This action by the SEC was not taken out of any real desire to police Wall Street in a more responsible way, but rather is a result of the requirements of the financial reform bill passed in July almost solely by Democrats, and is yet another in the list of formidable accomplishments of the Obama administration.
WASHINGTON — The Securities and Exchange Commission says it has set aside about $450 million for payments to outside whistleblowers whose information results in successful cases and penalties collected from companies or individuals.
The SEC set up the program in accordance with the financial overhaul law enacted in July. It follows intense public criticism of the agency for the breakdown that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, despite numerous red flags raised by whistleblowers.
A report issued Friday by the SEC shows it has put $451.9 million into a new fund to pay whistleblowers, which must have a minimum $300 million.
Only 3 Republicans voted to pass this bill.
Three Republicans crossed the aisle to give Democrats the necessary 60 votes to end debate and to pass the bill. Massachusetts Sen. Scott Brown voted for financial reform after a multi-billion dollar bank tax was removed. Maine Republican Sens. Olympia Snowe and Susan Collins also voted for the bill.
Hey, can't tax the banks. They'll take away their support, right, Scott Brown?!
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