4 ms·

Here is the whistle-blower's opinion piece on FT- http://www.ft.com/cms/s/0/b43d2d96-652a-11e6-8310-ecf0bddad227.html http://www.ft.com/cms/s/0/b43d2d96-652a-11

Here is the whistle-blower's opinion piece on FT- http://www.ft.com/cms/s/0/b43d2d96-652a-11e6-8310-ecf0bddad227.html http://www.ft.com/cms/s/0/b43d2d96-652a-11e6-8310-ecf0bddad2... Although I need the money now more than ever, I will not join the looting of the very people I was hired to protect. I never intended to turn a job in risk management into a crusade, but after suffering at the hands of the Deutsche executives I will not join them simply because I cannot beat them. I request that my share of the award be given to Deutsche and its stakeholders, and the award money clawed back from the bonuses paid to the Deutsche executives, especially the former top SEC attorneys. I would then be happy to collect any award for which I am eligible.

kazinator 10y ago
Basically he seems to be saying that when the SEC impose a fine on thieves, they are just meta-thieves: thieves robbing thieves, who effectively participating in the original looting by proxy, rather than helping.
- deleted 10y ago
  [deleted]
- Dobbs 10y ago
  I took it differently. If the fine was coming from the executives paychecks he wouldn't be opposed to it. But as it stands the fine is coming from the shareholder's pockets who have already been stolen from. So all he would be doing is becoming a thief in addition to the executives.
  - kazinator 10y ago
    Yes; that's what I mean. First move the stolen goods back to the victims from the robbers. Then apply any additional penalty.
MarkMc 10y ago
> Although I need the money now more than ever, I will not join the looting of the very people I was hired to protect. I'm impressed by this man's character. Not many people would give up $8 million to which they are legally entitled.
- ycombinatorMan 10y ago
  Im sure a lot of shareholders are too now
  - Gustomaximus 10y ago
    Meh, in the scheme of things this nets out to very little for Deutsche shareholders. It's truly a moral stance. Huge respect for this guy. How much better would the world be if 30% of the population could take this level of ethics to life. Some reputable bank should chase this guy to work in their regulatory affairs.
    - chrisbennet 10y ago
      Is there such a thing as a "reputable bank" though? There are huge profits to be made by skating close to, and over, the ethical line. I doubt banks really want comply - they just want to avoid getting caught.
      - smcl 10y ago
        Perhaps smaller banks that cannot afford to eat millions of dollars/pounds of fines from the SEC or FCA? Assuming they're as sinister as you think (not sure if this is true) he won't get hired at Goldman, JPM or similar, but I know that Risk/Compliance dept at company I work for would jump at the chance to hire someone so knowledgable and ethical as this guy if they had open positions.
    - wmkn 10y ago
      > Some reputable bank should chase this guy to work in their regulatory affairs. I doubt he will ever find a job in this field again. If you show such 'disloyalty' towards your employer you will be tainted forever. Companies, especially banks, do not want to run the risk of having their dirty laundry exposed (both legal and illegal dirty laundry). If there is any hint that you cannot look away when questionable things are happening there is no chance you will get hired. The Financial Times has an article about three Wallstreet whistleblowers (including the Deutsche guy): http://www.ft.com/cms/s/2/ce216134-e6c7-11e3-9a20-00144feabdc0.html http://www.ft.com/cms/s/2/ce216134-e6c7-11e3-9a20-00144feabd...

kazinator 10y ago

Basically he seems to be saying that when the SEC impose a fine on thieves, they are just meta-thieves: thieves robbing thieves, who effectively participating in the original looting by proxy, rather than helping.

deleted 10y ago
[deleted]
Dobbs 10y ago
I took it differently. If the fine was coming from the executives paychecks he wouldn't be opposed to it. But as it stands the fine is coming from the shareholder's pockets who have already been stolen from. So all he would be doing is becoming a thief in addition to the executives.
- kazinator 10y ago
  Yes; that's what I mean. First move the stolen goods back to the victims from the robbers. Then apply any additional penalty.

MarkMc 10y ago

> Although I need the money now more than ever, I will not join the looting of the very people I was hired to protect. I'm impressed by this man's character. Not many people would give up $8 million to which they are legally entitled.

ycombinatorMan 10y ago
Im sure a lot of shareholders are too now
- Gustomaximus 10y ago
  Meh, in the scheme of things this nets out to very little for Deutsche shareholders. It's truly a moral stance. Huge respect for this guy. How much better would the world be if 30% of the population could take this level of ethics to life. Some reputable bank should chase this guy to work in their regulatory affairs.
  - chrisbennet 10y ago
    Is there such a thing as a "reputable bank" though? There are huge profits to be made by skating close to, and over, the ethical line. I doubt banks really want comply - they just want to avoid getting caught.
    - smcl 10y ago
      Perhaps smaller banks that cannot afford to eat millions of dollars/pounds of fines from the SEC or FCA? Assuming they're as sinister as you think (not sure if this is true) he won't get hired at Goldman, JPM or similar, but I know that Risk/Compliance dept at company I work for would jump at the chance to hire someone so knowledgable and ethical as this guy if they had open positions.
  - wmkn 10y ago
    > Some reputable bank should chase this guy to work in their regulatory affairs. I doubt he will ever find a job in this field again. If you show such 'disloyalty' towards your employer you will be tainted forever. Companies, especially banks, do not want to run the risk of having their dirty laundry exposed (both legal and illegal dirty laundry). If there is any hint that you cannot look away when questionable things are happening there is no chance you will get hired. The Financial Times has an article about three Wallstreet whistleblowers (including the Deutsche guy): http://www.ft.com/cms/s/2/ce216134-e6c7-11e3-9a20-00144feabdc0.html http://www.ft.com/cms/s/2/ce216134-e6c7-11e3-9a20-00144feabd...