Posted on 09/28/2022 1:51:21 PM PDT by BenLurkin
Last night the SEC announced charges against 15 broker-dealers and an investment adviser for “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.”
The firms, including Goldman Sachs, Morgan Stanley, Barclays and UBS, agreed to pay combined penalties of more than $1.1 billion. Separately, the Commodity Futures Trading Commission also announced $710 million in penalties.
The SEC “uncovered pervasive off-channel communications.” That means that many broker-dealers were communicating with each other either on their personal cell phones directly, or using personal email, or using messaging apps like Telegram or WhatsApp that are hard to detect.
According to the SEC, from January 2018 through September 2021, “the firms’ employees routinely communicated about business matters using text messaging applications on their personal devices. The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws.”
(Excerpt) Read more at cnbc.com ...
So when is the FedGov going to fine itself a billion for its employees doing the same thing to avoid public records laws?
Correction: SEC fining the stockholders .....
More communist-driven BS!
When are similar rules going to be applied to all the politicians who get to be multi-millionaires investing on a medium salary?
Plus they all had computer hard drives that crashed and security cameras that failed to record.
The SEC “uncovered pervasive off-channel communications.” That means that many broker-dealers were communicating with each other either on their personal cell phones directly, or using personal email, or using messaging apps like Telegram or WhatsApp that are hard to detect.
According to the SEC, from January 2018 through September 2021, “the firms’ employees routinely communicated about business matters using text messaging applications on their personal devices. The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws.”
Now, if they were using insider/congress critters, info for profit/gain or to avoid losses, that would be criminal.
However, if we make good friends along the way and have intelligent relatives. Discussing what has/is happening is life. That should not be criminal.
I had 2 SIL’s, a sibling and a couple of cousins, a couple of nieces/nephews and a direct DNA descendent and a few long time friends where economical discussions have been beneficial to all of us.
Career discussions with former MBA professors and former classmates enabled me to hit the road/Jack with a good early retirement on my own. Instead of be escorted out of a security gate, carrying a Kinko’s box with my personal office belongings and left on a curb with other former employees.
I often was a step ahead of the corporate coups/bloodletting due to discussions between consenting adults.
The younger generations call this networking, and they have it down pat as a personal survival skill.
The younger generations call this networking, and they have it down pat as a personal survival skill.
So keeping a job or jumping out before the corporate ship sinks is insider trading in your eyes?
Discussing economic realities with 2 sharp SIL’s over 1500 miles from each other and me is insider trading?
We don’t work for a stock company, bank or finance company.
“To maintain the INTEGRITY of the market ?” you have automatic computerized trading that has been going on for at least 10-15 years and congressmen and senators constantly cash in both ways via cash from lobbyist’s for firms and then grabbing stocks they KNOW will rise because of the bill to be passed....integrity my rear. I think this life God has given us is far easier when debt is a non factor and the old adage “if you don’t have the money for it ,you don’t deserve it.” Also twist your own wrenches/learn the trades from roofing to sewer installation and all the stuff in between....you will end up answering to no one but the Good Lord.
Bingo they have many players in many countries they don’t spend half their life in D.C. because they like the view.
Punish the monkeys
Let the organ grinders go
Excellent!
FTA: There are ways to capture and monitor texts, chats, etc. but many firms choose not to or may not be aware that automated systems exist to capture these communications.
Hmm... I assume these are company phones.
Look at AMD and NVIDIA stock charts and many others. They are in sync with one another day after day. I read several years ago that Goldman Sachs has the ability to peek a micro second a head of the trades that others see because of some deal with Nasdaq. It came up in a trial of a guy who stole some trading algorithms when he worked there then went to work for another company.
AMD
https://finance.yahoo.com/quote/AMD?p=AMD
NVIDIA
https://finance.yahoo.com/quote/NVDA?p=NVDA
Hmm... I assume these are company phones.
I meant connected to the companies internet.
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