JP Morgan fined by SEC for deleting email records • Hacker News Board

Re: JP Morgan fined by SEC for deleting email records

#251

Post by danuker » Tue, Jun 27, 2023, 9:51 AM UTC

kccqzy wrote: post #233

barbariangrunge wrote: post #203

Earlier quoted context omitted.

It seems like laws about how data gets handled are pretty much not real laws, due to there being almost no enforcement. So, most companies handle their data in a fairly careless way It might be illogical for companies to invest more into their IT infrastructure if there isn't a good reason to do so. I mean, even massive customer data leaks go basically unpunished, so how do you justify the mitigation expenses at the…

> due to there being almost no enforcement It turns out investigation and enforcement is disproportionately doled out to large corporations. Companies like Alphabet and Meta have multiple teams to make sure they are handling data correctly and yet there could still be things that fall through the cracks. This regulatory attention on large companies is advantageous to startups though; until a startup gets big nobody r…

> This regulatory attention on large companies is advantageous to startups

Any reference about this? If anything, the GDPR fines make me think the opposite.

https://danuker.go.ro/gdpranoia.html#fines

Re: JP Morgan fined by SEC for deleting email records

#252

Post by BowBun » Tue, Jun 27, 2023, 2:43 PM UTC

hinata08 wrote: post #153

BowBun wrote: post #139

Earlier 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.

Why ? 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 sabotagi…

The global economy is built on confidence which is derived from trust in financial institutions and whether governments act economically reasonably.

It's not a matter of whether there's other banks that can take on the business. It's a matter of government intervention to that degree would rock confidence and cause a negative shockwave through the markets, which would most definitely affect you no matter how much or how little you have invested in the bank in question. New backers for loans made to the largest corporations and countries on earth, easily reaching billions if not trillions of dollars would need to be accounted for and reorganized. A primary source of funding for housing, infrastructure projects, etc. would be eliminated.

I think you fail to see how deeply entrenched the largest financial institutions in the world are with modern society. Our governments literally depend on them to function because of the complexities of globalization.

Re: JP Morgan fined by SEC for deleting email records

#253

Post by kccqzy » Tue, Jun 27, 2023, 6:19 PM UTC

danuker wrote: post #251

kccqzy wrote: post #233

Earlier quoted context omitted.

> due to there being almost no enforcement It turns out investigation and enforcement is disproportionately doled out to large corporations. Companies like Alphabet and Meta have multiple teams to make sure they are handling data correctly and yet there could still be things that fall through the cracks. This regulatory attention on large companies is advantageous to startups though; until a startup gets big nobody r…

> This regulatory attention on large companies is advantageous to startups Any reference about this? If anything, the GDPR fines make me think the opposite. https://danuker.go.ro/gdpranoia.html#fines

GDPR fines are for when you get caught. Nobody cares about small companies enough to catch them.

On the other hand, big companies don't just deal with clearly defined responsibilities like GDPR; that's table stakes. They deal with random government investigations on data handling. If a company has multiple products, combining data from those multiple products could very well suddenly become antitrust concerns. What makes a particular data handling practice an antitrust concern? Companies don't really know in advance because it's purposefully vague and meant to be worked out by the courts.

Think FTC in the US or CMA in the UK.

Re: JP Morgan fined by SEC for deleting email records

#254

Post by mulletbum » Thu, Jun 29, 2023, 12:49 PM UTC

chucksta wrote: post #105

mulletbum wrote: post #90

Earlier quoted context omitted.

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.

Yes I do and yes it could happen. It could simply be someone accidentally taking off the lit hold on a Friday after a bad day. Then not realizing it till Monday. A bunch of data would be gone.