Opsie daisy, I dropped the database! Oh no. Anyway.
JP Morgan fined by SEC for deleting email records
141–150 of 254 posts
Re: JP Morgan fined by SEC for deleting email records
#142Earlier quoted context omitted.
Do you mean bail? The only thing bail does is get the defendant out of jail until the trial, and the only (Constitutional) reason to jail someone before trial is to make sure they show up. E.g. Elizabeth Holmes got out on bail, but just recently went in to serve her sentence.
Indeed I meant bail. I always thought you can avoid jail that way in that country and very pleased you taught me I’m wrong, this seems a more fair system. Not thankful for the downvoters although they probably thought I was cynical or something… but hey better have knowledge than points.
> the only (Constitutional) reason to jail someone before trial is to make sure they show up
Well cynicism is definitely called for wrt bail, because it's regularly used for a very different purpose. It's normal for people accused of crimes to have to wait over a year for their trial in this country, and the courts often intentionally set bail so high that the accused can't possibly afford it. They are forced to choose between sitting in jail that whole time while their life evaporates, or they can plea guilty to a crime they may or may not have committed; the actual punishment is often less severe than being found innocent at trial. The prosecution can repeatedly push back the trial to keep the pressure on. Since healthcare access is almost always tied to employment, people plead guilty to crimes they didn't commit every day in this country so that their kids don't lose their access to healthcare. Just the sort of systemic, everyday corruption that we're supposed to pretend can't happen here.
Re: JP Morgan fined by SEC for deleting email records
#143Earlier quoted context omitted.
Why fines ? Fines for this type of accident should be the permanent removal of the banking license. What kind of company can you trust if evidence can be deleted "by accident" ?
JP Morgan is the very definition of 'too big to fail'. Any actions against them to that degree would be self-sabotaging by any country. I'm not saying it's a good thing, but that's the reality right now.
That's easily corrected: split them up. Chase and JP Morgan should have never been allowed to merge in the first place.
Re: JP Morgan fined by SEC for deleting email records
#144If 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.
I find the story or incorrect archive settings/setup to be reasonably plausible and even likely. I work in finance and misconfiguration of systems are not that uncommon. Testing and reviewing archive settings is often not very thorough. For example, I was working on a system that handles holdings and trading information at the fund level which covers AUM that starts with a T and ends in rillions. There was an SQL inj…
> I find the story or incorrect archive settings/setup to be reasonably plausible and even likely. I work in finance and misconfiguration of systems are not that uncommon. Testing and reviewing archive settings is often not very thorough.
GP's point stands: they should be fined to a degree that it becomes clear to management that these "not uncommon" practices must become very uncommon.
Re: JP Morgan fined by SEC for deleting email records
#145When I worked for an investment bank (over 2 decades ago), we wrote emails to a WORM storage device (I think from EMC) so it was literally impossible to accidentally delete emails without physically destroying the device (which was backed up to tape and replicated to an identical device on the other coast). We retrieved sample emails quarterly to prove the device was working.
Re: JP Morgan fined by SEC for deleting email records
#146Doesn't really matter if this is a mistake or corruption.
When you pretend you have the legitimacy to run something as big as JP Morgan then you should not be allowed to screw up that much.
You earn that much money, you should demonstrate equal level of competency.
They should get jail time either way.
Re: JP Morgan fined by SEC for deleting email records
#147If 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.
First of all: your current society has no chance at a future, AI overlords, mogul trillionaires, climate change and so on being the least currently concerning of your issues.
Nevertheless, one counter-intuitive policy which would end corporate control [1] (hence will never be implemented, again, no future for you) is supra-unitary taxation: effectively, tax rates above 100%, ensuring that the corporation has by default a lifetime (like a person they wish to be). Once the forever-in-debt corporation gets past a certain level of debt, it gets liquidated. Of course, corporations affected by this would have a certain scale (above $10 trillion, let's say) and a certain domain of activity (embedded AI, synthetic biology, nuclear fusion, asteroid mining, and similar).
[1] 2023, Claire Provost, Matt Kennard, Silent Coup. How Corporations Overthrew Democracy, Bloomsbury Academic, https://www.bloomsbury.com/uk/silent-coup-9781350270008
Re: JP Morgan fined by SEC for deleting email records
#148[deleted]
Re: JP Morgan fined by SEC for deleting email records
#149Earlier quoted context omitted.
JP Morgan is the very definition of 'too big to fail'. Any actions against them to that degree would be self-sabotaging by any country. I'm not saying it's a good thing, but that's the reality right now.
That's easily corrected: split them up. Chase and JP Morgan should have never been allowed to merge in the first place.
why would anyone choose to do that? did you not notice the smaller banks failing lately and everyone assuming chase would buy them?
part of their strength is their size.
Re: JP Morgan fined by SEC for deleting email records
#150Earlier quoted context omitted.
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…
Because a key element of the American corporate/justice system is to avoid negative consequences for individuals with wealth and connections, so long as they "follow the rules" when harming the public for private profit?