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For the record, working for these companies. JPMorgan Chase is a bank. Insider trading/financial fraud is a concern. For companies where insider trading is a

by urthor 3y ago

For the record, working for these companies. JPMorgan Chase is a bank. Insider trading/financial fraud is a concern. For companies where insider trading is a serious issue. As an employee, you will be key-logged, tracked, spied upon. That's the deal, same as working for the Pentagon. Every employee understands this. It's not in any way, shape or form unethical. It's just the deal.

pclmulqdq 3y ago
Most of the surveillance is because of banking compliance. I'm not convinced they actually use that data for managerial purposes. The last time I worked for a financial company, they were reasonably open about all the tracking, but never really looked at the data.
- blitzar 3y ago
  If one of many keywords got dropped in a written communication or on a recorded line my boss would get a call within 5 minutes to explain, and an incident report would get filed.
  - aceofspades19 3y ago
    What sort of keywords? Surely there would be a lot of false positives if it was just 1 word being matched with no context.
    - blitzar 3y ago
      https://www.cnbc.com/2016/06/15/you-wont-believe-what-gets-an-email-flagged-at-goldman-cnbc-has-the-list.html https://www.cnbc.com/2016/06/15/you-wont-believe-what-gets-a... expletives naturally, but also champagne ended up being a naughty word for us as well
benjaminwootton 3y ago
I dont want to be a corporate shill, but I do see it from the banks side to a degree. They have a trillion regulations and laws they have to follow and more than 100k employees. Surely you have to turn to automation to meet your legal responsibilities.
leroy_masochist 3y ago
The surveillance system described does absolutely nothing to counter the most common workflow of MNPI-driven insider trading conducted by investment banking employees, e.g.: - Investment banker is working on a deal to sell CorpCo to BuyCo at a price of $30/share. CorpCo is currently trading at $20/share - Investment banker tells his college buddy about the deal, whether because he wants a cut of the insider trading profits or because he's just trying to throw him a bone - College buddy gets someone he thinks he can't be linked to - e.g., his bookie's brother-in-law - to buy a lot of out-of-the-money call options on CorpCo on his behalf - The deal closes and the call options return a ton of cash - The SEC catches and prosecutes everyone involved because the random purchase of out-of-the-money call options was a huge red flag None of this is addressed by invasive software that constantly takes audio and video of you when you are working. Also, I'm pretty sure that the Pentagon does not have a keylogging / face tracking program similar to the one described.
- A4ET8a8uTh0 3y ago
  You might be missing the point the parent is making. The point is not to address the problem, but to appease the regulator by having a tool that makes it reasonable to argue that you are compliant with regulations. FWIW, SEC did issue some fines, one could argue it is a reaction to it to some extent.
- abduhl 3y ago
  Invasive security measures that constantly take audio and video of you when you are working absolutely helps address the “Investment banker tells his college buddy about the deal” step. Investment banker cannot tell his college buddy about the deal around work hardware. Anybody that does gets caught. This will result in catching the dumbest criminals, but it absolutely counters one of the steps in your “most common workflow.” I don’t agree with this level of surveillance, but let’s not act like invading someone’s privacy isn’t effective at preventing/prosecuting crime.
  - leroy_masochist 3y ago
    > Invasive security measures that constantly take audio and video of you when you are working absolutely helps address the “Investment banker tells his college buddy about the deal” step. Literally nobody who is thinking about maybe doing some insider trading is having out-loud conversations about it while at the office. I see your point in theory, but it's a pretty ridiculous edge case.
bluescrn 3y ago
> For companies where insider trading is a serious issue. As an employee, you will be key-logged, tracked, spied upon. If you really want to get into insider trading, you probably need to get into politics, not banking...

by urthor 3y ago

pclmulqdq 3y ago

Most of the surveillance is because of banking compliance. I'm not convinced they actually use that data for managerial purposes. The last time I worked for a financial company, they were reasonably open about all the tracking, but never really looked at the data.

blitzar 3y ago
If one of many keywords got dropped in a written communication or on a recorded line my boss would get a call within 5 minutes to explain, and an incident report would get filed.
- aceofspades19 3y ago
  What sort of keywords? Surely there would be a lot of false positives if it was just 1 word being matched with no context.
  - blitzar 3y ago
    https://www.cnbc.com/2016/06/15/you-wont-believe-what-gets-an-email-flagged-at-goldman-cnbc-has-the-list.html https://www.cnbc.com/2016/06/15/you-wont-believe-what-gets-a... expletives naturally, but also champagne ended up being a naughty word for us as well

benjaminwootton 3y ago

I dont want to be a corporate shill, but I do see it from the banks side to a degree. They have a trillion regulations and laws they have to follow and more than 100k employees. Surely you have to turn to automation to meet your legal responsibilities.

leroy_masochist 3y ago

The surveillance system described does absolutely nothing to counter the most common workflow of MNPI-driven insider trading conducted by investment banking employees, e.g.: - Investment banker is working on a deal to sell CorpCo to BuyCo at a price of $30/share. CorpCo is currently trading at $20/share - Investment banker tells his college buddy about the deal, whether because he wants a cut of the insider trading profits or because he's just trying to throw him a bone - College buddy gets someone he thinks he can't be linked to - e.g., his bookie's brother-in-law - to buy a lot of out-of-the-money call options on CorpCo on his behalf - The deal closes and the call options return a ton of cash - The SEC catches and prosecutes everyone involved because the random purchase of out-of-the-money call options was a huge red flag None of this is addressed by invasive software that constantly takes audio and video of you when you are working. Also, I'm pretty sure that the Pentagon does not have a keylogging / face tracking program similar to the one described.

A4ET8a8uTh0 3y ago
You might be missing the point the parent is making. The point is not to address the problem, but to appease the regulator by having a tool that makes it reasonable to argue that you are compliant with regulations. FWIW, SEC did issue some fines, one could argue it is a reaction to it to some extent.
abduhl 3y ago
Invasive security measures that constantly take audio and video of you when you are working absolutely helps address the “Investment banker tells his college buddy about the deal” step. Investment banker cannot tell his college buddy about the deal around work hardware. Anybody that does gets caught. This will result in catching the dumbest criminals, but it absolutely counters one of the steps in your “most common workflow.” I don’t agree with this level of surveillance, but let’s not act like invading someone’s privacy isn’t effective at preventing/prosecuting crime.
- leroy_masochist 3y ago
  > Invasive security measures that constantly take audio and video of you when you are working absolutely helps address the “Investment banker tells his college buddy about the deal” step. Literally nobody who is thinking about maybe doing some insider trading is having out-loud conversations about it while at the office. I see your point in theory, but it's a pretty ridiculous edge case.

bluescrn 3y ago

> For companies where insider trading is a serious issue. As an employee, you will be key-logged, tracked, spied upon. If you really want to get into insider trading, you probably need to get into politics, not banking...