Bank of America will suffer further financial loss and scrutiny after being ordered by the Labor Department to pay a former employee $930,000 for “violating federal whistleblower protection laws.” The bank was also ordered to reinstate the employee.

Bank of America has been swamped with problems ever since they bought Countrywide Financial Corp. Lawsuits, faulty mortgages, and large financial losses have been major worries for the company. And when they fired the aforementioned employee, who they claimed had a conflicting “management style,” they faced an ethical issue as well. According to the Labor Department, the termination was not about management, but about a sort of revenge against the worker, who had led an investigation to reveal “widespread and pervasive wire, mail and bank fraud involving Countrywide employees.” It was in fact noted that any reports of fraud to Bank of America were strongly opposed.

It appears that honesty and cooperation, rather than retaliation, would be good ideas for Bank of America to adopt. This employee has proven that if we conduct business in an unethical manner, it will eventually come back to haunt us.

Article: Bank of America told by Labor Department to give back whistleblower job and pay $930,000

Photo: Daily Political