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The SEC is not in the justice business. It is a puppet of the banks themselves. A $4M fine is NOTHING for a company netting $12.62B a QUARTER.

Cthulhu_ 3y ago
The $4M is a slap on the wrist, but if there's evidence that it was done on purpose, and the deleted data is evidence for a bigger case, they'd be in much bigger trouble still. But, innocent until proven guilty; if there's no indication of any missing evidence, it'll stay at the failure to retain data fine.
- ndsipa_pomu 3y ago
  > Worse still, the stuffup meant that it couldn't produce evidence that that the SEC and others subpoenaed in their investigations. "In at least 12 civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently," the SEC says. That would seem to be an indication of missing evidence
- chaostheory 3y ago
  No one went to jail for the 2008 crisis, and most of the regulatory bodies are private corporations masquerading as a public entity. To add salt to the wound, the SEC is very discerning as to when to enforce the law It doesn’t matter whether or not the above paragraph is reality, because masses perceive it as reality, and trust in public institutions continues to dive. If confidence isn’t restored soon, then things might start to destabilize
- gmd63 3y ago
  I think corporations of "too big to fail" stature should have different legal protections than what are offered to humans. Innocent until proven guilty is not quite fair to apply to corporations that get bailed out by taxpayers when the policemen are driving bicycles trying to enforce the speed limit on a highway full of McLarens. When a company has positioned itself to be a critical organ of society, it should be required to function properly. The rules of nature do not forgive a well meaning hare that didn't intend to be eaten by a lion.
  - pnemonic 3y ago
    The rules of nature do not forgive a well meaning hare that didn't intend to be eaten by a lion. I love this. Consider yourself quoted.
    - gmd63 3y ago
      Thank you for the kind words.
  - danuker 3y ago
    I am of the position that no company should be allowed to become too big to fail. Or, if one does, it should be nationalized. If its service is crucial and no other company can replace it, then there is a high risk that it makes use of its position by charging an arm and a leg for essential services.
- burkaman 3y ago
  > In at least twelve civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently. That is proof of missing evidence.
- pessimizer 3y ago
  > if there's evidence that it was done on purpose Nobody (who isn't a moron) is going to send an email about intentionally doing this, or talk about it with someone who wouldn't also be implicated if discovered. If you saw everything, kept careful notes, and decided to become a whistleblower, your career would be destroyed and your life might even be in danger.
chollida1 3y ago
> 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-texting-sec.html 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/2022-174 https://www.sec.gov/news/press-release/2022-206 https://www.sec.gov/news/press-release/2022-206
- deelly 3y ago
  Fact that SEC sometimes fine some banks doesn't mean that SEC completely safe from influence from big banks. As usual its not a black and white picture.
- idiot900 3y ago
  Who works in the SEC? Former bank/finance employees. Where will these employees go work if they decide to leave the SEC?
  - JumpCrisscross 3y ago
    > 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.
    - danuker 3y ago
      https://www.sec.gov/about/commissioners https://www.sec.gov/about/commissioners Well, honestly I am surprised at how extensive the commissioners' background is in public service and/or education.
  - meepmorp 3y ago
    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?

Cthulhu_ 3y ago

The $4M is a slap on the wrist, but if there's evidence that it was done on purpose, and the deleted data is evidence for a bigger case, they'd be in much bigger trouble still. But, innocent until proven guilty; if there's no indication of any missing evidence, it'll stay at the failure to retain data fine.

ndsipa_pomu 3y ago
> Worse still, the stuffup meant that it couldn't produce evidence that that the SEC and others subpoenaed in their investigations. "In at least 12 civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently," the SEC says. That would seem to be an indication of missing evidence
chaostheory 3y ago
No one went to jail for the 2008 crisis, and most of the regulatory bodies are private corporations masquerading as a public entity. To add salt to the wound, the SEC is very discerning as to when to enforce the law It doesn’t matter whether or not the above paragraph is reality, because masses perceive it as reality, and trust in public institutions continues to dive. If confidence isn’t restored soon, then things might start to destabilize
gmd63 3y ago
I think corporations of "too big to fail" stature should have different legal protections than what are offered to humans. Innocent until proven guilty is not quite fair to apply to corporations that get bailed out by taxpayers when the policemen are driving bicycles trying to enforce the speed limit on a highway full of McLarens. When a company has positioned itself to be a critical organ of society, it should be required to function properly. The rules of nature do not forgive a well meaning hare that didn't intend to be eaten by a lion.
- pnemonic 3y ago
  The rules of nature do not forgive a well meaning hare that didn't intend to be eaten by a lion. I love this. Consider yourself quoted.
  - gmd63 3y ago
    Thank you for the kind words.
- danuker 3y ago
  I am of the position that no company should be allowed to become too big to fail. Or, if one does, it should be nationalized. If its service is crucial and no other company can replace it, then there is a high risk that it makes use of its position by charging an arm and a leg for essential services.
burkaman 3y ago
> In at least twelve civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently. That is proof of missing evidence.
pessimizer 3y ago
> if there's evidence that it was done on purpose Nobody (who isn't a moron) is going to send an email about intentionally doing this, or talk about it with someone who wouldn't also be implicated if discovered. If you saw everything, kept careful notes, and decided to become a whistleblower, your career would be destroyed and your life might even be in danger.

chollida1 3y ago

> 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-texting-sec.html 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/2022-174 https://www.sec.gov/news/press-release/2022-206 https://www.sec.gov/news/press-release/2022-206

deelly 3y ago
Fact that SEC sometimes fine some banks doesn't mean that SEC completely safe from influence from big banks. As usual its not a black and white picture.
idiot900 3y ago
Who works in the SEC? Former bank/finance employees. Where will these employees go work if they decide to leave the SEC?
- JumpCrisscross 3y ago
  > 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.
  - danuker 3y ago
    https://www.sec.gov/about/commissioners https://www.sec.gov/about/commissioners Well, honestly I am surprised at how extensive the commissioners' background is in public service and/or education.
- meepmorp 3y ago
  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?