On July 26, 2022 Bloomberg Law published an “investigation” into the Dodd-Frank Act whistleblower program. Its sensational lead paragraph concludes that the program “often ignores its own rules, shields much of its work from the public, and has been a financial boon for law firms that hired former agency officials.”
Nothing could be further from the truth.
But before we dig into the distortions in the article we would be remiss to point out the failure of Bloomberg to identify its own bias related to the Dodd-Frank Act. Information published by the SEC’s Office of the Whistleblower confirms this conflict of interest. Bloomberg itself was sanctioned by the SEC for securities law violations. The case was disclosed on the SEC’s Office of the Whistleblower website as one of the cases for which a whistleblower could obtain a reward. The SEC’s notice on its whistleblower page is available for all to read at: https://www.sec.gov/litigation/admin/2020/33-10783.pdf. Bloomberg should have disclosed this conflict.
Bank of America also owns a 12% stake in Bloomberg. That also presents a big conflict of interest that was not disclosed to readers of the “investigation.” Bloomberg’s minority owner, BofA was sanctioned by the SEC in three cases published on the Office of the Whistleblower webpage, and had to pay a total of $272.6 million to victims of the frauds and the SEC. Its subsidiary, Merrill Lynch was sanctioned another $415 million by the SEC. The Merrill case was triggered by a...
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