It’s easy: nobody listens to the whistle-blowers who know what’s going on.
"The SEC was nonfunctional and still is nonfunctional. They’d have to improve several-hundred-fold to become functional. It is run by lawyers without any industry experience. They’ve never sat at a trading desk, never managed money. What chance do they have against Wall Street sharks?"
How would he reform the SEC?
"…Anybody who doesn’t have a working knowledge of finance, they need to eliminate. There are plenty of qualified people that were laid off of Wall Street that would take those jobs. You give them a base of $150,000 to $200,000, and you turn it into an eat-when-you-kill type of compensation scheme like Wall Street has. You bring in a $100 million case. They give (you) a $10 or $15 million bonus."
His book, No One Would Listen: A True Financial Thriller, comes out in March 2010.
Read Fortune Magazine interview>>
Read the New York Times blog>>