Security → Re: Whistleblower goes to jail collects $104 Million

Trading 40 months Federal for $104 million isn't a bad deal.
The $104 million would be an offset against my shallowness.I'd pay for information.
IM me if you've got anything good.What concept?What would be OK?

Snowy, I'll try one last time, then I'll leave you to your interpretation.

There was NO deal. They were two INDEPENDENT events. He got paid for providing info on the bank not reporting its income. Independent of that, he was convicted for what I imagine was a lesser white collar offense while working at that bank.

He could have been paid and been innocent (though unlikely he'd have insider info on a bank's dealings without being part of it) or be guilty and collect nothing.

You state that "I'd pay for information.". PRECISELY. That's what the IRS program is all about, independent of who you are, and it's been in place for some time. This is news solely because of the size of the corruption and therefore the size of the payout.

You take issue with the amount that this guy received, but that is directly related to the tax revenue he helped collect. If the bank hid $100 billion, he'd have gotten even more.

Informants on the street are paid all the time. They are often not 'clean" but their crimes are considered far less important that the ones that they provide info on. THAT is the concept.

It isn't always a black and white world, and sometimes compromises are made. Now, whether you agree with that concept or not, I'll leave you to your interpretation of events.

Would he have been what we so fondly call "whistle blowing"..if there was no monetary gain ? I am glad it took him 4 years to figure out it was illegal then 2 more years before he went to the DOJ..but I call that a crock of shit..6 years.

1. the DOJ does not consider him to be a whistleblower.
2. He left his job over a dispute about a bonus
3.He smuggled diamonds for one of his customers.
4. Even after "whistleblowing". he still advised some of his personal clients to hide money from the IRS.
Read even more here..

»www.time.com/time/busine ··· ,00.html

Maybe the DOJ will fine him $104m.

NameGame,

That's a great article. But while you presented a few details, the article DEFENDS this guy more than it vilifies him. It states while not a saint, he hasn't been treated fairly. It also sugests that after this, NO ONE will cooperate with the DOJ again.

"Considering Birkenfeld's help, many observers wonder why the Justice Department decided to arrest and prosecute him. In the end, he pleaded guilty to a single fraud conspiracy count;"

"Many critics believe the decision to prosecute Birkenfeld, whom some consider the most important whistle-blower in years, sends the worst possible message to other financial-industry insiders who might be considering coming forward."

"Birkenfeld voluntarily approached U.S. authorities in May 2007 offering details on the illegal tax shelters run by UBS,"

"When he realized that actual practices were violating stated bank policy, he raised his concerns internally;"

"After talking with the IRS, Justice and the Securities and Exchange Commission and appearing before the Senate — and being told on at least one occasion by DOJ officials that they were not looking to prosecute him — Birkenfeld was arrested"

"What is clear is that Justice was playing hardball. It refused to grant Birkenfeld a cooperating witness agreement — at which point some lawyers would have advised their client to cease cooperation"

Could care less what the article defends... To me he has no defense..smart guy like him knew it was illegal from day one but when he had a tift with his bosses about a bonus..he waits another two years to blow the whistle..that's 6 years total and he knew one day the whole thing would get found out...but everyone in this thread defending him thinks if he did not blow it would have never been found out..I don't buy that either..feds were cracking down hard on the offshore hiding thing and they had a mandate to do so.

»mobile.bloomberg.com/new ··· urope%2F

It's of no importance at all to the matter, but for accuracies sake there was a deal with the prosecutor. He plead guilty to one count of something or other for which he was sentenced.A whistle blowing matter with the IRS matter & a criminal prosecution, had that all along.I completely agree with that but that seems to contradict your earlier statement
(the thing I originally commented on)You say the money is a minor issue then say if not for the amount of money we wouldn't even be aware of the events.
Yeah, that's confusing me.