How Corporate Whistleblowers Make Millions
HTML-код
- Опубликовано: 10 ноя 2019
- In 2010, the SEC launched a whistleblower program complete with a bounty for exposing fraud. Since the inception of the program, 66 whistleblowers have been paid $387 million for their contributions. Ted Siedle is one of them. He blew the whistle on JP Morgan Chase and in June 2019 he got the last part of $68M.
» Subscribe to CNBC: cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC Classic: cnb.cx/SubscribeCNBCclassic
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: www.cnbc.com/
Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: cnb.cx/LikeCNBC
Follow CNBC News on Twitter: cnb.cx/FollowCNBC
Follow CNBC News on Instagram: cnb.cx/InstagramCNBC
#CNBC
How Corporate Whistleblowers Make Millions
The monetary bounties are ABSOLUTELY necessary: Most whistle blowers, especially in the day of the internet, will never be hired by another company anywhere ever again. They have to live off that money for the rest of their lives.
rwdplz1 true
They are necessary for multiple reasons. 1) Yes, it helps you uncover more criminals and 2) it functions as a form of insurance for those who ruin their lives by doing the right thing. This information is not out there in the public or even at the low/mid-levels of most organizations. So, often times the people who are in possession of this vital information are successful themselves in finance. And once they blow the whistle, many organizations can figure this out which leads to these people being fired and black marked in the industry, because other firms don't want to hire a person known for going to the SEC. So, doing the right thing often has a big negative impact and these rewards help offset that. The only place they fail is not going far enough, because they take years to reward and only come through 5% of the time.
Harry Markopolos had to press one of the largest cases in history for 10 years before anything happened and that was only after the Ponzi blew up. It might be better today, but there is still so much that gets missed even when the docs/etc are given to the SEC. If you go in and rob a bank at gunpoint, you might make out with $20,000 but will quickly go to America's top wanted. However, if you use a convoluted scheme to steal a couple million $ in finance, the SEC likely will find this too small to pursue. Your name never goes on a list and nothing happens. It's nuts.
Whistleblowers should be compensated. Corrupted corporations should’ve not done illegal shiet to begin with
jkjkjk lol whistle blowers will be black listed for everything else they do. Minus well just make it worth it for them to blow the whistle. Plus the cost of not blowing the whistle will be greater if they let it drag on. Madoffs scam went on for decades
Its not the corporation, its the fact that its NOT illegal for law makers and politicians to accept "campaign donations"...
Facts!!!!!!you must be a whistleblower
ruclips.net/video/N2c_Cu5oABs/видео.html
ruclips.net/video/83sCqeVK4PA/видео.html
ruclips.net/video/wK4rxyrV7gk/видео.html
ruclips.net/video/aj0EOCkluW8/видео.html
Yeah, always wondered is it worth it, how much they get paid or compensated and do they get witness protection for life at a minimum....I mean no blower no whistle can be blown right?
No one would like to know it's just all Lego's beneath the pyramid for example.
Wall Street calls it Whistleblowing.
The Streets call it Snitching.
I call it, "I'm not going to jail for anyone else" lol
ruclips.net/video/83sCqeVK4PA/видео.html
Flexxx.X Snitch
For the critics who think financial incentive is bad, I would just ask you this. You expect others to risk their career, life and good health for the benefit of the society out of their goodness of heart but actually rewarding such people is beneath you. Just think about how messed up it sounds.
Whistle blowing saves time, saves tax payers money, saves company's money, saves good people working in the company, saves future employees of the company ....saves money for the company....so paying whistle blowers is the resonance , threshold and critical mass to have a good corporate governance.
Unfortunately most of the critics are lobbyists paid by corporate “interest groups”... which is why the system is so bloody rigged
Vedant kale
I think there shouldn’t be a black and white picture!
1) a $89 million reward is unethical in itself. In a world and a country where a lot of people live under the minimum income bracket and even are homeless (...) a reward shouldn’t be in the millions.
2) yes a reward should be reasonable - especially if someone risks his/her career (...)!
ruclips.net/video/N2c_Cu5oABs/видео.html
ruclips.net/video/83sCqeVK4PA/видео.html
ruclips.net/video/wK4rxyrV7gk/видео.html
ruclips.net/video/aj0EOCkluW8/видео.html
100% right it is no different to Cops, Soldiers, Firefighters, Ambulance Workers!!!!
dude in the video: i’m the ultimate whistleblower
6ix9ine: hold my beer
😂😂🤦♂️
Hey.. I don’t think 6ix9ine is old enough for beer
He's not a whistleblower, he's an informant.
69 only made 10 million snitchin, this dude bodies him with his 68 million..and he ain’t even gotta do no phony reality tv show or drop a wack ass fresh out of jail hip hop album...
One's a whistlsblower, the other's a snitch.
Most whistleblowers receive 0$ and only have economical disadvantages, like not being employed anymore because you did your duty to your fellow citizen, for example by revealing corruotion in a Saudi military deal. Seems like a smear against whistleblowers in general. It's not about how much reward a whistleblower gets, it's about how much embezzled taxes they can bring back to the governemnt / us tax payers.
A true whistleblower does it for the relief of injustice, but a bounty is a fair reward for the stress and fear one must go through from doing so. Being a victim of corruption is no piece of cake!
Can you talk more about the Saudi military deal please ? Because I’m Saudi and I’m interested.
.
well yeah... in the end you bite the hand that feeding you.....
@@campkira stop spamming the same comment. it didnt work the first time.
Paying people for doing what is right should be encouraged.
ruclips.net/video/83sCqeVK4PA/видео.html
ruclips.net/video/N2c_Cu5oABs/видео.html
ruclips.net/video/wK4rxyrV7gk/видео.html
ruclips.net/video/aj0EOCkluW8/видео.html
yeah, participation rewards are awesome.
“Can you blow my whistle baby” Flo Rida 2012
racist af
Pre destinated how is quoting a lyric from a song racist?
@@TheLiamster 🤣
@@TheLiamster cuz its a black song
@@gurungmadan so only a black guy can use the qoute? So the Beatles songs qoutes only white people are allowed to used it? WTF?
Thomas Andrews Drake (born 1957) is a former senior executive of the U.S. National Security Agency (NSA), a decorated United States Air Force and United States Navy veteran, and a whistleblower. In 2010, the government alleged that Drake mishandled documents, one of the few such Espionage Act cases in U.S. history. Drake's defenders claim that he was instead being persecuted for challenging the Trailblazer Project.
After the leak, Drake was unable to find work in the intelligence community. To support his family, he worked at an Apple store. Eventually all 10 felony charges against him were dropped and a plea deal struck on the eve of the trial. Drake was sentenced to community service and probation. U.S. District Judge Richard D. Bennett refused to impose a fine, calling the government’s decision to drag Drake and his family through “four years of hell” only to drop all felony charges at the last minute “unconscionable.”
This bloke is honestly incredible and I have so much respect for him to be able to do this as a business. I honestly hope he teaches others how to do.
Amazing story. It’s exhausting to be someone who wants to do what’s right. Payout or not. It’s hard to keep going, but so rewarding when you succeed in being heard.
Its sad that alot of whistleblowers dont get compensated for exposing illegal activites.
Their compensation is that they'll go into early retirement, because no one will want to hire a whistleblower.
Thank god for whistler blowers
You can make money doing anything in America 🤣🤣
Take advantage of a dumb ass system 👌
you can also find yourself in what is death by "apparent suicide" LOL
Politicians hate whistle blowers but hate when people don’t wanna snitch on others it’s the same way no one likes a snitch it’s just in their own world
The title is dis-leading.
Here is a better title:
“Can a Corporate Whistleblower make millions? Extremely unlikely, but here’s how!”
#SEC #DOJ
Thanks bruh...really saved my time
ruclips.net/video/83sCqeVK4PA/видео.html
ruclips.net/video/N2c_Cu5oABs/видео.html
ruclips.net/video/wK4rxyrV7gk/видео.html
ruclips.net/video/aj0EOCkluW8/видео.html
Yeah more like the people they blow the whistle on are rich.
Haha yes
Thanks. This has been in my browser for days and in Firefox, doesn't autoplay
Folks don’t see the importance of these programs until they’re being ripped off. There is a need for more whistle blowing in my opinion.
few want to suicide like that
As long as the information is valid and they're actually exposing corruption then what difference does it make if they're getting paid.
Whistleblowing should absolutely be incentivized by profit motive, huge profit motive, so as many people as possible drag their asses and take the risks to do investigation and bring their results to light
I wish there were more examples of Whistleblowing stories in this video
Kevin Kang he likely is likely limited by NDA's and can't
Write a book and then make a movie about this man!
🤣 He's a natural born runner!
He looks pretty healthy for his age.
This seems like an awesome idea all around. Only problem seems to be the SEC doesn't have enough manpower to review all the cases.
So CNBC is filming the GPS navigation of a whistleblower's (presumably) daily route. Nice job, CNBC :D
Kinda like telling on bullies. National media might pick your case up and punish the bully but that's extremely unlikely. Most likely, the bully just beats you up more.
We need to give police a big bonus for whistle blowing.
"Why are we spending so much money on whistles?"
-Loose Seal Bluth
We should be thanksfull to Whistleblowers instead of condenming them... they only complaint when bad things are done.. think about it
0:43 cmon! 1 more picture bro
Gerald Angelo Castillo LOL
He made him look aggressive as if he's fighting reporters on his camera.
That Camera man is genious!!
Really interesting video! Thank you
I think this is good, but I doubt whistleblowers would be able to get a payday like the one this guy got 68 million, and they will probably go through a lot of hell before getting a reward if they one at all.
Sport coaches and referees whistleblow all the time and no one thanks them for their service.
Great presentation, insight and content 👍🏿👌🏿
Whistle blowers are absolutely necessary for keeping powerful entities accountable but there's a difference between a whistle blower and bending the truth for the sake of a narrative or straight up lying.
Haaaaaang on did that news article he framed say he got $78M for "fingering" JPM?? 12:15 Does that mean something else in the stock market? 😂
@Christofer Cervantes
Well what's it mean?
@@diamondsprince fingering: pointing the finger at.
0:42 why is the photographer pushing the Guy??????
To hopefully make him have an angry reaction to take a photo of him to sell to news outlets because an angry bad guy photo will probably make alot money to sell!
False. I've been whistling for years but I've never got a dime for it.
Join the NFL then.
monica lewinsky is the og whistleblower
Maybe Adam Waytz should not be paid, since people often go into teaching for "alturistic" reasons too.
Referee: wait a gawd damn minute
They should make a movie on Ted The Whistleblower
I don't think there's anything wrong with the whistleblowers wanting to expose corruption we need more of it
Bud Fox was a whistleblower too! Good to see him up and about
Damn Randal from “’Recess” out here making a killing.
😂
What about blowing the whistle against the goverment.
Instead of focusing on how whistleblowers make millions you could have focused on how they save people BILLIONS...it's ridiculous to try to frame whistleblowing as some sort of for profit business when many of them are risking their careers, health and maybe even life to expose wrong doing.
Totally agree
69 legends lives on
0:44 am i missing something here? why tf are those papparazis pushing him like that?
To hopefully make him have an angry reaction to take a photo of him to sell to news outlets because an angry bad guy photo will probably make alot money to sell!
So if there whistle blowers in the department of finance can there also be whistle blowers in other departments? Such as the medical field?
69 is the ultimate whistleblower whistleblowers have ever seen
Honesty and integrity
Bravo 👏🏽
and of course Donald Trump would have issues with this...
Lame
ruclips.net/video/83sCqeVK4PA/видео.html
ruclips.net/video/N2c_Cu5oABs/видео.html
ruclips.net/video/aj0EOCkluW8/видео.html
ruclips.net/video/opU8d80hY_k/видео.html
Ikr
@@monstesam bro I get it you like trump but don't act like he's perfect
darkspd31 Trump and most corrupt people wouldn’t like this. I don’t like Trump, but there’s worse than him.
Now they need to create a program for government whistleblowers
Just do it !!!!!!!!!!!!!!!!!!!!!!! I did.
I have absolutely no problem with what this guy does and how he is compensated for this work. Why the hell not.
Whistler blowers need to be protected, but they need to follow the proper chain of command. I consult for oil and gas construction. I have brought environmental compliance issues and safety to a clients and regulators as required. I have done this at the expense of employment. I brought it through my managers, the PM, their manager and escalated as needed. If you see something, say something. My current clients and employer are estatic about me report environmental and safety issues. Millions of dollars saved, lives saved. The right people appreciate it, the wrong people will not use the information and the ability to reach regulators is needed
Still wondering if the GE whistleblower will be proven correct.
Harry deleted the Site. idk why.
Found my new profession
Didn’t recently Marcopolo went after GE what happened about it.
Well that explains Barney's job from How I met Your Mother.
DJ Aligator Project - The Whistle Song (Blow My Whistle Baby)
Why Snowden ain't get paid yet.
Because that is the government, not a company. It is even more corrupt.
Yes, it is called Short selling.
This would be more enjoyable to watch and learn from if the images were not flashed so fast as if they were meaningless.
Intresting
Is it me or he looked liked he never ran a mile bottle this video
Profit from whistleblowing is a good thing!
of course you have to pay whistleblowers they're taking a huge risk. someone can have a good conscious but not act on it because they are scared. that doesnt make them selfish
In my hood that called snitching
why do whistle blowers only whistle when they aren't paid well or are when they are made fun of?
They are professional tattletales.
5:10 that is exactly what it is.......
16:33 why would anyone put jump scares in a video like this
This guy was never seen again after airing this segment.
Did he go sleep with the fishes?
Wtf that’s sketchy asf
What? Really?
Lol
Narrator audio is twice as loud as the interviewees.
god damn that guy could use a couple new computer monitors, they are over 15 years old
All this while I thought snitches are supposed to get stitches...
Vincent Angel That only applies to the ghetto
0:44 that paparazzi was definitely scammed by bernie 😂
A professional snitch. These guys must have lots of friends.
Ofcorse people doing criminal activities would not like the fact people have an incentive to spill the beans. Its common sense these people would face retaliation for the exposure. The lack of protections may risk their careers and sometimes their lives. That alone is an incentive to keep your mouth shut in my opinion
Honest money is ALWAYS more rewarding than receiving "scandal" money and committing the act.
I wish Philippines has this.
I wonder if that money he got gets taxed
Of course it does it's income. I'm sure the sec reports it to the IRS.
@@ek07305 They gonna take the money that they gave you. Only politicians could come up with that and then justify it. That would be like me dropping my wallet some guy seeing some lady pick it up and start walking out the door with it him stopping her and then getting my wallet back and then me give him $100 for helping me not lose everything and then making him pay for my dinner that's very expensive and make him leave the tip
@@tripsquared_greenworks it's no different than paying taxes on a lotto ticket.
As SOON as money becomes a motive, corruption enters the ‘game’. Therefore money and whistleblower should not go together ever! That does not mean that compensation is mandatory.
16:52 they did the math wrong. Success rate is actually 0.24%
California Bar - Mary Inman (Constantine Cannon) - Offensive personality
Solicitor Regulation Authority - Mary Inman (Constantine Cannon) & Georgina Halford Hall of Whistleblowers UK - Warned for Offensive Communications
How can we trust the whistleblower foundation when large sums of money is involved?
ruclips.net/video/83sCqeVK4PA/видео.html
ruclips.net/video/N2c_Cu5oABs/видео.html
ruclips.net/video/aj0EOCkluW8/видео.html
ruclips.net/video/opU8d80hY_k/видео.html
You must be a child to trust.
She was blowing my whistle
11:50 whats her name ?
I only clicked on this because I was wondering wtf Jimmy Dore was doing on a CNBC thumbnail.
What is this whistle blower you guys talk about?
Tap on the shoulder and a "thank you" is not enough for multi-million dollar whistle blowing cases.
But no one goes to jail right, unless you mess with rich peoples money like Madoff.
Meanwhile a certain whistleblower shall who shall not be named get the protection of the entirety of big Tech. Weird that.
My mans running backwards
Whistleblowers are heroes
Respect to TED .
I did not know that Enron scandal was discovered by the wistleblower.
The way this video is titled and being presented is like demonizing the act of the whistleblower.