Securities firms and their general counsel are openly worried about the SEC’s whistleblower program. They fought tooth and nail to stop the program, arguing that whistleblowers would bypass the companies’ internal channels and take information straight to the SEC. However, the program is in place and the first award was granted in August, with the SEC awarding the first recipient the full 30% of a $1,000,000 fine. That has led to more tips and set off a new round of hand wringing among corporate executives about all the problems the whistleblowers may cause them, which makes one wonder what they know that the SEC ought to know about.