When Wall Street Watchdogs Hunt Whistle-Blowers

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http://www.bloomberg.com/news/2012-08-19/when-wall-street-watchdogs-hunt-whistle-blowers.html

You’ve probably never heard of Peter Sivere, a former compliance officer at JPMorgan Chase & Co. (JPM)

Yet his distressing story shows -- on a personal level -- that for all the tough talk about better enforcement of financial wrongdoing, just how tightly government regulators are aligned with the big Wall Street banks they are supposed to keep an eye on.

n January 1998, Sivere joined JPMorgan as a surveillance analyst in the compliance department of the fixed-income group. In December 1999, Sivere was promoted to vice president and then again to be the “team leader” of electronic-communications compliance. On Sept. 26, 2003, Sivere received his annual review and a rating of 9.63, or “great,” according to the bank’s evaluation scale.

“I consider Peter to be a brilliant surveillance analyst,” one of his colleagues wrote. “Peter is highly motivated and diligent individual with an exceptional work ethic.”

[Wilms]

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