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Protecting Whistleblowers since 1977

Corporate & Financial Accountability

Congress's Official View of James Cole's Inept AIG Monitoring

Bea Edwards, May 19, 2010

The Government Accountability Project has obtained the May 2009 report issued by the Congressional Research Service (CRS) about the performance of James Cole, the Independent Consultant placed at AIG in 2006 by the Securities and Exchange Commission (SEC) as part of a Deferred Prosecution Agreement (DPA). The DPA represented the res

More Depressing News About the BP Oil Spill

, May 14, 2010

In case you've had as hard of a time as we've had keeping up with all the bad news coming out about the Gulf Coast oil spill, GAP's brought together some of the more appalling tidbits from the last few days:

AIG Compliance, Anastasia Kelly and James Cole: Putting the Pieces Together

, May 13, 2010

As we try to develop a comprehensive picture of what exactly happened at AIG’s compliance group over the last couple of years (the very group tasked with ensuring that the company complied with laws and regulations), sources have provided additional pieces of the puzzle.

More on the AIG Compliance Office

, May 11, 2010

Suzanne Folsom, former World Bank Golden Parachuter who has now departed AIG with a second parachute worth $1 million in severance, has been replaced by Karen Nelson. Nelson was Folsom's hatchet-man at AIG from 2008-2009 and is now the interim acting Chief Compliance Officer reporting to the CEO.

More on James Cole: What Was He Doing at AIG?

, May 07, 2010

GAP has obtained the reports of the Independent Consultant (IC) stationed at AIG as a result of a deferred prosecution agreement (DPA) between the corporation, the SEC, the Department of Justice, and the NY State Department of Insurance in 2006. James Cole, the IC (from Bryan Cave, LLP), and current would-be nominee for D

AIG’s Compliance Office in 2008 – What was going on?: More info on James Cole, Kathleen Chagnon, Suzanne Folsom and Anastasia Kelly

, May 03, 2010

We’re still trying to sort out what happened at AIG in the prelude to, and the aftermath of the federal bailout in 2008. Sources report to us that in the run up to the meltdown, Kathleen Chagnon, then-AIG Deputy General Counsel and Chief Compliance Officer, was in charge.

AIG Monitor James Cole Wrong Choice for Deputy Attorney General

Bea Edwards, April 23, 2010

So it’s news that James Cole, fresh from his role preventing fraud at mega-insurance firm AIG in the years before it tanked, is to be nominated for the position of Deputy Attorney General – the number two job at the Department of Justice. When this rumor hit the newswires, our whistleblower switchboard began lighting up like a Christmas tree with calls from alarmed AIG alumni.

Weak SEC Whistleblower Program Needs Overhaul

, April 05, 2010

A new report by the Securities and Exchange Commission (SEC) inspector general recommended that its whistleblower reward program be overhauled.

Under the program, which began in 1989 and is limited to insider trading cases, only a total of $159,537 has been paid to five people. According to the report, Bernie Madoff's multibillion-dollar fraud went undetected for 16 years because of the mismanagement of the program, despite the SEC having received six "substantive complaints that raised significant red flags" about his operations.