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>It really is wild that the SEC’s official position is now that it is illegal to “use unofficial communications to do things like cut deals, win clients or make
by ohgodplsno 4y ago
>It really is wild that the SEC’s official position is now that it is illegal to “use unofficial communications to do things like cut deals, win clients or make trades.” “Conduct their communications about business matters within only official channels”! Imagine if that was really the rule! You can’t have lunch with a client and talk about business, or have beers with your colleagues and gripe about work, because that does not create a searchable archive for the SEC to review.
If we were talking about pretty much almost any other sector, that would indeed be wild, but considering how often and how much the banking sector has shown that they are willing to break every rule imaginable, they can't really complain when the hammer falls down on them, can they ? Act like a mafia, get treated like a mafia.
- loeg 4y ago> the banking sector has shown that they are willing to break every rule imaginable I think the visible outcome of the banking sector being subject to lots of fines for technical rule violations is less a symptom of the banking sector being uniquely bad and a more a symptom of (a) just having more rules and (b) being under more scrutiny than other sectors.
- dan-robertson 4y agoIf you apply it to any other sector, I think there aren’t rules and regulators that issue large fines to enforce them. Eg if there were a ‘big tech regulator’ that had rules on record keeping like in finance, this google thing would be resulting in some regulatory action and big fine. I think it’s interesting to wonder what other industries might look like with regulators that are more like financial regulators.