A brief and important article here by Eileen Foster in Rolling Stone. Eileen was a Home Loans executive at Countrywide in 2007. When she started to blow the whistle on gigantic fraud at the company she became a target. She states that:
Countrywide managers went after my job and reputation, intimidating witnesses and altering statements.
We opened many of these investigations on whistleblowers’ tips. Later I learned that many of those reporting or challenging fraudulent practices were transferred, demoted, harassed or fired in reprisal. To suppress whistleblowers and their concerns, Countrywide directed them to report their allegations to the suspect officials’ managers. It was a trap, and the system was rigged. Instead of taking action, the managers would then share the information with the suspects themselves, who would then hit back at the whistleblowers.
Since then, I’ve found there were scores of whistleblowers inside Countrywide and then BofA. Trumped-up investigations were widely used to discredit us. The inner circle at both corporations operated like the mob: company staff, including attorneys, often worked to silence employees, using weapons like blacklisting, hush money and confidentiality agreements. The upper echelons at BofA attempted to buy my silence with more than $200,000; I refused. Instead I chose what could become a decade-long battle to see the guilty held accountable.
Over the last 10 years, the Department of Labor has found merit in less than 2% of over 1200 whistleblowers cases brought under the Sarbanes Oxley Act. The vast majority having been dismissed on legal technicalities without any investigation into the potential crimes being reported.
The Obama administration plans to add thousands of investigators to enforce the health care reform law, but has added just 25 positions to investigate whistleblower claims.
The Department of Injustice hard at work once again! I suppose Eric Holder was simply too busy smuggling semi-automatic weapons into Mexico to be bothered with investigating the greatest theft in American history.
Full article here.