4 ms·

Why fines ? Fines for this type of accident should be the permanent removal of the banking license. What kind of company can you trust if evidence can be dele

Why fines ? Fines for this type of accident should be the permanent removal of the banking license. What kind of company can you trust if evidence can be deleted "by accident" ?

yehosef 3y ago
Governments do not just "remove the banking license" of JP Morgan.
- Ialdaboth 3y ago
  Yes, this is precisely the problem.
- hinata08 3y ago
  Shame I have never just deleted millions of emails and pieces of evidence in a listed company, especially one that falls under the SOX act (it implies some governance.) Did they have the IT governance or not ?
- zx8080 3y ago
  Does this sometimes lead to "we are immortals, can do whatever we want"? Actually not whatever. But apparently some borders are quite thin.
grugagag 3y ago
Proportionl fines that dent seriously into their profits ensures this does not happen again. But usually the fines end up being slaps on wrists which ensures continuity of these schemes
BowBun 3y ago
JP Morgan is the very definition of 'too big to fail'. Any actions against them to that degree would be self-sabotaging by any country. I'm not saying it's a good thing, but that's the reality right now.
- prirun 3y ago
  That's easily corrected: split them up. Chase and JP Morgan should have never been allowed to merge in the first place.
  - 0xCMP 3y ago
    why would anyone choose to do that? did you not notice the smaller banks failing lately and everyone assuming chase would buy them? part of their strength is their size.
- hinata08 3y ago
  Why ? There aren't any bank to take on their market ? Individuals and companies won't stop having accounts or buying home or investmenting in equipment because 1 bank 'gracefully' shuts down. Another one will take on. But risking a crash like Lehman Brothers, Wirecard (a journalist nearly got charged with market manipulation in Germany for covering what really happened in this firm), FTX,... is the real self sabotaging for a country. "Too big to jail" is not a service for the common good. It's just protecting friends. We need real investigations into how this bank is run, and how others are run as well. If this was genuinely just an IT incident, that's fine. But it raises questions obviously.
  - BowBun 3y ago
    The global economy is built on confidence which is derived from trust in financial institutions and whether governments act economically reasonably. It's not a matter of whether there's other banks that can take on the business. It's a matter of government intervention to that degree would rock confidence and cause a negative shockwave through the markets, which would most definitely affect you no matter how much or how little you have invested in the bank in question. New backers for loans made to the largest corporations and countries on earth, easily reaching billions if not trillions of dollars would need to be accounted for and reorganized. A primary source of funding for housing, infrastructure projects, etc. would be eliminated. I think you fail to see how deeply entrenched the largest financial institutions in the world are with modern society. Our governments literally depend on them to function because of the complexities of globalization.

Why fines ? Fines for this type of accident should be the permanent removal of the banking license. What kind of company can you trust if evidence can be deleted "by accident" ?

yehosef 3y ago

Governments do not just "remove the banking license" of JP Morgan.

Ialdaboth 3y ago
Yes, this is precisely the problem.
hinata08 3y ago
Shame I have never just deleted millions of emails and pieces of evidence in a listed company, especially one that falls under the SOX act (it implies some governance.) Did they have the IT governance or not ?
zx8080 3y ago
Does this sometimes lead to "we are immortals, can do whatever we want"? Actually not whatever. But apparently some borders are quite thin.

grugagag 3y ago

Proportionl fines that dent seriously into their profits ensures this does not happen again. But usually the fines end up being slaps on wrists which ensures continuity of these schemes

BowBun 3y ago

JP Morgan is the very definition of 'too big to fail'. Any actions against them to that degree would be self-sabotaging by any country. I'm not saying it's a good thing, but that's the reality right now.

prirun 3y ago
That's easily corrected: split them up. Chase and JP Morgan should have never been allowed to merge in the first place.
- 0xCMP 3y ago
  why would anyone choose to do that? did you not notice the smaller banks failing lately and everyone assuming chase would buy them? part of their strength is their size.
hinata08 3y ago
Why ? There aren't any bank to take on their market ? Individuals and companies won't stop having accounts or buying home or investmenting in equipment because 1 bank 'gracefully' shuts down. Another one will take on. But risking a crash like Lehman Brothers, Wirecard (a journalist nearly got charged with market manipulation in Germany for covering what really happened in this firm), FTX,... is the real self sabotaging for a country. "Too big to jail" is not a service for the common good. It's just protecting friends. We need real investigations into how this bank is run, and how others are run as well. If this was genuinely just an IT incident, that's fine. But it raises questions obviously.
- BowBun 3y ago
  The global economy is built on confidence which is derived from trust in financial institutions and whether governments act economically reasonably. It's not a matter of whether there's other banks that can take on the business. It's a matter of government intervention to that degree would rock confidence and cause a negative shockwave through the markets, which would most definitely affect you no matter how much or how little you have invested in the bank in question. New backers for loans made to the largest corporations and countries on earth, easily reaching billions if not trillions of dollars would need to be accounted for and reorganized. A primary source of funding for housing, infrastructure projects, etc. would be eliminated. I think you fail to see how deeply entrenched the largest financial institutions in the world are with modern society. Our governments literally depend on them to function because of the complexities of globalization.