The SEC and the Facebook Papers
This week on Arbiters of Truth, our series on the online information ecosystem, we\u2019re talking about a subject that doesn\u2019t come up much on the Lawfare Podcast: the Securities and Exchange Commission. Facebook whistleblower Frances Haugen has made waves with her congressional testimony and the many damaging news stories being reported about Facebook based on the documents she released. But before these documents became the Facebook Papers, Haugen also handed them to the SEC as part of a whistleblower complaint against the company. So, we thought we should dig into what that actually means.
What is the likelihood that Haugen\u2019s SEC filings turn into an investigation into the company? Should Facebook be worried? Evelyn Douek and Quinta Jurecic discussed these questions with Jacob Frenkel, who spent years at the SEC and is now the chair of government investigations and securities enforcement at the law firm Dickinson Wright. He explained how to understand the SEC\u2019s role in cases like these, why whistleblowers like Haugen file complaints with the SEC, and why he thinks it\u2019s unlikely that the agency will investigate Facebook based on Haugen\u2019s disclosures.
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