22, 2010
Gary Gensler
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Chairman Gensler:
I suspect that whistleblower rules that Security Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are currently drafting will not fulfill Congressional intent of Dodd-Frank. I am concerned that corporate lobby will have undue influence on final rules to protect whistleblowers.
That is UNACCEPTABLE!
I am particularly concerned with admissions by SEC that their proposed rules would 'limit the pool of eligible whistleblowers,' 'reduce the number of possibly useful informants,' 'discourage some whistleblowers,'
cause 'persons not to come forward,' and result in 'forgone opportunities for effective enforcement action.' These are NOT the rules that Congress intended!
These rules violate the law and undermine public interest, and are UNACCEPTABLE!
SEC-proposed rules completely undermine efforts to protect employees who risk their careers to expose fraud. Incredibly, not only does SEC admit that their rules undermine legal protections in Dodd-Frank, but SEC failed to adopt recommendations of their own Inspector General on how to improve their whistleblower reward program. SEC-proposed rules are so flawed that they must be discarded in their entirety and replaced with rules that conform to recommendations of SEC Inspector General.
CTFC should not blindly follow any SEC recommendations and should instead write rules to encourage whistleblowers to report commodities fraud.
Wall Street has been a mean street for any employee who has guts to step forward to report securities and/or commodities fraud. COnsequently, every American has suffered from financial meltdown. SEC and CFTC must write rules that will prevent another financial disaster, ensure compliance with law and encourage employees to risk their careers by becoming whistleblowers.
SEC's proposed rules will have opposite effect. Do everything in your power to ensure that SEC withdraws its current proposal and approves final rules that protect the public.
We cannot afford to have SEC again fail to detect Bernie Madoff clones, costing innocent Americans billions of dollars.
Congress, SEC and CFTC must do what the law now requires:
protect whistleblowers that risk their jobs to report fraud!
Insistently,
Den Mark Wichar
360-694-0000
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