The Commodity Futures Trading Commission’s whistleblower program is in turmoil over a potential payout exceeding $100 million to an ex-Deutsche Bank executive
, or Libor, a benchmark interest rate used to set short-term loans for global banks.
A unit of the German bank pleaded guilty to U.S. criminal charges, and acknowledged that it failed to adequately police employees. Some CFTC officials who have reviewed the case internally have recommended the whistleblower payout, calculated as a percentage of the agencies’ legal settlements. But the application is under investigation by others, according to people familiar with the matter. Agency leaders have contended there is no mechanism to pay the bank executive and other applicants and keep funding the whistleblower program.
The CFTC pays whistleblowers from money it collects in enforcement penalties. But the agency’s whistleblower fund can be replenished only when it falls below $100 million. Penalties collected otherwise typically go into the U.S. Treasury.
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