"We are pleased to resolve this matter"
Nobody should ever be "pleased" with knowingly breaking the law. When will we ever get serious about law enforcement for this type of crime?
Nobody should ever be "pleased" with knowingly breaking the law. When will we ever get serious about law enforcement for this type of crime?
If bureaucrats were on my ass about something so stupid, I would be very pleased once the matter was resolved.
Are you saying that we should not be able to require banks of a certain size to keep records, so that the highway patrol officers of finance can economically pull you over when you're speeding? Or should we allow everyone to use fuzzbusters effectively making the law pointless?
No. I'm saying this is just some boring, annoying regulation, and your grandstanding about wanting people to feel bad about breaking laws is misguided.
Every rule is written in blood. We recently saw guys fixing the LIBOR for a tray of leftover sushi. Thankfully we have records of that.
Not really. This rule was written when the only form of written communication was paper mail and office memos.
It wasn't written with instant messaging in mind.
In the 90s we had an IT contracter complaining the bank told him not to use a messaging app as the bank could not read it. The issue is the bank is at risk if communications were not recorded. At the time phones were already all recorded.
The stakes of financial crime rise as the amount of money at play increases.
Requiring big players to help us ensure that they are playing by the rules is a requisite for preventing larger SVB-like situations from festering.
No sooner than the day we abolish the profit motive.