By Adrian DouglasWednesday, February 9, 2011
In a report published yesterday and dispatched by GATA (http://www.gata.org/node/9577), Law360.com credits GATA with having been instrumental in making the world aware of the whistleblower Andrew Maguire, the watershed event that led to an avalanche of lawsuits against JPMorgan Chase and HSBC accusing them of illegally colluding to manipulate the silver market.
Maguire had warned the U.S. Commodity Futures Trading Commission of silver market manipulations (http://www.gata.org/node/8466) but the CFTC had taken no action, so Maguire turned to GATA.
The public is under the false impression that all that is required to expose fraud and corruption is for a whistleblower to come forward. But in fact whistleblowers are typically ignored and marginalized until it is too late.
The world did not hear what Sherron Watkins had to say about Enron until the company had already collapsed. The world never knew of Harry Markopoulos until after Bernard Madoff's Ponzi scheme crashed and burned. The public did not hear of Cynthia Cooper until World.com collapsed, and Colleen Rowley's warnings to her bosses at the FBI about terrorist activities were not known until after September 11, 2001.......read on
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