Why Can’t Sc Pay Whistle Blowers To Expose Nuclear Project And Other Frauds?”

When we started questioning the excessive rates SCANA and its subsidiary SC Electric & Gas were charging, few people were listening. At least few who serve in our legislature or regulators.

That was 3 years ago and over that time, it has become one of the most controversial issues in recent state history.

We asked what some thought were pesky, intrusive questions and wished we would go away. Those are questions journalists ask – and regulators didn’t.

It was a cozy relationship between those who paid themselves millions in bonuses while deceiving everyone about their failing nuclear project and the regulators who let them do it.

It was a good 2 years before the rest of the media started asking similar questions about SCANA and Santee Cooper.

This is a reminder of how Bernard Madoff swindled billions of dollars from investors who trusted him 10 years ago.

Madoff is in prison. The deceivers in this nuclear fiasco are still at large and stand to receive $115 million by selling their company to an out-of-state power giant at the cost of 600 local employees’ jobs.

In Madoff’s case, a forensic accountant alerted regulators to the fraud for years but no one listened. The Securities & Exchange Commission has since created a program to encourage whistle blowers and prevent lack of oversight that gives free rein to the dishonest.

Today, an entire industry mines tips from company insiders and expert analysts who scrutinize corporate filings.

Whistleblower Inc. has paid more than $326 million to 59 whistle blowers in 7 years.

Critics say the deluge is overwhelming. More than 5,200 tips were filed last year.

If federal officials can attract whistle blowers to expose the dishonest, why can’t our state?

If a Dominion Energy takeover of SCANA survives appeal, even more schemes are possible to fool gullible regulators and victimize ratepayers.

Our lawmakers should look into a whistle blower fund.

JerryBellune@yahoo.com

Why can’t SC pay whistle blowers to expose nuclear project and other frauds?