Finance Reform Bill: Plaintiff Bar Employment Act

Forbes reports on the financial reform bill:

Largely unnoticed and undebated are the ways in which the bill could further expand the ambit of the plaintiffs' bar. Chief among these are the whistle-blower provisions. The bill provides that the Commodity Futures Trading Commission and Securities and Exchange Commission may award whistle-blowers from 10% to 30% of monetary sanctions collected in enforcement actions. Two special funds of $300 million and $100 million are set up for the SEC and CFTC, respectively, to ensure payment of whistle-blowers. The bill provides that whistle-blowing employees can hire attorneys and that they must hire an attorney if they wish to remain anonymous. One can imagine what percentage of the 10%- 30% take the lawyers will demand from the whistle-blower.

Progress to progressives is taking more money away from the private sector.