November 14, 2010
Dear SEC:
I am not sure how broad this "whistleblower" reward program is, but from the information I gathered regarding the recent GlaxoSmithKline settlement of $750 million, the whistleblower and her attorneys will get about $96 million.
In this case, as I wrote to the Wall Street Journal, I do believe the victim will be the consumer. Large corporations will not be forced to reduce pay levels for the Chief Executive Officers or employees to absorb the cost.
Of course, GlaxoSmithKline is probably insured, the insurance company will pay and the eventual cost to consumers could end up in any consumer purchases, but they will pay the $750 million.
Some of the comments by attorneys in the article referred to alerts being sent to attorneys to be prepared to "chase the ambulances" in future cases. I have a feeling this whole "whistleblower" program stems from a greedy-lawyer initiative. Most laws are made by lawyers, and I am sure dollar signs come in their minds with every consideration of enactment of any law.
In the Glaxo case, lawyers could have determined approximately how much the woman's "whistleblowing" would be worth and invested enough in liars working for the company to set the whole thing up. $96 million will buy a lot of crooks.
I am not in a position to be a "whistleblower", but this whole program smells of another fraud against consumers. I will pursue it adamantly with every avenue I can address.
Always follow the money trail there is a crook somewhere.
One of the worse areas of misconduct, improper treatment of consumers and the most fatal outcomes is the medical field. I did read a survey one time of nurses, technicians in clinics and hospitals and of doctors regarding their propensity for reporting errors. The results were almost never. Too bad for patients.
Sincerely,
Christopher Scott Hubbard