Two recent whistleblower bounties made news.
The SEC paid $50,000 to a whistleblower who helped the them "stop a multi-million dollar fraud." This is the first payout from the SEC's new whistleblower program to reward people who provide evidence of securities fraud. The award represents 30% of the amount collected in an SEC enforcement action against the perpetrators of the scheme, the maximum percentage payout allowed by the whistleblower law.
In a more widely publicized case, the IRS paid $104 million, approximately 26% of the amount collected, to a whistleblower from UBS, which should comfort him during the remainder of his sentence for felony conspiracy to defraud the U.S. government.
Neither of these whistleblower bounties involved executive compensation. So, compensation professionals/readers may ask: "Okay Mike, and this affects me how?" The answer is that it affects us because more whistleblowers means more financial restatements and more financial restatements means more compensation clawbacks under Dodd-Frank Act Section 954. And the publicity and dollar amounts in these cases seem likely to flush out get-rich-quick schemers, malcontents, and their lawyers.
On September 19, 1881, James Garfield, the 20th President died of wounds suffered in an assassination attempt on July 2 (just 4 months after his inauguration). President Garfield was shot twice from behind by an assassin, Charles J. Guiteau, who claimed to believe that God had told him to save the country by killing Garfield. Guiteau was executed in June 1882. Major monuments to Garfield are in Cleveland (where he is buried), Washington (on the Capitol grounds), and San Francisco.