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Where was Wall Street’s “Deep Throat”?
By Lauren | December 22, 2008
The death of W. Mark Felt last week brought to a close one of the longest-lasting mysteries of the 20th Century. It was once a favorite party game here in Washington to speculate on the identity of “Deep Throat,” the anonymous tipster who leaked the Watergate scandal to reporters at The Washington Post. Deep Throat’s revelations ultimately brought down then-President Richard M. Nixon, earning the shadowy figure a lasting place in history. It wasn’t until 2005 that Felt, formerly second in command at the FBI, publicly confessed that he was Deep Throat, the whistleblower who toppled a President.
Felt reportedly agonized over his place in history, fearful that he would be seen as a traitor rather than an honorable man who put himself at risk to stop Nixon from covering up the Watergate break-in. In my opinion, he needn’t have worried. While there may have been a handful of Nixon Administration zealots who condemned Felt, Nixon and his cronies brought about their own demise. Felt had the courage and honor to tell the truth - he deserves to be remembered with respect.
As the nation struggles to recover from the recent stock market collapse, I can’t help wondering if the worst of the crisis could have been prevented if one or more whistleblowers had stepped forward. Tens of thousands of mortgages were issued to borrowers who couldn’t afford to meet the payments, then repackaged and sold. It must have taken a small army of financiers to keep the subprime mortgage industry churning. Some of them had to recognize that subprime mortgages were spiraling out of control - why didn’t anyone blow the whistle?
We may learn in the months to come that one or more witnesses from inside the financial services industry told regulators about the building subprime mortgage crisis. That would be good news. Finance is a business that’s all about trust, and it will be easier for the financial services industry to regain the nation’s confidence if it turns out that someone on the inside had the courage and integrity to tell the truth.
Topics: Business Ethics |