When a whistleblower, known only as ‘mammotty’, first filed a complaint against banks in 2009, they responded by promising to investigate the complaint and punish any person who violated their terms of service.
It wasn’t until he filed his first complaint that the banks changed their ways.
Now, the financial services industry has been caught in the middle of a conflict of interest.
According to an investigation by The Wall St. Journal, banks are paying former employees to lobby on their behalf.
Some banks are offering incentives that will enable the former employees who are unhappy with their work to make a settlement.
The banks have refused to reveal the identities of the former workers.
Some have even tried to make it appear as if the former employee has been fired for being a whistleblower.
The companies that provide services to banks have long used the same tactics that former employees have used against them.
As the WSJ report points out, the banks are using these techniques to keep former employees happy while they work.
In a recent interview, former CEO and co-founder of the Bank of America and Citigroup, David J. Hicks, told the WSJM that “they were very upfront with us about their position and their concerns, which is why we stayed and we didn’t leave until we were satisfied that we were on the right track.”
Hicks said that the companies “were very upfront and forthright” about their stance, which included not paying former staff severance or even providing severance packages to former employees.
The WSJ investigation, however, indicates that the former executives of some of the biggest banks in the world are paying their former employees for the benefit of their former executives.
According to The Wall Str, an investigative journalist and media organization based in London, former Bank of New York Mellon executives, including Hicks, have donated $250,000 to the campaign of one of the largest US lobbying firms, the Government Accountability Institute.
This is the same Government Accountability Initiative, which the Wall Street, which Hicks founded, also runs.
In 2014, GAI was a founding member of the United States Chamber of Commerce and lobbied against a number of anti-labor and environmental legislation, including the Environmental Protection Agency’s proposed greenhouse gas emissions standards.
Hicks and his co-founders have donated to the Chamber since 2005.
The Wall Street article also states that Hicks is a member of an advisory board of American Express, one of America’s largest credit card companies.
The former employees of AmericanExpress were fired by the bank in 2013 for allegedly not meeting performance goals.
According a spokesperson for American Express: “American Express has a long history of transparency and accountability, and we expect its employees to follow these practices.”
The WSJ article also indicates that Hicks, as CEO of Bank of Mexico, was also a former executive at Citigroup.
Hicks resigned as CEO in 2011, after Citigroup took over his company.
The article also says that Hicks had a financial stake in a hedge fund that was a shareholder in Citigroup’s mortgage-backed securities.
The hedge fund’s CEO, Richard A. Stengel, is also a member the American Institute of Certified Public Accountants, the profession’s oldest and largest group of accounting experts.
It’s not clear what Hicks was paid by Citigroup in the past or how much he received in severance.
The WallStJ article is just the latest in a long line of reports detailing the revolving door between Wall Street and the government.
In 2015, the US government revealed that some of its top financial regulators were part of a criminal network that used their position to funnel millions of dollars in bribes to former government officials.
Despite these allegations, however—including those that the Department of Justice has said are fraudulent—Wall Street has remained defiant.
Former Secretary of the Treasury, Larry Summers, defended the practice of bribing former government employees.
“It is a practice that exists in every industry,” Summers said in 2015.
“There are many people who get money for doing favors.
It’s part of the culture.”
He went on to claim that the practice has “been a staple of the private sector for a very long time.”