Barclays' "Whistleblower-gate" Raises Alarm Bells

Staley's long tenure on Wall Street suggests that it would be next to impossible for him not to have heard about Dodd-Frank and its protections for whistleblowers. But when confronted with an internal whistleblower who had come forward anonymously, Staley unleashed the dogs in attempting to find out his or her identity. According to a statement released by Barclays, Staley used both an internal group and U.S. law enforcement in efforts to identify the whistleblower, raising the question as to whether laws really mean anything when it comes to the financial industry.

The Board of Barclays hired an outside law firm to investigate the matter, Simmons & Simmons LLP, and concluded that it would not fire Staley but simply issue a written reprimand and cut his bonus.