151–160 of 254 posts
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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" ?
Governments do not just "remove the banking license" of JP Morgan.
Actually not whatever. But apparently some borders are quite thin.
As 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.
It's exponentially expensive to eliminate the base-rate of a "whoops", and not everyone has NASA-level money to waste on IT.
Earlier 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.
There aren't any bank to take on their market ?
Individuals and companies won't stop having accounts or buying home or investmenting in equipment because 1 bank 'gracefully' shuts down. Another one will take on.
But risking a crash like Lehman Brothers, Wirecard (a journalist nearly got charged with market manipulation in Germany for covering what really happened in this firm), FTX,... is the real self sabotaging for a country.
"Too big to jail" is not a service for the common good. It's just protecting friends.
We need real investigations into how this bank is run, and how others are run as well. If this was genuinely just an IT incident, that's fine. But it raises questions obviously.
So the story is basically: 1. data that has to be retained for legal reasons can't be deleted by normal deletion processes 2. data that should be deleted didn't delete properly 3. to fix (2) they manually ran delete requests for times up to about the current date (back in 2018), relying on (1) to protect data 4. turns out somebody forgot to configure (1) for emails send to domains belonging to Chase (at that point th…
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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!
The problem is that most "reliable sources" aren't very reliable on the important topics - war, money, culture, etc.
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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.
All emails and code changes are up for discovery and I don’t work with individual contributors directly so I’m not even sure how I would be able to give an instruction like this without many people wondering what was up.
In the early days sure, I could go ask X person to access things directly but after a couple hundred people it doesn’t work that way. Think about an org of hundreds of thousands with the most strict compliance rules in existence.
And doing something willful here would be jail time so why would someone already wealthy risk this? Even in a corrupt system people balance risk reward. A fine for the bank, fine, but life ruined forever stretches credulity given the limited upside.
Even if it was a genuine mistake, if anything legal came up, does a court need to accept that the evidence is gone and that the data was probably guilt-free? (getting some obstruction of justice vibes that I had in the US in 2019.......)
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> highest executive levels and a few of them discussed it and said let's accidentally delete this So you think a few C-level execs went to 8,700 mail boxes and deleted 47 million messages to remove the EXACT evidence that was being subpoenaed?
Presumably they would have gone to some low-level tech and told him something to the effect of "We are looking for a new team lead, you might be a good fit. Completely unrelated: how difficult would it be for emails from the last couple years to be 'accidentally' deleted as part of routine operations". I'm not saying that's what happened, I find the sequence of events described by JP Morgan believable. But the same p…
I mean, I live this personally. When legal tells me to delete or retain something, I don't go get a law degree, and then insist that they let me have all the details to come to my own independent opinion about whether or not we need to delete or retain something. That is every bit as nonfunctional as when I tell them that the task they're asking for will take three weeks and they go get a programming degree and then come over and learn the exact environment we are working in so they can verify that we are telling them the correct estimate.
If 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
Earlier 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.