We Must Protect Shareholders From Executive Wrongdoing! Eric Ben-Artzi, Deutsche & the SEC

I know I did the right thing, Mr. Eric Ben-Artzi told several newspapers this last week (FTand Bloomberg).
He writes, “I turned down a whistleblower award.” Former Deutsche Bank employee and whistleblower, Eric Ben-Artzi turned down a whistleblower award of $8.25 million. “I refuse to take my share,” he said.  “Although I need the money now more than ever, I will not join the looting of the very people I was hired to protect. I never intended to turn a job in risk management into a crusade, but after suffering at the hands of Deutsche executives, I will not join them simply because I cannot beat them.”
He continues, “I request that my share of the award be given to Deutsche and its stakeholders and the award money clawed back from the bonuses paid to the Deutsche executives, especially the former top SEC attorneys.” Mr. Ben-Artzi says that the USD $55 million U.S. Securities and Exchange Commission (SEC) penalty which the award is based upon should have been paid by Deutsche executives.
A powerful gesture. One that hopefully will cause people to pay attention to the malfeasance underlying the whole 2008 financial debacle. My hat’s off to Mr. Ben-Artzi.  I applaud his stance.

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