ouch!
JP Morgan fined by SEC for deleting email records
161–170 of 254 posts
Re: JP Morgan fined by SEC for deleting email records
#162If 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.
In a regulated industry, the regulator would absolutely issue fines and threats of license if gross incompetence led to them not upholding their regulatory duties... Well in some ideal world that would happen, but ha, not likely.
Instead they'll just have to have some 'extra' meetings with the regulator and report on their remediations later.
Re: JP Morgan fined by SEC for deleting email records
#163As 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.
As someone who has done support for finance's IT departments, the "this was broken for years and no-one noticed" idea sounds bang-on. I've watched the millions of signatures and meetings, but none of that matters when someone screws up the implementation (but not badly enough that anyone cares to complain).
That was part of a legal case or publicly reported failure?
Re: JP Morgan fined by SEC for deleting email records
#164Earlier quoted context omitted.
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.
> they should be fined to a degree that it becomes clear to management that these "not uncommon" practices must become very uncommon
Why? Fining isn’t done for fetish, it’s done proportional to harm.
The article mentions twelve civil suits (four independent). JPMorgan will lose those. Any lawyer worth their salt, meanwhile, will be looking for claims which could reasonably involve the evidence which was deleted to file. In this way, the people actually harmed get compensated versus a government agency, which mitigates corruption concerns.
Re: JP Morgan fined by SEC for deleting email records
#165Earlier 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.
> JP Morgan is the very definition of 'too big to fail'
If the government revoked the license for a local lawn care company on the basis of a records retention mistake, I’m fairly sure they’d have a case for reversal in the courts. I get we’re technically minded, and so technical mistakes rank up with mortal sins, but let’s keep a sense of perspective.
Re: JP Morgan fined by SEC for deleting email records
#166Earlier quoted context omitted.
> 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…
> 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
Part of the SEC’s process is peppering these people with pamphlets explaining how their testifying this happened is a $10+ million whistleblower payday.
Re: JP Morgan fined by SEC for deleting email records
#167Earlier quoted context omitted.
> 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.
> they should be fined to a degree that it becomes clear to management that these "not uncommon" practices must become very uncommon Why? Fining isn’t done for fetish, it’s done proportional to harm. The article mentions twelve civil suits (four independent). JPMorgan will lose those. Any lawyer worth their salt, meanwhile, will be looking for claims which could reasonably involve the evidence which was deleted to fi…
Don't get stuck on the word "fine'. The fines cans be judgment at court. The cost of doing business this way must go up, way up, so that these critical institutions are legally transparent* and motivated by a strong desire to avoid drastic haircuts.
*for example, no more "the dog ate our homework" excuses.
Re: JP Morgan fined by SEC for deleting email records
#168Earlier quoted context omitted.
> 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.
> they should be fined to a degree that it becomes clear to management that these "not uncommon" practices must become very uncommon Why? Fining isn’t done for fetish, it’s done proportional to harm. The article mentions twelve civil suits (four independent). JPMorgan will lose those. Any lawyer worth their salt, meanwhile, will be looking for claims which could reasonably involve the evidence which was deleted to fi…
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Re: JP Morgan fined by SEC for deleting email records
#169If 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 say the penalty should start with J and end with ail.
Re: JP Morgan fined by SEC for deleting email records
#170Earlier quoted context omitted.
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.
In a regulated industry, the regulator would absolutely issue fines and threats of license if gross incompetence led to them not upholding their regulatory duties... Well in some ideal world that would happen, but ha, not likely. Instead they'll just have to have some 'extra' meetings with the regulator and report on their remediations later.
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