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JP Morgan fined by SEC for deleting email records
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Re: JP Morgan fined by SEC for deleting email records
#92$4 million feels like chump change. I'd imagine JP Morgan globally earns that amount in less than an hour.
177 B in 2022 so ~484 mil/day, 20 mil/hour.
So like the amount of money they earn on coffee break
Re: JP Morgan fined by SEC for deleting email records
#93Earlier quoted context omitted.
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.
> It is a puppet of the banks themselves. This is ofcourse false. But given how little effort you made on this comment i assume nothing will change your mind:( https://www.nytimes.com/2022/09/27/business/banks-fined-text... https://www.sec.gov/news/press-release/2022-174 https://www.sec.gov/news/press-release/2022-206
Fact that SEC sometimes fine some banks doesn't mean that SEC completely safe from influence from big banks. As usual its not a black and white picture.
Re: JP Morgan fined by SEC for deleting email records
#94Re: JP Morgan fined by SEC for deleting email records
#95Earlier quoted context omitted.
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…
big companies like JPM just don’t have the secret networks of bad actors at an administrative level to carry out nefarious activities like this without someone blowing the whistle.
Or the data was in just in a directory of some guy that then got shared to everyone else in the project, instead of using per-project share.
Then he removed it and everyone else had it gone because of that.
Re: JP Morgan fined by SEC for deleting email records
#96Earlier quoted context omitted.
Fines? You mean detention.
Taking away many billions from billionaires is worse for them than detention.
no, it's just a cost to do business.
They still have billions after you charged them billions.
And charging companies with fines is ridiculous IMO. There are always humans who made decisions ultimately. And charging companies (not them) is just a "get out of jail and enjoy Hawaii" card for them.
After they cheated, they probably had the promotions, money, golden parachutes, and left the company after bleeding it out and hurting it anyway. So why would you charge the company a second time ? Why not them ?
Re: JP Morgan fined by SEC for deleting email records
#97Earlier quoted context omitted.
Getting held in contempt of court is usually punished with a fine for individuals as well, so how is that different?
The difference is that if you were to be held in contempt of court, your fine would probably be higher than something like 0.01% of your annual earnings.
>The difference is that if you were to be held in contempt of court, your fine would probably be higher than something like 0.01% of your annual earnings.
Fines are not based ad hoc on how much you're able to pay. They're standard and the enforcer can't make you pay more - that would be terrible.
Re: JP Morgan fined by SEC for deleting email records
#98If it weren't so depressing it'd be incredibly hilarious how blatant and open the corruption here is, as if anyone on planet earth is gonna buy this BS story. 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.
Do establish in what way these fines are at all reasonable or appropriate. I don't think you know to what level this data loss is if you're being this reactionary.
Re: JP Morgan fined by SEC for deleting email records
#99If it weren't so depressing it'd be incredibly hilarious how blatant and open the corruption here is, as if anyone on planet earth is gonna buy this BS story. 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.
Do you really think JP Morgan, which has about 300,000 employees, has a secret network of corrupt actors at an administrative level to carry out something like this on purpose without someone blowing the whistle? I think this is more likely: https://www.sec.gov/news/press-release/2021-262
How relevant are the 300,000 employees? Do they all had access to this information?
Re: JP Morgan fined by SEC for deleting email records
#100If it weren't so depressing it'd be incredibly hilarious how blatant and open the corruption here is, as if anyone on planet earth is gonna buy this BS story. 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.
Do you really think JP Morgan, which has about 300,000 employees, has a secret network of corrupt actors at an administrative level to carry out something like this on purpose without someone blowing the whistle? I think this is more likely: https://www.sec.gov/news/press-release/2021-262
Yes.