Richard Bowen

  • Home
  • About
  • Speaking
  • Videos
  • Media/Press
  • Testimonials
  • Blog
  • Contact
  • +1-214-604-5492

October 22, 2014 By Richard Bowen

Department of Justice – Encouraging Whistle Blowing or Blowing Smoke?

In a recent presentation at NYU’s law school, the former Attorney General Eric Holder, said the Department of Justice needs help from whistleblowers if they are to bring financial malfeasance to justice. As Holder stated, ” their evidence is crucial to the work of investigators.” Yet some of us question the motives and believe it’s not about encouraging whistleblowing but once again just blowing smoke.

Holder’s call comes too little too late and is a blatant attempt to shore up his much criticized attempts to pursue criminal charges against the financial executives responsible for the 2008 meltdown. While Holder said the D.O.J. is committed to prosecuting errant bank and mortgage officials, he claimed it is a difficult task and the D.O.J. needs the help of whistleblowers to make charges stick . He stated he would “stand vigilant against financial fraud, wherever it is uncovered.” And who knows, perhaps his successor will.

Holder claimed,” that in the last six years, he and his colleagues had been singularly aggressive in pursuing cases and bringing charges where evidence warrants it.” Yet the actual facts do not support his claim. Holder’s statements sound as if the D.O.J intends to be more forceful, yet Bea Edwards, Executive and International Director of the Government Accountability Project, the nation’s leading whistleblower protection organization, and my attorney as well, advises one to ” look closer. There’s a loophole. The D.O.J. brings criminal charges where there is enough evidence. If there isn’t enough evidence per se, then there are no charges”.

So those responsible for the 2008 financial debacle , who took down their businesses, their investors, employees and let’s not forget the tax payers, they, the bankers walk — because enough evidence has not been collected?! Accidental? An oversight? No real evidence? Ms. Edwards cites Eileen Fisher, of Countrywide whistleblowing ” fame” and me — in her recent article regarding Holder’s call for whistleblowers as just two examples where evidence was presented — evidence that could have and should have led to charges. (See Related Articles below.)

Instead, the supposed lack of evidence caused the D.O.J. to prefer civil lawsuits to criminal prosecutions. And so the US Treasury bails out the banks responsible to the tune of $45 billion. The banks involved pay fines — substantial but not a real deterrent to fraud and the fines themselves are paid by the bank’s shareholders — not the management teams responsible! And let’s not forget the taxpayer.

They want whistleblowers? Really? Raise the rewards to encourage their voice when they see situations that lead to fraud? Regardless of what Holder stated, to date the evidence shows that it’s the whistleblowers themselves who are the most persecuted. Eileen Fisher was fired. So was I. Our evidence was thrown out and hidden away — until it was too late to act upon!

Mr. Holder’s appeal to whistleblowers to stamp out injustice sounded good — on the surface. But don’t think, given the history and experience of whistleblowers to date, that this call to action will encourage anyone willing to take the risk. It’s time the Department of Justice started holding those responsible for financial malfeasance’ feet to the fire and stopped paying lip service to the financial debacle.

The evidence is there D.O.J. Use it.

It’s Déjà Vu All Over Again! Is the Financial Crisis Restarting?!

Tagged With: C-Suite, CEO, Department of Justice, DOJ, Eric Holder, Ethics, Leadership, WhistleBlower

Ethics on your mind? Subscribe to my ezine to get my latest article delivered right to your inbox. Click Here to Subscribe

Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

Related Posts

  • Whistleblowing Has a Price – Is It Worth It?Whistleblowing Has a Price – Is It Worth It?
  • Should the Big Banks Be Nervous?Should the Big Banks Be Nervous?
  • How Will It Look in the Newspaper?How Will It Look in the Newspaper?
  • Ethics: Speak Up, Lose Your Job!Ethics: Speak Up, Lose Your Job!

What People Are Saying About Richard M. Bowen

William D. Cohan"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author
2017-06-30T10:08:59-05:00
"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author
https://richardmbowen.com/testimonials/2556/

Eileen McDonnell"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
2015-02-13T19:51:19-06:00
"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
https://richardmbowen.com/testimonials/711/

Ben Stein"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator
2015-02-13T19:50:26-06:00
"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator
https://richardmbowen.com/testimonials/712/

Jim Farrell"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
2014-12-28T19:48:17-06:00
"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
https://richardmbowen.com/testimonials/532/

Dennis McCuistion"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program
2014-12-28T19:48:06-06:00
"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program
https://richardmbowen.com/testimonials/533/

Betty Garrett"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International
2014-12-28T19:47:50-06:00
"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International
https://richardmbowen.com/testimonials/531/

fred-timmons"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's
2014-12-28T19:47:22-06:00
"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's
https://richardmbowen.com/testimonials/530/

Presentation Topics

Playing for High Stakes: The Principles and Practice of Ethical Leadership

Dark Citi: The Story of a Whistleblower

Want to Hire Richard?

Watch Richard

See What Clients are Saying

About Richard

Recent Posts

  • Reflections of a Whistleblower – The Boom and Bust Cycles
  • What should you do before you report wrongdoing?
  • Peace and happiness this holiday season
  • Wishing you a warm and happy Thanksgiving
  • Speaking at the University of North Texas

Categories

  • Business Ethics
  • Congress
  • Corporate Debt
  • Corruption
  • Ethical Leadership
  • Financial Crime
  • Financial Crisis
  • Financial Crisis of 2008
  • Fraud
  • Holiday
  • International
  • Mortgage Lending
  • Mortgage Meltdown
  • Relationships
  • Resources
  • Speaking
  • Texas Politics
  • The Fed
  • Too Big To Fail
  • Uncategorized
  • Updates
  • Wall Street
  • Whistle Blowers

About Richard

Now an ethical leadership speaker, Richard Bowen was Citigroup's Business Chief Underwriter during the housing bubble.

Read more

Connect with Richard

  Facebook   Twitter   Linked   YouTube

Contact Us

Phone: +1-214-604-5492

Email: Richard@RichardMBowen.com

Contact Richard

Copyright 2021© 2023 · Richard M. Bowen | ALL RIGHTS RESERVED.

X
Sign up to receive my blog posts via email!
Subscribe >>