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44 Am. Bus. L.J. 1 (2007)
The Mirage of Whistleblower Protection under Sarbanes-Oxley: A Proposal for Change

handle is hein.journals/ambuslj44 and id is 5 raw text is: American Business Law Journal Volume 44, Issue 1, 1-54, Spring 2007 The Mirage of Whistleblower Protection Under Sarbanes-Oxley: A Proposal for Changet Beverley H. Earle* and Gerald A. Madek** I. INTRODUCTION Whistleblowers have a special place in American culture.1 Deep Throat, the Watergate whistleblower, was the object of intense speculation during Watergate and the ensuing years.2 Apparently, passing the ninety year tThis article was selected for inclusion in the Huber-Hurst Seminar in 2006 and is the winner of the Academy of Legal Studies in Business's Holmes-Cardozo award for best paper sub- mitted to the 2006 annual conference in St. Petersburg, Florida. We wish to thank Christina A. Madek for her superb research assistance. *Professor, Department of Law, Taxation and Financial Planning, Bentley College and the McCallum Graduate School of Business; B.A., University of Pennsylvania; J.D., Boston Uni- versity School of Law; Fellow in the Bentley Center for Business Ethics. **Professor, Department of Law, Taxation and Financial Planning, Bentley College and the McCallum Graduate School of Business; B.A. and M.A., Boston College; J.D., Suffolk Uni- versity Law School; LL.M., Boston University School of Law. 'See TIME, Dec. 30, 2002, at Cover (featuring Cynthia Cooper of WorldCom, Colleen Rowley of the FBI, and Sherron Watkins of Enron as people of the year under the caption The Whistleblowers). See also TIME, Mar. 4, 1996, at Cover (featuring George Galatis, Nuclear Whistleblower); Government Accountability Project, http://www.whistleblower.org/template/ index.cfm (last visited Sept. 22, 2005) (providing whistleblower information as the twenty- eight-year-old nonprofit Government Accountability Project); National Whistleblower Center, http://whistleblowers.org (last visited Sept. 22, 2005) (serving as a resource for information on whistleblowing). For a discussion of the recent conviction of Ken Lay and Jeffrey Skilling in the Enron trial, see generally Alexei Barrionuevo, 2 Enron Chiefs Are Convicted in Fraud and Conspiracy Trial, N.Y. TIMES, May 26, 2006, at Al (dissecting the trial and the prosecution's successful strategy); John R. Emshwiller et al., Lay, Skilling are Convicted of Fraud, WALL ST. J., May 26, 2006, at Al (discussing the verdicts and the question of credulity of the defendants). 2See Todd S. Purdum, Deep Throat Unmasks Himself. Ex No. 2 at FBI, N.Y. TIMES, June 1, 2005, at Al. See generally BOB WOOARD & CARL BERNSTEIN, ALL THE PRESIDENTS MEN (1974) (chron- icling the pursuit of the story about the Watergate break-in and the ensuing presidential cover-up, which led to the resignation of President Richard Nixon). Deep Throat, the CC 2007, Beverley H. Earle and Gerald A. Madek Journal compilation © 2007, Academy of Legal Studies in Business

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