whistleblower experience

I got a call from J today. He is moving out of his house due to his obsession with the crimes he has seen and the total inability of the regulatory agencies to get involved. They all choose to look the other way, rather than get involved in a fight with a multi million dollar company. I guess they value the paycheque too much.

I personally think and hope that criminal charges for breach of trust will be in order for those offiicials who have abrogated thier duties for the sake of safety and convenience.

His move is another blow in the process of being witness to clients being abused by financial predators. Our financial system allows for "self regulation", which can sometimes mean "no regulation". It can mean that financial firms police themselves, or have a self appointed lobby group police them. Both cause a not so healthy overdose of the "see no evil", syndrome.

Clients get abused first for thier money, by the predators of the industry. Then they get abused again by the refusals of the self regulators to recognize and punish the financial abuse, then again by the government agencies who are charged with overseeing it all. Government agencies defer all inquiry to the trade association and wash hands of it.

Then, if ones complaint gets as far as the RCMP, they will either not have a clue about financial matters, or refuse to get involved if the firm is large and powerful enough. Some (RCMP) will even refuse involvement without an "invitation to investigate" by securities regulators.

In this case the securities regulators are now on paper as having given the firm a free ride around securities law, so they have themselves become suspects in assisting, aiding and abetting. This is going to make a great book some day.

If after all this, an honest man is not driven to insanity, he is stronger than I. When one whistleblower came up on this kind of bureaucratic failure and indifference he took his own life. Number two has been jailed, humiliated, and treated like a criminal himself. Where will it end? I will do my best to keep taking notes.