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Matt Levine put this as a great idea for a lucrative job in his Bloomberg column (where hedge fund can be replaced with any company): > Take a job at a hedge f
by helsinkiandrew 2y ago
Matt Levine put this as a great idea for a lucrative job in his Bloomberg column (where hedge fund can be replaced with any company):
> Take a job at a hedge fund.
> Get handed an employment agreement on the first day that says “you agree not to disclose any of our secrets unless required by law.”
> Sign. Take the agreement home with you.
> Circle that sentence in red marker, write “$$$$$!!!!!” next to it and send it to the SEC.
> The SEC extracts a $10 million fine.
> They give you $3 million.
> You can keep your job! Why not; it’s illegal to retaliate against whistleblowers. Or, you know, get a new one and do it again.
https://www.bloomberg.com/opinion/articles/2024-07-15/openai-might-have-lucrative-ndas https://www.bloomberg.com/opinion/articles/2024-07-15/openai... (archive: https://archive.ph/SWLh0 https://archive.ph/SWLh0)
- judiisis 2y agoMaybe don't violate laws to be fined
- nobodyandproud 2y agoYou skipped a step: First, enforce the rules and actually (and readily) impose the fines to indicate the laws are meaningful even for certain segments of society.
- johngladtj 2y agoEverything is securities fraud
- potatototoo99 2y agoSafety risks are not trade secrets.
- helsinkiandrew 2y ago> Safety risks are not trade secrets. No, but safety risks are potential securities law violations and a confidentiality agreement that inhibits employees talking to the SEC about anything freely is a SEC violation in itself
- tossandthrow 2y agoI don't understand. Isn't that a case where "allowed by law"?
- helsinkiandrew 2y ago> I don't understand. Isn't that a case where "allowed by law"? If you mean an NDA that says “you agree not to disclose any of our secrets unless required by law” which would clear you if questioned in court or by police etc. I think the SEC see that language as trying to stop employees/whistleblowers going to the SEC with concerns (which people aren't 'required' to do)
- gessha 2y agoI think you have to be an avid Money Stuff reader to have “everything is securities fraud” drilled into your brain.
- iamacyborg 2y agoYeah that got a laugh out of me this morning