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JP Morgan fined by SEC for deleting email records

theregister.com

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Re: JP Morgan fined by SEC for deleting email records

#191

Post by JumpCrisscross »

idiot900 wrote: post #136
chollida1 wrote: post #83

Earlier quoted context omitted.

> It is a puppet of the banks themselves. This is ofcourse false. But given how little effort you made on this comment i assume nothing will change your mind:( https://www.nytimes.com/2022/09/27/business/banks-fined-text... https://www.sec.gov/news/press-release/2022-174 https://www.sec.gov/news/press-release/2022-206

Who works in the SEC? Former bank/finance employees. Where will these employees go work if they decide to leave the SEC?

> Who works in the SEC? Former bank/finance employees

Source? There is a revolving door, but it’s as much between industry and the SEC as it is between it and the rest of the public sector.

Re: JP Morgan fined by SEC for deleting email records

#192

Post by throwawaaarrgh »

All enterprises have shitty IT. If you want this not to happen again, don't fine them, add a regulation. Regulations are literally the only thing that makes enterprises confirm that they've done something correctly. Only when an exec VP has their bonus or freedom threatened do they take shit seriously.

Re: JP Morgan fined by SEC for deleting email records

#193

Post by gmd63 »

JumpCrisscross wrote: post #183
gmd63 wrote: post #180

Earlier quoted context omitted.

Regulators are not thinking of the public when they allow corporate sociopaths to neglect societal best interest while market fixing / mismanaging records / etc., activities that have demonstrably siphoned wealth from the lower class and moved it increasingly to the ivory towers of companies that do not deserve the influence that makes them "too big to fail". The wealth inequality gap is widening and it's due to puss…

> wealth inequality gap is widening You can’t fine a business just to reduce inequality. Any jurisdiction that starts ruling that way fails basic definitions for rule of law. (This is in part what ruined Argentina.) Also, in what universe would larger fines for banks decrease income inequality? The history of enforcement is capricious penalties increase incentives for cover-ups. If a record retention mistake means pe…

The crime was identified, which is why JP Morgan was fined. Once a corporate entity is operating at a sufficient scale, it does not matter if the people inside willingly mess up. The organization is required to be run properly. The problem is that slaps on the wrist for failure do not suffice as environmental stressors for corporate evolution.

As for what we can do, the possibilities are endless. We shape society however we like, and that is the highest form of art humans engage in.

Re: JP Morgan fined by SEC for deleting email records

#194

Post by ImPostingOnHN »

andsoitis wrote: post #126
411111111111111 wrote: post #114

Earlier quoted context omitted.

On the one hand you're saying it can't be done without some whistleblower turning up, on the other hand you think that its possible to happen accidentally. It's kinda either/or. It's either possible that someone can get full admin privileges and deletes it off-the-record or they've got enough safeguards in place that the accidental deletion isn't possible either.

It seems very reasonable that 47 million messages were deleted from 8,700 mail boxes by accident, but it seems like a stretch of the imagination to say this resulted in the intentional deletion of the EXACT evidence that they were being subpoenaed for, without forgetting to delete SOME of the evidence.

nobody is claiming intentional deletion of the EXACT records being subpoenaed and only those records, and the article makes clear that isn't what happened

the thing we're discussing is deleting A LOT of records which INCLUDE the ones being subpoenaed, which is obviously easily possible, intentionally or otherwise

so, no stretch of the imagination required

Re: JP Morgan fined by SEC for deleting email records

#195

Post by [deleted] »

kris_lujanovic wrote: post #72

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.

[deleted]

Re: JP Morgan fined by SEC for deleting email records

#196

Post by jbverschoor »

JumpCrisscross wrote: post #190
nashashmi wrote: post #154

Earlier quoted context omitted.

How many other lawsuits does this also affect?

There were “at least 12 civil securities-related regulatory investigations, eight of which were conducted by the Commission staff” [1]. No doubt, more will be filed. [1] Fourth paragraph

How… “inconvenient“

Re: JP Morgan fined by SEC for deleting email records

#197

Post by JumpCrisscross »

gmd63 wrote: post #193
JumpCrisscross wrote: post #183

Earlier quoted context omitted.

> wealth inequality gap is widening You can’t fine a business just to reduce inequality. Any jurisdiction that starts ruling that way fails basic definitions for rule of law. (This is in part what ruined Argentina.) Also, in what universe would larger fines for banks decrease income inequality? The history of enforcement is capricious penalties increase incentives for cover-ups. If a record retention mistake means pe…

The crime was identified, which is why JP Morgan was fined. Once a corporate entity is operating at a sufficient scale, it does not matter if the people inside willingly mess up. The organization is required to be run properly. The problem is that slaps on the wrist for failure do not suffice as environmental stressors for corporate evolution. As for what we can do, the possibilities are endless. We shape society how…

> crime was identified, which is why JP Morgan was fined

The SEC is a civil agency. No crimes.

> organization is required to be run properly

It’s that easy? Just require good organization and you’ll get it by diktat? This entire thread seems to require a reading of Argentinian and modern Egyptian and Russian economic history.

Re: JP Morgan fined by SEC for deleting email records

#198

Post by celtoid »

It's hard to tell what's worse: a predatory juggernaut like JPM or the useless regulators that they've captured.

"72 Hours Before JPMorgan Offered $290 Million to Make Epstein Claims Go Away, a Lawyer Disclosed that the Bank Had Withheld 1500 Documents" [0]

[0] https://wallstreetonparade.com/2023/06/72-hours-before-jpmor...

Re: JP Morgan fined by SEC for deleting email records

#199

Post by meepmorp »

idiot900 wrote: post #136
chollida1 wrote: post #83

Earlier quoted context omitted.

> It is a puppet of the banks themselves. This is ofcourse false. But given how little effort you made on this comment i assume nothing will change your mind:( https://www.nytimes.com/2022/09/27/business/banks-fined-text... https://www.sec.gov/news/press-release/2022-174 https://www.sec.gov/news/press-release/2022-206

Who works in the SEC? Former bank/finance employees. Where will these employees go work if they decide to leave the SEC?

What sort of work experience do you think the applicants for the jobs at the SEC ought to have?

If you need people people with experience in banking and finance, especially the legal and regulatory/compliance areas, where would you do your recruiting?

Re: JP Morgan fined by SEC for deleting email records

#200

Post by JumpCrisscross »

jbverschoor wrote: post #196
JumpCrisscross wrote: post #190

Earlier quoted context omitted.

There were “at least 12 civil securities-related regulatory investigations, eight of which were conducted by the Commission staff” [1]. No doubt, more will be filed. [1] Fourth paragraph

How… “inconvenient“

> How… “inconvenient“

For JPMorgan, sure. That missing evidence gets interpreted adversely against JPMorgan, which means those cases are basically won. The question is how many more will arise in the coming months, perhaps years, that find reasonable claim to damages arising out of evidence the defendant has conceded it can’t bring to its defense.

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