Must be some juicy things on that pile if they were to choose to accidentally delete just at particular chunk
JP Morgan fined by SEC for deleting email records
101–110 of 254 posts
Re: JP Morgan fined by SEC for deleting email records
#102>The vendor had apparently assured both JP Morgan and the Financial Industry Regulatory Authority (FINRA) on multiple occasions that its media storage complied with the relevant Exchange Act rules regarding the 36 month retention period, and therefore documents falling within that period were protected from deletion.
If this vendor screwed up this badly, why can't we know their name?
Re: JP Morgan fined by SEC for deleting email records
#103If 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
There doesn't have to be a "network". This probably reached the highest executive levels and a few of them discussed it and said let's accidentally delete this and take the fine. You're incredibly naive if you think this wasn't intentional.
Re: JP Morgan fined by SEC for deleting email records
#104If 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
100% yes. [0], [1], [2], [3], [4], etc.
0 - https://unlimitedhangout.com/2023/04/investigative-series/cr...
1 - https://trendingpoliticsnews.com/breaking-attorney-general-t...
2 - https://news.ycombinator.com/item?id=35959865
3 - https://www.cftc.gov/PressRoom/PressReleases/8260-20
4 - https://www.counterpunch.org/2020/09/22/3-count-felon-jpmorg...
Re: JP Morgan fined by SEC for deleting email records
#105Earlier quoted context omitted.
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
As someone who does this work, I agree. This sounds like a IT Operations messed something up on its way to the people who do the lawyer work. Never had it happen to us, but I could see me handing something off to others in the Operations Org and having accidents happen.
Have a hard time believing you. Do you work in a area requiring compliance for PCI or Sarbox? This should never "just happen" with any competent team.
Re: JP Morgan fined by SEC for deleting email records
#106Earlier quoted context omitted.
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?
The scale of record keeping in a place like JP Morgan is enormous. Just payments transactions are about $10 trillion a day. Unless documents are ring fenced from the start and not many systems and people have access to it, it is highly unlikely that someone is able to destroy it in all the right places without anybody noticing.
If you read the link in my previous comment, you'll see this isn't the first time they got fined for bad record keeping practices. In that instance, $125m.
Re: JP Morgan fined by SEC for deleting email records
#107Earlier quoted context omitted.
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.
> 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.
In socialist dictatorship like…check notes… Finland and Switzerland, they are. Those countries are indeed notorious for being terrible places to live… /s
(Well, I'm sure the multi-millionaires getting a €120k speeding tickets hated it: https://www.theguardian.com/world/2023/jun/06/finnish-busine...)
> Can you imagine a low wage earning getting away with stuff because they can't pay?
But somehow this is OK if that's rich people getting away with it…
(Sarcasm aside, nobody prevents the legislator to ad a floor to the fine, to avoid this exact issues, and unsurprisingly that's what the aforementioned countries do)
Re: JP Morgan fined by SEC for deleting email records
#108As someone who worked in finance I call b.s. When you need to do any infrastructure change not to mention data manipulation it takes million signatures and meetings. Like 13 meetings to deal with one ex employee corporate cloud folder. Unless they end up in court. Then somehow million things happen on their own in their benefit.
Also backups.
This is just corporate "The IT dept ate my homework."
It's a ridiculous excuse, "punished" with a trivial fine.
Re: JP Morgan fined by SEC for deleting email records
#109Earlier quoted context omitted.
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
100% yes. [0], [1], [2], [3], [4], etc. 0 - https://unlimitedhangout.com/2023/04/investigative-series/cr... 1 - https://trendingpoliticsnews.com/breaking-attorney-general-t... 2 - https://news.ycombinator.com/item?id=35959865 3 - https://www.cftc.gov/PressRoom/PressReleases/8260-20 4 - https://www.counterpunch.org/2020/09/22/3-count-felon-jpmorg...
> https://unlimitedhangout.com/2023/04/investigative-series/cr...
Now there's a reliable source!
Re: JP Morgan fined by SEC for deleting email records
#110If 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
I'm not even sure there needs to be a secret network of corrupt actors. Investment banking is rotten to the core, has been for decades.