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Why is Wall Street (finance) susceptible to this in particular? Is it just because they hold high value information? I could share lots of strategically releva
by sleepychu 10y ago
Why is Wall Street (finance) susceptible to this in particular? Is it just because they hold high value information?
I could share lots of strategically relevant data with people I know outside my employer and if I used WhatsApp then I'd be less detectable than if I used my work email account but so what? I fail to see why this particular communication mechanism is worse than others.
- quanticle 10y agoWhy is Wall Street (finance) susceptible to this in particular? Is it just because they hold high value information? Part of it is the rampant principal/agent issues all over the financial sector. Take, for example, the example in the article of the bond trader who sent a client a photo of the firm's current positions, in an effort to gain business. I very much doubt the firm wanted its confidential trading data shared with outsiders. I very much doubt that it was in the public interest for this one customer to have access to sensitive information that other customers lacked. But from the perspective of the bond salesman, it was a winning move, because it landed him a sale (and the accompanying commission).
- mirimir 10y agoIt also facilitates having a side business in anonymous tips.
- aunty_helen 10y agoTraders can get into and out of positions with inside knowledge very quickly without leaving obvious traces that may be left in other industries. Their moves could be attributed to gut feel or luck but is actually a rort. Other industries, it can be more certain if you've ripped-off say a LIDAR design.