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JP Morgan fined $200M

NoMoreE46
Valued Contributor

JP Morgan fined $200M

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2 REPLIES 2
pizzadude
Moderator Emeritus

Re: JP Morgan fined $200M

 

At JPMorgan, the practice of going offline to communicate was firm-wide, and even the managers and senior personnel responsible for compliance used their personal devices to communicate sensitive business matters, the SEC said.

 

It's pretty much common practice from what I've seen as well, companies will take things "offline" that they deem too sensitive or controversial for email / chat.   Guessing they'll have to pick up the phone and talk now instead of putting anything in writing.

 

Regardless, it's a complete slap on the wrist, at $120B in revenue this is roughly a .1% fine.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 3
NoMoreE46
Valued Contributor

Re: JP Morgan fined $200M


@pizzadude wrote:

 

At JPMorgan, the practice of going offline to communicate was firm-wide, and even the managers and senior personnel responsible for compliance used their personal devices to communicate sensitive business matters, the SEC said.

 

It's pretty much common practice from what I've seen as well, companies will take things "offline" that they deem too sensitive or controversial for email / chat.   Guessing they'll have to pick up the phone and talk now instead of putting anything in writing.

 

Regardless, it's a complete slap on the wrist, at $120B in revenue this is roughly a .1% fine.


Why does the movie Wolf of Wall Street come to mind now?

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