Wall Street Firms Pay Ridiculously Small Penalty for Failing to Preserve Texts
Goldman Sachs, Barclays Capital, Citigroup, Morgan Stanley, and BofA Securities were among the firms that have agreed to pay $125 million, essentially a rounding error for these companies. Goldman Sachs, as just one example, had $59.3 billion in revenue last year.
“Finance, ultimately, depends on trust. By failing to honor their recordkeeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust,” SEC Chair Gary Gensler said in a press release that announced the ridiculously low penalties.“Since the 1930s, such recordkeeping has been vital to preserve market integrity.
The press release from the SEC claimed that all the Wall Street firms, “agreed to retain compliance consultants,” to conduct reviews of recordkeeping for personal devices in the future, which is an astounding thing to read if you think about it.
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