41–50 of 254 posts
Earlier quoted context omitted.
If an individual does that, they get held in contempt. But with a corporation all they can do is fine, so it just becomes a cost of business :(
Getting held in contempt of court is usually punished with a fine for individuals as well, so how is that different?
I’ve made this kind of accident before. Within my first 6 months there was a massive internal investigation of someone entering the building without authorization, as they had made their own keycard. I had been asked to analyze a machine’s event log to see what happened, and on a Teams meeting with a dozen people proceeded to right click the event log and mistakenly hit clear, unconsciously accepting the dialogue box…
"Accidentally". Right.
> to a project where the company aimed to delete from its systems any older communications and documents that were no longer required to be retained. Literally no reason to do this but for this precise goal.
"Accidentally". Right.
The fines for these types of accidents should be starting with the letter B and ending with illions, lets see how often these types of mistakes happen in the future afterwards.
I believe them
This, but unironically. When a law requires data to be retained for X time, risk-averse companies interpret this as an instruction to immediately delete said data as soon as time X passes, and use automated tools to this end. Sadly, these tools tend to be ad-hoc software written and maintained by internal teams, and thus about as buggy as you'd expect. I've worked in such places, and - in addition to all the other is…
Maybe Americans should be asking for the NSA's support in protecting the rights and freedoms of their country, and give Congress the backup they definitely made of all of JP Morgans data .. EDIT: its amazing - not a mention of the fact that JPMorgan is under investigation for its relationship with Epstein ..
JMPC is no longer under investigation for Epstein - they paid a fine and that's that, sadly. Mr. Dimon doesn't want to testify again, because there's a high chance the Feds knew he was lying when he claimed in his first testimony that he had never heard of the guy and then claimed that he had no idea what Epstein was doing. Which if you follow the people involved, you know was a bold-faced lie. Yet JMPC will walk away unbothered, because they are untouchable.
A $4 million fine? That's so much cheaper than the cost of archiving!
It would be ironic if amongst the messages deleted was "Is $4m less than what we'd be fined for that other thing we did?"
IANAL but in many countries the judge might draw adverse inference and effectively assume what was in that evidence. That wouldn't be in the deleters interest. https://en.m.wikipedia.org/wiki/Adverse_inference
The SEC is not in the justice business. It is a puppet of the banks themselves. A $4M fine is NOTHING for a company netting $12.62B a QUARTER.
But, innocent until proven guilty; if there's no indication of any missing evidence, it'll stay at the failure to retain data fine.