• LAW
  • FEBRUARY 12, 2009

On Street, Reluctance to Blow the Whistle

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BY AARON LUCCHETTI

Should Wall Street have spoken up?

That is a key question to emerge from the Madoff scandal: whether Wall Streeters should more-readily report concerns about possible fraud to regulators. Since Bernard Madoff's December arrest on allegations of a Ponzi scheme, some people in the investing world have said they questioned his performance numbers. But few have said they brought those concerns to regulators.

What, if any, professional responsibility people have to report concerns typically depends on how much they know and their role in connection with the information, lawyers and others on Wall Street say.

Financial products are often complex ...

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